Read the most frequently asked questions about business insurance; see the answers, compare quotes and find the best deal to suit you.
What does business insurance mean?
The advantage of business insurance is that is can protect small companies from such things as liability claims or physical damage to property and equipment.
Business insurance generally covers things that are a necessity for your business or recommended to cover. You can find out more here: business insurance explained.
What are the options available for business insurance?
The main ones are:
What is public liability insurance?
If, during the course of your business activity, you injure a third party or cause damage to their property, public liability insurance will cover the cost. It is highly advisable for you to take this out or you could face bankruptcy if someone makes a public liability claim against your company.
What does employers’ liability insurance mean?
Employers’ liability insurance offers protection for employees in the event they claim compensation as a result of being injured or becoming ill due to their work. This is a legal requirement for all UK-based employers.
Is liability insurance necessary?
This type of cover is advisable if:
Will business insurance cover my tools, business equipment and stock?
When you take out your policy, check you insure your property and its contents accurately.
How is my business insurance premium calculated?
Some of the other factors that have an impact on cost are:
Employers’ liability insurance is the only aspect of business insurance that is a legal requirement.
What does business interruption cover mean?
Business interruption insurance provides cover in the event you lose money as a result of not being able to trade or work. An example is if theft, damage or loss of stock or equipment occurs. It also covers any additional costs you may need to get your business running again.
Is it illegal not to take out business insurance?
Employers’ liability insurance is the only feature of business insurance that is a legal requirement. You may find the other areas of business insurance are not appropriate to your business type; however, it is important to protect your business, your employees, the interests of your clients and the general public, with adequate cover.
For answers to any further questions, see our business insurance guides.