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A guide to small business insurance
Small business insurance is available to protect your business against unforeseen events leading to operational losses. It is impossible to remove every risk and events outside of your control can have a significant impact on your business. However, the damage can be minimised by having an adequate insurance policy in place.
We can help find the cheapest most comprehensive insurance for everything from cafes to carpenters, even high-risk businesses. To find out more about insurance products available and how you can get the best price continue reading this useful guide.
What is small business insurance?
Protecting your business will provide you with peace of mind and the insurance coverage you need if your business is impacted by a claim or event. Insurance will protect your business from potential losses, cover compensation costs, medical bills and legal fees.
Business cover is available to cover many industries, for example:
Photography businesses
Business medical insurance
Small farm insurance
Business health insurance
BusinessComparison is here to help business owners no matter how big or small
Up to £10 million worth of cover
You can get up to £10 million worth of public liability cover for all members of the public that interact with your business.
Protects your business against liability claims
Covers your business against legal fees, expenses, and compensation claims made against your business. This protects against injury or damage to people's property.
Available for all types of SME business
From an initial analysis to managing your account, we'll always be on hand to offer help.
Protect your excess
In the event of a claim, you normally need to pay an excess before the insurer will reimburse you. For a small cost, this cover will reimburse you for your policy excess if you need to claim.
Who needs business insurance?
If you are wondering whether to arrange business insurance, think about what you would do should an incident occur. Accidents and mistakes do happen, and these could lead to a potentially very costly legal battle. The costs and legal fees to resolve any claims will have a significant impact on your business and could cause the business to fail. In comparison, insurance costs much less and will provide your business with complete peace of mind.
There are some forms of insurance which are a legal requirement, such as public liability insurance for businesses with employees. There are also professional bodies which require their members to hold certain levels of professional indemnity insurance.
What insurance for business owners is available?
There are a variety of small business liability insurance policy types available, with your coverage requirements depending on your business. The following are examples of some of the most popular cover options for your business:
Public liability insurance
This is designed to cover all members of the public which interact with your business, including customers and clients. We can help you arrange up to £10 million worth of small business public liability insurance.
Professional indemnity insurance
If your business offers advice or a service to its customers, professional indemnity insurance could be beneficial. If you offer wrong advice or a poor service, you could be held liable for any loss or damage the client suffered.
Employers' liability insurance
This form of insurance is a legal requirement for businesses which employ one of more members of staff. It will protect your employees from illnesses and accidents which happen as a result of their employment. If they make a claim this insurance will provide compensation to them.
Product liability insurance
If you manufacture, supply or design products, you may want to consider product liability insurance. The cover will protect you against claims made relating to products which caused an injury or damage.
Business interruption insurance
This type of insurance will provide you company with financial protection, if you are forced to stop trading. An unforeseen event could force your business to close for a period of time, leading to a loss of income. This cover will reimburse you for lost income and potential profits.
Equipment and tool cover
As a business owner your equipment and tools are likely to be essential to running your business. Equipment and tool insurance will provide financial cover if your equipment is lost, stolen or damaged.
Stock insurance
In addition to covering your equipment, it is also worth considering stock insurance. If your business keeps stock on its premises, this insurance will cover stock against damages and if anything is lost or stolen.
Building insurance
If you own your business premises, it is advisable to hold a buildings insurance policy. In many situations your mortgage company may also require you to hold the insurance. This cover will protect the actual building, covering repairs or rebuilding following an unforeseen incident.
You can choose to take out separate policies to cover specific risks, or in some cases you will be able to arrange a combined insurance policy. This could include a range of cover types designed to fully protect your business.
If you operate a small home-based business, you may be covered for some of these aspects under your home insurance policy. However, this isn’t always the case and there are specific home based business policies available.
How much does business insurance cost?
The cost of your premium will depend on the type of cover you require. There are several factors which insurers also use to calculate the risk your business faces, with high risk businesses paying more. These include the size of your business, the industry you operate in and your excess amount. They will also consider your turnover, the number of customers visiting your premises and the number of employees you have.
There is no simple way of calculating exactly how much your insurance will cost, as every business is unique. However, our insurance comparison service can help you find the cheapest price without compromising on your cover.There is no simple way of calculating exactly how much your insurance will cost, as every business is unique. However, our insurance comparison service can help you find the cheapest price without compromising on your cover.
How do I find the best SME insurance?
Our team are committed to helping you find the best deal, whether you need small business health insurance or small van insurance. As a broker, we can help you compare business insurance for small businesses from a range of providers.
We have partnered with a selection of leading business insurers, so that you can find the best prices from providers you trust. You will receive quotes from market leading insurers, such as AXA, NIG, Aviva, Hiscox and more.
We have developed a quick online form, which will make it simple for you to provide your details. If you would like to discuss your requirements or you require a bespoke quote, please contact us. As insurance specialists we can use our knowledge and experience to arrange quotes which meet your unique requirements.
There are some aspects which you will need to consider before we can arrange the best quotes for your business needs. For example, in the unfortunate event of a claim, you may need to pay an excess before the funds are released. This amount can vary, so you should decide how much you can afford and are willing to pay.
What happens next?
Once our team understand your unique requirements, we will find the best small business insurance quotes. You will then be provided with a list of potential quotes, which you will be able to easily compare. You should pay close attention to any key features, terms, excess amounts and of course the overall price.
You will be under no-obligation to make a purchase, although if you decide to proceed we will help guide you through the whole process. There are flexible payment options available, allowing you to pay in full or across affordable monthly payments.
Whether you are searching for home business insurance or business insurance, we can help you find the best deal. To find out more about arranging the best price for general liability insurance for small businesses, please contact our team today.
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