Learn all about the different types of business insurance.
What Business Insurance Do I Need?
What Business Insurance Do I Need? — FAQs
What Insurance Is Most Important for a Business?
Two main types of business insurance should be aware of: Public liability and Employers’ liability insurance. Public Liability insurance covers claims from members of the public, clients and contractors concerning accidental injury or property damage caused by your business or business activities. Employers’ Liability insurance is a legal requirement that covers the cost of an employee’s claim when they’ve had an illness or injury caused by work due to an employer’s negligence.
Is Business Insurance a Legal Requirement in the UK?
Most types of business insurance aren’t a legal requirement in the UK except employers’ liability insurance. As soon as you become an employer, you must get Employers’ Liability insurance, and the policy must cover you for at least £5 million and come from an authorised insurer. If you fail to have the right insurance cover, you can be fined for £2,500 every day you’re not insured.
How Much Cover Will Business Insurance Give Me?
Business insurance can make an expensive claim at a relatively low cost as it covers the cost of legal fees, compensation claims and expenses, any financial loss, and premises or product damage. How much coverage you get from your insurance will depend on the insurance providers you choose to use. Most businesses will need some form of business insurance.
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