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Table of Contents
Since there are many types of business insurance, your policy can be as wide ranging or as focused as you choose.
Before you decide what insurance you need to protect your business, you’ll want to understand the cover types on offer. Below, we explore some common types of business insurance in detail.
» MORE: Business insurance explained
What are the different types of business insurance?
In the table below you can find more detail about the most common kinds of business insurance available and the types of risk they cover.
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What insurance do I need for my business?
There are two types of business insurance you must have by law, if they apply to you. These are:
- Employer’s liability insurance for at least £5 million, if you have employees.
- Motor insurance (at least third party) to meet traffic and road safety legislation, if you and your employees drive a vehicle on public roads for work purposes.
Otherwise, consider your main concerns, which might be anything from compensation claims to damage to business stock. The above is not an exhaustive list of cover types, and won’t necessarily all be relevant to the risks your business faces
What is and isn’t covered can vary across providers, so check the details. This includes the most the insurer would pay out (maximum limit) and how much you will pay towards a claim (excess).
Business insurance can be tricky to navigate, so ask the insurer or broker if you’re unclear about anything.
» MORE: Do I need business insurance?
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