Why do I need business insurance?

Business insurance is essential to safeguard your business against unforeseen events that could disrupt operations or lead to financial losses. It helps protect your assets, employees and reputation, whilst also ensuring you comply with legal requirements and contractual obligations.

How are business insurance premiums calculated?

Whilst some types of business insurance are mandatory, such as employers’ liability for most businesses with employees, other types of coverage might be recommended based on your industry, business size and specific risks. It’s important to understand the legal requirements and assess your needs.

What types of coverage are typically included in a comprehensive business insurance policy?

A comprehensive business insurance policy may include several types of coverage such as public liability insurance, employers’ liability insurance, property insurance, business interruption insurance, product liability insurance and professional indemnity insurance.

Is business insurance mandatory for all businesses?

Some types of business insurance are mandatory, such as employers’ liability insurance for most businesses with employees, but other types of coverage might be recommended based on your industry, business size and specific risks. It’s important to understand the legal requirements and assess your business’s needs.

Who needs employers’ liability insurance?

If you have employees, it’s a legal requirement for most UK businesses to have employers’ liability insurance. You are also required to have at least £5 million of cover in place. There are some exceptions to this, including family businesses that only employ family members and sole-employee businesses. However, you will need it if you get temporary staff in to help out.

Can’t find an answer to your question? Call our team on 0333 070 5876. We’re here to help with any questions or concerns you may have.