Business insurance

What Is Business Insurance?

Business insurance covers a company’s financial losses if problems arise as a result of its business activities.

We can help cover the cost of claims and legal costs, property damage, or employee-related issues.

It is usually tailored to your industry or specialization.

Protect your business from:

  • personal injury or property damage caused by your business;
  • damage or theft of business property and equipment;
  • Illness or injury of an employee at work
  • obstruction of business
  • cost of damages to third parties due to your work

Why should my business be insured?

There are many responsibilities that come with running a business. Business insurance will insure you against all kinds of unexpected events and show your customers and employees that your company is well-run and reliable.

  • Travel, slips and falls can lead to expensive bills for you. Public liability insurance covers the cost of defending claims made by the general public.
  • Your clients and clients may require you to purchase business insurance before they offer you a contract to work for.
  • Membership may require certain types of guarantees to join trade groups in your industry. Professional damage insurance for example
  • You can choose to add additional business requirements such as tools, inventory, or insurance for your building.
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Is business insurance a legal requirement?

To operate as a business, you legally need only your employer’s liability insurance. And that is only possible if it has more than one employee, so individual merchants can legally operate without employees.

But that doesn’t mean you shouldn’t get business insurance. Proper insurance can protect your business, employees, customers and the public from harm and loss.

If you don’t want to stop trading because of a catastrophe that means you can’t afford to go on, check out your options and choose the appropriate cover.

How much is business insurance?

This will depend on the size of the business you run and the work you do. There are also other factors that affect the cost of business insurance, such as the level and amount of coverage you should have.

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You can also opt for policy add-ons, such as a personal accident guarantee that affects the price.

Every business is different and there are many factors that go into calculating the cost of insurance. Typically, business insurance providers look for:

  • my location
  • previous claim
  • type of work you do
  • business scale
  • how much cover do you need
  • how long have you been in business

What should I know about business insurance?

There is no one way that works for all business insurance. You will need to tailor the cover to your business needs.

Business insurance consists of additional items you choose based on the type of business and the coverage you need. For example, a catering business might consider public liability insurance and add a deterioration in inventory coverage. A plumber may require a public liability cover with an added tool cover.

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You should think about the risks of running a business and answer questions carefully and honestly when obtaining a business insurance quote.

Our partner, Simply Business, tailors your quote to show you the most relevant policies based on the answers you provide.

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