What is Business Insurance?
Business insurance provides the right cover against the risks unique to your work activities. A comprehensive commercial policy will include the public liability to protect from injury claims and professional indemnity in case of errors in your work.
For UK businesses, employers' liability is a legal requirement as soon as you hire/employ somebody.
When you’ve invested so much in building a business, keeping it secure and thriving is a priority. From the space you occupy, to the people you employ and any day-to-day operations, make sure you’re protected from legal liability at every turn with business insurance.
Quote Easy can help you compare business insurance options and identify what level of commercial cover you need. We make it our business to understand the risks of your trade and provide the right policy to protect against claims.
What are the different types of Business Insurance?
The different types of business insurance that every business owner need to be aware of:
- Public liability insurance
- Employers’ liability insurance
- Product liability insurance
- Professional indemnity insurance
- Business interruption insurance
- Business property coverage
- Key-man insurance
- Credit risk insurance
- Cyber insurance
Our page lets you know what each of the business insurance types is for so you know which to consider for your company.
Public liability insurance - for injured clients or their damaged property
If a client slips and falls at your business, or you accidentally damage something of theirs while you’re working, this insurance could cover the claims and legal fees
Employers’ liability insurance – for any business with employees
You’re legally required to have this insurance if you have any employees at all, even just one – temps, part-time or full-time. It can help cover the cost of claims made against you if an employee is injured or gets ill while working for you.
Product liability insurance – for the products you supply
This can help compensate anyone who has suffered damage or injury because of a product you designed, repaired, or supplied. You don’t have to be the manufacturer to be liable for damages.
Professional indemnity insurance – for a client’s lost sales or damaged reputation
Professional indemnity insurance is for businesses that offer knowledge, skills or advice as part of their work. If your work leads to a client’s loss of sales or damaged reputation, this insurance can help cover the cost of legal fees and claims.
Business interruption insurance – keeps finances running when your business can’t
Taking out a business interruption insurance policy will cover you for loss of sales and profits during a period that you’re unable to operate due to unforeseen circumstances like floods or fires.
Business property coverage – for the physical contents of your business
This is insurance for the things that make your business tick – computers, mechanical equipment, tools, machines and stock.
Key – Person insurance – for your valuable employees
If there are particular people who keep the business going, you can insure them. Then, if for some reason those individuals can’t work you can be compensated for that loss.
What’s the right Insurance from my business?
The level of commercial insurance you require is dependent on the relationships your business relies on; clients, members of the public, the people you employ and any third parties you work with.
In the UK, businesses are required by law to have employer's liability insurance to protect against employee claims for injury or illness as a result of their work.
Outside of compulsory policies, you may be required by clients or other professional bodies to have specific types and amounts of insurance. Building a comprehensive business insurance policy, which includes the professional indemnity required, public liability insurance, and specialist covers such as cyber insurance, will provide protection in moments of crisis. If there is a probability that such risks could affect your business, you should ensure that the business insurance policies you are comparing offer a combined cover that protects you fully.
Some examples of the professions, we can source tailor made policies for, include the following but this list in not exhaustive. If your profession is not named here, then call us and we would be happy to be at your service.
- Shop Owners
- Tradesman and Handymen
- Hospitality
- Cleaners
- Hair Dressers and Hair Stylists
- Personal Trainers and Fitness Instructors
- Drivers