Compare business insurance

This type of insurance offers protection when something goes wrong during the day-to-day running of your business. It can’t stop accidents from happening, but it plays an important role in minimising financial loss from any unexpected events. 

The purpose of business insurance is simple – it makes sure that whatever life throws at you, your business is able to recover. Accidents, lawsuits, property damage or employees on long-term sickness are all risks when you run a business, but business insurance can be there to cover the cost of these circumstances. 

So, whether a fire damages the stock in your warehouse or a customer slips and falls in your coffee shop, business insurance covers these costly claims.

• 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.

Yes, if you employ one or more employees, then legally you need to have employers' liability insurance.

However, if you are a sole trader and work alone, you won't legally need this type of insurance. But 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, there are some professional bodies and regulators that will 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.

• 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.

Our experts share their knowledge to help you make confident financial decisions.

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.

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.

• 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.

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 face a loss of future income if your business is forced to shut down due to an event, such as losing all your equipment in a fire and being unable to afford replacements.

You might also miss out on work by not having insurance as some clients will only work with businesses 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. 

If you’re underinsured, these risks are also possible. You should aim to ensure that you've got the right insurance in place, while not overpaying for this business essential.

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.