What is business insurance?
Business insurance is cover that protects your business financially against every day risks, which could include an accident on your premises, a customer who doesn’t pay, a cyber attack, or a claim against your professional advice.
Its rare that a business will just have one policy, and we a work with you to build a package of covers for what your business does and actually needs.
What insurance does your business need?
There’s one main insurance that every business needs to have legally, and that’s employer’s liability insurance, which is compulsory if you employ staff. You need to have this cover as soon as you become an employer, or you can be fined up to £2,500 for every day that you’re uninsured.
Any other insurance you’ll need will depend on what your business does, though some clients and contracts will require you to hold certain cover, particularly public liability and professional indemnity before they’ll work with you.
Types of business insurance we arrange
We arrange cover across every area of commercial insurance. Most businesses combine several of these into one package, which is usually simpler and better value than buying each separately. The table below is a quick guide to what each one protects against. If you’re not sure what cover you need, tell us about your business and we will help build the right cover package for you.
| Cover | What it protects against |
|---|---|
| Commercial combined insurance | A flexible policy that protects your buildings, contents, stock, liabilities and loss of income under a single arrangement. |
| Property owners & landlords insurance | Cover for commercial property owners, landlords and property portfolios, including buildings, loss of rent and property owners' liability. Also known as commercial property insurance. |
| Manufacturing & wholesale insurance | Protection for your premises, machinery, stock, products and revenue if an insured event disrupts your operations. |
| Professional indemnity insurance | Cover against claims arising from errors, omissions, negligent advice or professional services that leave a client with a financial loss. |
| Directors' & officers' liability insurance | Protection for directors and senior managers against personal liability arising from decisions made running the business. |
| Cyber insurance | Cover against cyber-attacks, ransomware, data breaches, business interruption and the associated recovery costs. |
| Trade credit insurance | Protection against bad debts and financial losses when customers fail to pay for goods or services supplied on credit terms. |
| Transport & freight insurance | Specialist cover for hauliers, logistics operators, freight forwarders and goods in transit against loss, damage or liability. |
| Retail & hospitality insurance | Cover against property damage, business interruption, liability claims, employee-related risks and cyber incidents affecting retail and hospitality businesses. |
| Construction & contractors insurance | Protection against contract works losses, liability claims, plant theft or damage, employee injuries and other construction-related risks. |
| Motor trade insurance | Cover for vehicle sales, servicing, repair and MOT businesses against road risks, liability claims, property damage and business interruption. |
| Specialist sector insurance | Tailored cover designed around the unique risks of specialist industries and niche professions. |
We arrange business insurance for UK businesses by comparing quotes across leading insurers to find you the best price and levels of cover tailored to your industry. The benefits of us being your insurance broker is that you don’t need to be an insurance expert yourself, because we will do the research and explain the cover simply to you. Our advice is free, and there’s no obligation to continue with the quotes we source for you.
How much does business insurance cost?
The cost of business insurance will vary from business to business, and what you pay will depend on things like:
- The trade sector
- The cover you need
- How many people you employ
- Your turnover
- Your claims history
As a broad guide, a lower-risk small professional business might pay around £500 a year for professional indemnity insurance. Costs can be materially higher for regulated or higher-risk professions, or where a mistake could cause a client significant financial loss.
The cost of employers’ liability insurance depends on the work your employees carry out. A small office-based business might pay around £200 a year, while premiums could rise to £500 or more where employees carry out manual or higher-risk work.
These figures are illustrative only. Your premium will depend on factors including your business activities, employee numbers or payroll, claims history, the level of cover and any excess you choose. For a clearer idea of what your business could pay, speak to one of our advisers today. We’ll compare quotes from a range of leading insurers and talk you through your options, helping you find the right cover for your business.