Getting the right insurance policy for your small business will depend on:
The type of business you run
The size of your business
Whether you have any employees
The cover you need for your business premises
This comparison includes package business policies, which offer several types of insurance in one policy. Think about what your business needs, and then get as many online quotes as possible to find the best policy.
What cover do you need?
The main types of insurance your business may need include:
Public liability: This covers you for third party injury, illness and death, and property damage caused by your work. For example, a customer slips over and is injured at your business premises.
Product liability: This covers you if products you sell injure your customers, or make them ill. For example, if you sell food and a customer gets food poisoning.
Employers' liability: This is a legal requirement if you employ paid or voluntary staff. It covers claims for injury, illness or death of your employees at work.
Professional indemnity: This covers claims made against you by clients who have lost money because of work you did for them. For example, if you give incorrect advice or make a mistake in a document.
Buildings and contents: This provides cover for your business premises, and its contents. This could include stock, equipment, tools and machinery.
If you are unsure what cover your business needs, speak to a broker who can advise you what type of cover is best.
How to keep costs down
Compare policies online to get the right cover at the cheapest price. This helps you haggle with insurers, as they may be willing to beat the prices of their competitors.
You could choose a higher voluntary excess, which could save you money on your insurance premium. But make sure you can afford to pay your excess if you make a claim.
If you can afford to pay in full, this could save you money because most insurers charge interest on monthly direct debits.