What is Business Insurance?
Business Insurance is a blanket term given to a range of insurance covers that protect business from losses that arise through day to day trading. The biggest benefit to having a good level of business cover is to ensure you are protected in the event of a compensation claim.
A good business insurance policy will be designed and tailored to cover you, your stuff, your trading activity and the public if required.
We work with a UK leading Business broker who has access to the most competitive policies.
Do I need Business Cover by Law?
In short, yes, especially if you employ staff. If you work on your own and only have a small business, you may be tempted to risk not taking out a policy but you will be liable for any claims that arise against you and you will need to pay them.
If you employ staff and don’t have a suitable policy in place, you can be fined up to £2.5k daily as a result.
Insurance For Sole Traders
It is not only limited companies that require insurance. Business Insurance is equally required but sole traders as well. Even though you are the business and the business is you when a sole trader, you still require the correct cover in place.
A sole traders insurance in essence is just a small business insurance but the level of cover can reflect exactly the same as a large business policy.
What makes up a Business Policy in the UK?
The type of business insurance you require will depend on your enterprise and what you need covering for but typically, business policies are primarily consisting of:
Public Liability Insurance
Public Liability Insurance is a vital cover element for any business who have members of the public visit their premises or for those who’s business operates in and amongst the public such as out on the street.
This type of insurance is an essential add on for most businesses and although not legally required, you would be stupid to operate without it.
This aspects can also be referred to as just liability insurance cover but it is always worth checking the small print to insure the correct liable areas are covered.
Although a less common element to any policy, this protects you against damage to a clients property or your own property. If you are a landlord with a letting agency business, this is an obvious policy add-on to have. However, if you operate a design agency say from a rented office, it is unlikely you will require this aspect of insurance.
Professional Indemnity, or commonly known as PI Insurance is a cover that protects your professional services. For example, if your business is service based, you offer advice or simply offer professional services to another business. Professional Indemnity Insurance will protect you. Although not always essential, it is an element you will be silly to leave out.
Employers Liability Insurance is a legal requirement to cover the staff that work for you. It is also a legal requirement for if you have sub-contractors or casual staff work for you. This area of cover ensures you are protected against claims that are bought forward by those working for you whether it be a result of injury whilst at work or sometimes law suits bought forward through disagreements with staff.
Landlord Insurance is also a form of business insurance. Owning and running multiple let properties can be seen as a business and as such, requires suitable let property insurance.
Much as if it was for your home, contents insurance as it suggests is for the contents of your commercial premises. Can can be tailored to cover machinery and tools as well as things such as furniture and computer equipment.
Other Specialist Insurance Policies
We are also able to help you compare carpenters insurance, cleaners insurance, electricians insurance, office insurance, photographers insurance, roofers insurance, scaffolders insurance, shop insurance and hairdressers insurance.
Can I get Cheap Business Insurance?
Being able to get cheap business insurance depends on your risk profile. Your risk profile looks at the type of business you wish to insure, your business activity, size of enterprise, your claims record, what you are looking to insurance as well as many other aspects.
It can be cheaper than you think and as long as you have taken the time to look after your risk profile and business, it is more than likely that you will be able to get a cheap policy in relation to your business size and operation.
Like always, one of the best ways to get the cost of your policy down is to compare business insurance. By shopping around, you can better guarantee finding the right policy and the right price for you!
Why Use Total Insurance Business Insurance Comparison?
We work with leading brokers to help find you compare business insurance quotes. We speak with a number of insurance brokers to find you the best rates for your policy.
Our advisors are on hand to answers you questions and find the right cover for you.