What insurance do businesses need?
Regardless of industry, size or structure, all businesses face day-to-day risks that can have expensive consequences. Business insurance comes in many forms, but its sole purpose is to protect companies financially against these risks.
The umbrella term 'business insurance' covers a vast range of products that are designed to protect against specific types of risk. Choosing the right type of business insurance therefore involves identifying the key risks to which your company is exposed. For example, if your business interacts with members of the public in any way, whether it be customers, tradespeople or even passing pedestrians, you can run the risk of accidentally causing property damage or bodily harm to others. These accidents could lead to significant fines and fees, to avoid this public liability insurance will cover you and is the most common policy type for businesses to purchase.
Employers liability insurance is another key type of business cover, designed to protect the company should an employee make a claim for work-related injury or illness. If you have employees, regardless of whether they're full-time, part-time, contracting, or even volunteering, employers liability insurance is a legal requirement in the UK with a minimum of £5 million of cover.
In addition, if you have company stock or property you may need business contents or buildings insurance. These covers will protect your equipment and premises from loss, theft or damage. You can find a list of business insurance types below.
The quote builder will help you determine what type of business insurance you need, once you’ve decided on the appropriate covers for your business you will need to figure out how much cover you require. This will depend on the size and nature of your business. It may also depend on regulations or contractual obligations with clients.
Getting adequate cover is a vital consideration for any company. That's why we've partnered with Superscript, a commercial insurance broker that covers over 1,000 trades and industries. They can help you find cover tailored to your business so you can stay ahead of risk, whilst only paying for what you need. Monthly subscription allows for even greater flexibility and you can make changes to your policy any time as your needs change, without any fees. Complete your quote online and have your documents in under 10 minutes, with five-star rated expert support if you need it.
