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.
Business insurance is an umbrella term for the different types of covers 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.
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.
Source: Allianz via money.co.uk business statistics 2023
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.
This covers claims made due to failings in the products or services provided by you or your company.
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.
This protects you if someone claims against your business if goods are damaged, stolen or lost while being transported.
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 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.
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.
This covers claims made due to failings in the products or services provided by you or your company.
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.
This protects you if someone claims against your business if goods are damaged, stolen or lost while being transported.
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 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.
Insurance type | From | To |
---|---|---|
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.
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.
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.
Yes, you can get a business insurance policy before you've registered your business.
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.
It depends on the type of business you run, your turnover, the size of your business and what cover you need.
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.
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