When it comes to running a business, you will have many responsibilities as a business owner and one of the most important elements of ensuring that your business is protected in the event of a claim being made against your company or injuries occurring within the workplace is by having insurance for business.
It’s important to prepare for every eventuality, so by comparing business insurance quotes to find the cheapest business insurance deal that works for your company, you’ll be well on your way to looking after your beloved business against risks of all kinds.
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Additional Insurance
Get completely covered with additional insurance types that you can add on to your insurance policy and cover more eventualities.
Business Building Insurance
If you own the building that your business operates from, you should consider business building insurance.
Business Life Insurance
Our business life insurance policies help to financially protect your companies staff, partners or yourself.
Business Loan Protection
Business loan insurance covers a business financially, providing protection in the event of one of the owners dying or becoming critically ill.
Employee Life Insurance
Offering employee life insurance as part of your benefits package can help attract and retain staff.
Employers Liability Insurance
Get cover for numerous different costs and legal fees that could arise when someone makes a claim against you.
Income Protection Insurance
Income protection insurance policies provide financial security and reassurance should you become unable to work due to illness or injury.
Key Person Insurance
Protect your firm from financial hardship should a key member of staff suddenly die or become critically or terminally ill.
Professional Indemnity Insurance
In the unfortunate event that someone makes a claim against your business or sues for negligence or damages you'll want public indemnity insurance in place.
Public Liability Insurance
Guard your business against potential claims that will cost time and money with a public liability insurance policy that meets your needs.
Share Protection Insurance
Protect one of the most important parts of your business and help ensure that you retain control with share protection insurance.
Shop Insurance
Whether you own a single shop or multiple large stores, protect your business against various risks and claims that can be made by employees or customers.
What is business insurance?
Business insurance is a term that encompasses a whole manner of different policies that help to protect your business in the event that you need to make a claim.
For example, if one of your employees gets injured in the workplace, they could decide to make a claim against the company which could result in serious financial loss. Perhaps there is a break-in at your office and thousands of pounds worth of equipment is stolen, again causing a huge financial drain on your company. In the event of these instances occurring, business insurance can help to protect your business against huge financial loss by providing a safety net in the event that you need to make a claim.
Compare quotes from the leading business insurance brands
How does business insurance work?
Business insurance works by protecting your company against financial loss, damage to your workplace or property and loss as a result of theft or vandalism.
Once you decide to take out a business insurance policy, you can then choose to add on optional extras as well that can offer further protection for your business. Some of the add-ons include policies that just cover specific traders, specialist tools and equipment cover and personal accident cover.
The level of cover that you take out will affect how much you pay for your policy, but all types of business insurance work in a very similar way in that they offer protection in some form.
Who needs business insurance?
Regardless of whether you’re looking for small business insurance or you need an insurance policy to cover your huge corporation, it’s safe to say that finding the right business insurance policy for your company can be quite the task to undertake.
Strictly speaking, the only type of business insurance any business is legally required to have is employers’ liability insurance and anything else is just a preference for you as a business owner, depending on how well you want to protect your company against financial loss. If your business employs even just one person and you’re found to not have employers’ liability insurance in place, you could be fined up to £2,500 for every day that you’re uninsured. Therefore, it’s imperative that you organise a proper business insurance policy so that you’re covered.
What type of business insurance is available?
There are many different types of business insurance that you might want to consider, but the three main types are all known as business liability insurance and they include employers’ liability insurance, public liability insurance and professional indemnity insurance.
Only employers’ liability insurance is a legal requirement in the UK; any other type of insurance for business isn’t a legal requirement, but it goes without saying that it can offer great peace of mind to you as a business owner to have a solid insurance policy in place.
- Employers’ liability insurance - this type of policy is required for any business that employs one or more person and it offers cover for work-related illnesses and injuries that are claimed by your employees.
- Public liability insurance - this type of business insurance protects your company in the event that a claim is made by a member of the public if they or their property is injured or damaged as a result of your business.
- Professional indemnity insurance - this policy offers financial protection if a disgruntled client makes a claim against your company for any financial losses that occurred as a result of any work you did for them.
We compare prices across many well-known business insurance for you
What does business insurance cover?
How much your business will be covered depends on the type of policy you take out and the level of cover you have, but you can usually expect to be covered for at least one or more of the following incidents with most types of business policy:
- Damage as a result of a fire, flood or storm.
- Any injury or illness that occurs with your employees as a result of the company or workplace.
- Accidental damage.
- Interruption to business for numerous reasons.
- Negligence.
- Damage, including financial repercussions arising from theft or vandalism.
How much does business insurance cost?
The cost of business insurance depends on many different factors, including the size and nature of the business, how many employees it has and where the business is based. The nature of the business is a huge determining factor in the cost of business insurance as a company that operates online only will see a very different price in the cost of their insurance policy as opposed to a supermarket, for example.
How to find cheap business insurance
The best way to find cheap business insurance is to compare business insurance quotes online with us here at Complete Business. No two businesses are ever the same, so no two insurance policies will be the same as each company will have different requirements when it comes to protecting their business against financial loss.
There are so many insurance providers who offer business policies that it can often be difficult to know where to start. Take a look below at our brief list of our most recommended business insurance providers in the UK.
- AXA Business Insurance
- Hiscox Business Insurance
- Simply Business
- Direct Line for Business
- Grove & Dean Corporate Insurance Business Insurance