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What is business insurance?
Business insurance protects your company from financial losses caused by unexpected events like accidents, property damage, legal claims, or employee illness. While it can’t stop disruptions from happening, it helps cover the costs and keep your operations running.
As of January 2026, some 28% of sole traders didn’t have any business insurance, according to a report by the Association of British Insurers, while 39% of firms with 1 to 9 employees didn’t have employers’ liability insurance, which is usually a legal requirement
Whether it’s fire damage, a customer injury, or staff sickness, the right insurance can safeguard your assets and secure your business’s future.
Why do I need business insurance?
Protects against financial losses
Emphasises credibility
Aids growth
Business insurance is not always legally required, so one of the main reasons for getting insurance is financial. Unexpected situations can lead to significant financial setbacks, but insurance covers these costs, giving businesses peace of mind.
But there are other reasons for getting business insurance. Your business’ success depends on your credibility, and business insurance can play a key role in developing this trust. Business insurance highlights how you are financially responsible and care about your employees and customers.
Plus, it might even help you to get more customers or clients, as this will give them extra reassurance to work with you.
The most common types of business insurance
The most common types of business insurance
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 advice 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 typically a legal requirement if you employ anyone other than immediate family members.
Is business insurance a legal requirement?
Yes, if you employ one or more employees who work within the UK and aren’t close family members, then you’re likely to legally require employers' liability insurance.
However, if you are a sole trader and work alone, you won't legally need this type of insurance, but you must have a form of commercial van insurance if you drive for work purposes. In any case, it's always worth considering the range of business insurance policies available as they can ensure your business continues to run smoothly even when it encounters problems.
Plus, some clients, professional bodies and regulators require your business to have certain types of insurance to make sure you are compliant and can trade safely. So, they may not be legally required, but they are still essential as you won't be able to work without them.
Remember to do your research to find out exactly what you need in order to run your business. You can also have a chat with business owners in your industry to learn from their experiences.
Business success stories
Case study
“Test as you go. Don’t just fall in love with an idea and rush into production.”
Natalie Edwards and Matthew Lambert founded The House of Spectacles to address a widespread eyewear issue – most glasses simply don’t fit properly.
Years of refining the craft, testing designs, and learning from customers have allowed them to create eyewear that truly empowers people to feel confident and comfortable.
Specialist cover you might want to consider for your business
Specialist cover you might want to consider for your business
Goods in transit insurance
Goods in transit insurance protects you against claims arising from loss, damage or theft of client or customer property during transport.
Tools insurance
If you have a business that relies on tools, like hammers, saws, pliers and even larger items like diggers, then tool insurance can be handy. This is because it covers the cost of replacing essential equipment for running your business.
Business interruption insurance
Unexpected events might mean your business is unable to trade as normal, and business interruption insurance can help. This insurance can recover lost income and pay wages if you are faced with a situation that stops you from running your business.
Business equipment insurance
This provides cover for the items that are essential for your business, including computers and phones, in case they are damaged, lost or stolen.
Cyber insurance
If your business operates in the digital world, then cyber insurance is worth considering. Computer systems are vulnerable to scams and cyber attacks, so this insurance will protect your business if any data is impacted.
Product liability insurance
This insurance focuses on your product and offers cover in case it injures someone or causes damage to something. This also includes any claims that could arise from selling food and drink, such as contaminated food.
Is it worth getting extra cover in my business insurance quote?
Greater financial protection
Cover for industry-specific risks
Peace of mind for business continuity
Business insurance should always be personal to your business, so extra cover will look different to everyone.
However, it is normally worth exploring all the cover available, especially if your business has a variety of industry-specific risks that could prove costly. Yes, extra cover can be a bigger investment, but it can also give you peace of mind and added financial security that you’ll be able to run your business successfully during unforeseen circumstances.
“To secure the best coverage, it's crucial to understand the risks that could impact your business. By aligning your insurance with these risks, you can prioritise the protection that matters most to your company's success.”
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Insurance tailored to different types of business
From small shops to large online retailers, and software developers to builders, business insurance packages can cater to the needs of many different types and sizes of businesses. These policies allow you to find coverage that’s built with your unique business needs in mind, including:
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.
Shop insurance
Every shop is different, so it’s important to get shop insurance that offers customisable cover. This will make sure you’re covered for any unexpected situations in your retail space.
Startup business insurance
Startup business insurance is important as it caters for the unique challenges of startups. Startups can experience rapid growth so will need insurance that can adapt.
Small business insurance
Small business insurance can be personalised to suit SME’s needs and offer reassurance that you are protected from any risks you might face in day-to-day operations.
Home business insurance
Working from home has become very popular in recent years, and you might even be running a business from your home. If this is the case, then you'll need a relevant policy that suits this environment. It's also different from home insurance as this policy will be specifically for any risks that might occur due to your business activities.
How much does business insurance cost in the UK?
Here's an example of how much business insurance can cost, however quotes will vary depending on the type and size of your business.
Remember, as with most covers, price shouldn’t be your only priority. Cheaper insurance could end up costing you more if it doesn’t provide the cover you need. To get the best deal, look for insurers that allow you to tailor your policy to your needs so you're not left over- or under-insured.
| Insurance type | From* | To** |
|---|---|---|
| Public liability insurance | £4.60 | £21.23 |
| Professional indemnity insurance | £9.08 | £46.67 |
| Employers' liability | £1.86 | £28.15 |
| Building, contents and stock insurance | £4.71 | £49.09 |
| Cyber insurance | £10.79 | £46.10 |
| Accident and sickness*** | £10.10 | £36.25 |
*Superscript: 10% of Superscript customers paid this much, or less, between July and September 2024. **Superscript: 90% of Superscript customers paid up to this much between July and September 2024.
***Superscript: Price per employee. The price you see may differ depending on a number of factors including level of cover and number of employees.
These prices should only be used as a guide. When you get a quote, it will be tailored to your unique circumstances and risk profile – so you may be quoted a price that’s a bit higher or lower.
How do I get the best business insurance quote?
Review your business’ needs and risks
Work with a provider that understands your industry
Provide detailed information about your business
Look at coverage, not only price
The key to getting the best insurance quote for you business is to be clear on what you need it to cover. Take the time to review your business’ needs and understand what possible risks you might face. By assessing all potential risks, you can ensure your insurance policy is comprehensive and prepared to cover any future incidents.
Then, research different insurance providers to make sure you choose one that understands your industry. You can also have a chat with other business owners in your sector to understand what provider worked well for them. Once this has been decided, it’s important to give your provider detailed information about your business. Try to cover all bases, as otherwise this could impact your final policy.
Finally, although the price of business insurance is important, consider the coverage first. The cheapest policy might not be covering all the risks, so comprehensive protection might be most cost-effective in the long run.
What happens if I don't have business insurance or I'm underinsured?
Without adequate business insurance, your company could face severe financial losses, including compensation claims for accidents, stolen or damaged assets, or interruptions due to disasters like fires. You may also lose work opportunities, as some clients require proof of insurance.
Additionally, not having legally required cover can result in fines. For example, not having employers’ liability insurance, can result in fines of £2,500 per day. You can also be fined £1,000 if you don’t display your insurance certificate or make it available to inspectors when they ask.
How do business insurance claims work?
If you need to make a claim on your business insurance, then it's important that you act quickly. Policies will detail the timeframe for making a claim, so always stick to these rules to ensure your claim will be accepted.
The key to making a successful claim is to have evidence of the situation. For example, photographs of damage or a proof of purchase of a missing item, will help. Also, try not to make any payments related to the claim until you are sure the insurance will cover the cost.
Once you've sent across the necessary information to your insurer, you should hear back from them with confirmation that they are processing the claim. They might ask for more context before proceeding.
Most common reasons for a business to claim on insurance
| Reason | % of claims |
| Other | 26 |
| Fire/explosion | 21 |
| Natural catastrophes | 15 |
| Faults | 9 |
| Aviation collision/crash | 9 |
| Machinery breakdown | 5 |
| Defective product | 5 |
| Shipping incident | 3 |
| Damaged goods | 3 |
| Water damage | 2 |
| Negligence/misadvice | 2 |
Source: Allianz via money.co.uk business statistics 2025
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