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Last updated
December 21, 2023

What is business insurance?

Business insurance is an umbrella term for the different types of cover designed to protect businesses financially.

It's designed to help protect your company against risks if you need to make a claim or if one is made against you. This can include legal costs and compensation claims if you’re sued. It may also cover the cost of repairing or replacing damaged or lost property.

These policies can cover a range of scenarios, from everyday risks to substantial compensation claims. Having the right insurance in place is an excellent way to protect your work and livelihood, employees, customers and reputation.

Amount paid in business insurance claims every day[1]
£22million

What happens if I don't have business insurance?

The main risk of not having any form of business insurance is the loss of income if you face a claim. This could be anything from compensation claims for injuries at work, to replacing lost, stolen or damaged equipment

You could also lose future income if your business can't operate because of the event. For example, if you can’t operate because you lost all your equipment in a fire and can’t afford to replace it quickly.

You might also miss out on work by not having insurance - as some clients will only employ people with appropriate cover.

Although most types of business insurance are optional, almost all businesses that employ other people are legally required to have employers’ liability insurance. Not having it can land you a fine of £2,500 for each day you’re not properly insured. 

You should aim to ensure that you've got the right insurance in place, while not overpaying for this business essential.

Business insurance may seem like an unnecessary cost at first, but not having it can be extremely expensive if things go wrong.

Most common reasons for a business to claim on insurance
A breakdown of the percentage of business loss of value incidents worldwide by event.

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What are the different types of business insurance you can get?

Public liability insurance

This covers damage caused by your business to a third party or their property. A third party is typically anyone not employed by your business.

Professional indemnity insurance

This covers claims made due to failings in the products or services provided by you or your company.

Employers' liability insurance

Employers' liability insurance provides cover to UK employers against legal liabilities and costs if staff become ill or injured due to their work. It's a legal requirement.

Goods in transit insurance

This protects you if someone claims against your business if goods are damaged, stolen or lost while being transported.

Tradesman insurance

Tradesman insurance lets you build the right cover for your trade - with insurance available for everything from tools to injuries, accidents and more all in one package.

Self-employed insurance

Self-employed insurance helps you protect yourself from being out of pocket from legal action, data breaches or personal injury - whether you work from home or head out to visit clients.

What are the different types of business insurance you can get?

Public liability insurance

This covers damage caused by your business to a third party or their property. A third party is typically anyone not employed by your business.

Professional indemnity insurance

This covers claims made due to failings in the products or services provided by you or your company.

Employers' liability insurance

Employers' liability insurance provides cover to UK employers against legal liabilities and costs if staff become ill or injured due to their work. It's a legal requirement.

Goods in transit insurance

This protects you if someone claims against your business if goods are damaged, stolen or lost while being transported.

Tradesman insurance

Tradesman insurance lets you build the right cover for your trade - with insurance available for everything from tools to injuries, accidents and more all in one package.

Self-employed insurance

Self-employed insurance helps you protect yourself from being out of pocket from legal action, data breaches or personal injury - whether you work from home or head out to visit clients.

How much does business insurance cost?
Insurance typeFromTo
Public Liability Insurance£4.41£17.14
Professional Indemnity Insurance£9.08£45.42
Employers' Liability£1.86£28.87
Building, Contents and Stock Insurance£8.96£47.53
Cyber Insurance£10.79£44.49
Personal Accident Insurance£0.53£3.30

Superscript - 10% of Superscript customers paid this much, or less, between April and June 2023.

Superscript - 90% of Superscript customers paid this much, or more, between April and June 2023.

Each business presents its own set of risks and a unique profile, making insurance premiums highly variable. Use these figures as a guide only — you may receive quotes that are significantly higher or lower.

How to get business insurance

Follow these simple steps to get a business insurance policy for your company:

Tell us about your business

Start a quote by answering some simple questions about your business. Superscript will then build you a quote tailored to the needs of your business.

Review your limits

It’s important to ensure that the cover you’re offered fits your business’s needs. Select limits that reflect the level of risk you face.

Buy online

Once you’ve reviewed your personalised quote, you can choose whether to pay monthly or yearly. Once you've paid, you'll get instant proof of cover.

Learn more about our business insurance partner

Superscript Logo Full 2x

We qualify, quantify and offer insurance using data, analysis and technology, and we serve a wide range of business types — from dog walkers and dieticians, to landlords and locksmiths. Enro Ltd t/a Superscript is authorised and regulated by the Financial Conduct Authority.

Why Superscript?

We make it quick and easy to find, buy and manage your business insurance.

benefit tile 0
Customisable cover for 1000s of business types
Superscript will help you find the different types of cover that are right for your business.
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Adjust your cover as you grow
Amend your cover with no admin fees, to address your evolving needs as your business grows.
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Simple claims process
Our customer portal allows you to enter the details we need to get your claim processed.

FAQs

When should I get business insurance?

Ideally, you should look at getting business insurance when you start your company so that you’re protected as soon as you’re exposed to risks. This might mean getting covered before you’ve even started trading.

Can I get insurance without registering my business?

Yes, you can get a business insurance policy before you've registered your business.

Do I need business insurance if I work from home?

Legally, you don’t need any specific covers for working from home, but some types of insurance are worth considering.

For example, you may want to think about public liability insurance if clients visit your home. And you may want to look into covering any equipment and stock, as these often aren’t covered by home contents insurance policies.

How much does business insurance cost?

It depends on the type of business you run, your turnover, the size of your business and what cover you need.

Can I claim if I go bankrupt?

It depends on your specific policy wording, but many insurance policies will exclude anything that's linked to or arises from bankruptcy and insolvency issues. It’s also worth noting that insurers may ask you whether you’ve been declared bankrupt or insolvent, been the subject of bankruptcy or insolvency proceedings or been disqualified from being a company director. If the answer is yes, you may find it difficult to get cover.


Related business insurance guides

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About the author

Salman Haqqi
Salman Haqqi spent over a decade as a journalist reporting in several countries around the world. Now as a personal finance expert, he helps people make informed financial decisions.

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References

1. ABI Report on the cost of business insurance