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How comparing works
Whether you are buying business insurance for the first time or your policy is up for renewal, do not settle for the first price you are offered: comparing quotes from a panel of insurers lets you see what else is available before you decide.Competitive Business Insurance In 3 Steps
Complete the form
Submit details about your business via our short form
Compare prices
Compare prices to find a suitable business insurance policy
Purchase cover
Purchase your business insurance directly through our partners
What is business insurance?
Business insurance protects you financially if something goes wrong with your business. It can help cover the cost of damage to your property, employee-related issues, compensation claims and legal fees, and it can be invaluable after an unforeseen event such as a flood or fire, or if someone sues you.
You can take out general business insurance or a more specific, tailored policy for your business category. You can also tailor your level of cover to protect your livelihood, whether you are a one-person band or have a team of employees.
Common things business insurance can cover include damage to or theft of your business property and equipment, injury or property damage caused by your business, sickness or injury to your staff at work, damages owed to third parties, and business interruption for earnings lost because of an insured event such as a flood.
How much does business insurance cost?
There is no single price for business insurance. The cost depends on the size and nature of your business, the level of cover you choose, the excess you are willing to pay, and your liability risk. A sole trader working from home will usually have a different risk profile to a business that gives financial advice or employs staff on client premises.
Because policies can be tailored, you need not pay for elements of cover you know you will never need. The higher the sum you insure, the higher the premium, so it is worth working out how much cover you actually need rather than going for a standard level. Comparing quotes is the simplest way to see what your business would pay.
What types of business insurance are there?
Most business policies are built around three core covers. You can combine them and add further covers to match your trade.
Public liability
Offers financial protection if your business injures a member of the public or damages their property, including clients and their property. Some customers will insist on it before they work with you. It also covers injury and damage accidentally caused by an employee, but only if you hold employers' liability insurance too.
Employers' liability
A legal requirement if you employ one or more members of staff outside your immediate family, including temporary staff and contractors you employ. It helps with the cost of compensation claims if employees become ill or are injured at work. You can be fined £2,500 for every day you are uninsured, and you must have at least £5 million of cover.
Professional indemnity
Covers you against financial loss if a client takes legal action because your advice lost them money or your work caused a problem. If you need to compensate a client for financial or reputational loss arising from work you did for them, professional indemnity can cover the costs.
How to find cheaper business insurance
Business insurance can be tailored to your needs, so there is no one-size-fits-all policy. These steps can help reduce the cost of your premium.
Reduce your level of cover
The higher the sum you insure, the higher the premium. Work out how much cover you genuinely need rather than defaulting to a standard level, bearing in mind any minimum set by a regulator or professional body.
Increase your policy excess
There is generally a compulsory and a voluntary excess. The lower your excess, the pricier the premium, so if you could afford to pay more in the event of a claim, your premium will come down. Make sure the excess is affordable, because if you cannot pay it your insurer will not settle the claim.
Lower your liability risk
Install CCTV and alarms on your premises, put a risk assessment protocol in place, give employees health and safety training, run quality control procedures and complete professional accreditations. A lower risk profile can mean a lower premium.
Only cover what you need
Policies are built from separate elements, so you need not pay for cover you will never use. Review each add-on against the risks your business actually faces.
Compare quotes and never auto-renew
Whether you are buying for the first time or renewing, do not settle for the first price. Compare quotes from a panel of insurers before you decide.
What details do I need to get a quote?
Have these to hand before you start.
Your business type
Whether you are a sole trader, limited company or partnership, and how long you have been trading.
Employees and turnover
Whether you have any employees and how many, plus your expected turnover for the next year.
Work environment and premises
The environments you work in, including whether they are high risk, and details of your business premises.
Claims history
Any claims your business has made previously.
Is business insurance a legal requirement?
Employers' liability insurance is a legal requirement for any business with employees who are not members of the owner's direct family. It ensures staff can be compensated through the policy if they become ill or are injured, and you can be fined £2,500 for every day you employ people without it. It does not apply to sub-contractors you work with, only to people you employ.
Professional indemnity and public liability are not legal requirements, but they are a sound business decision. Some clients will only work with you if you have proper insurance, especially public liability, and regulators and professional bodies often require adequate insurance before you can become a member or be licensed. If you belong to a public body or regulator, they can advise whether business insurance is necessary for you.
What other covers can a business add?
There are many specific elements you can add to a business policy, including:
- Product liability insurance: protects you financially if a customer is injured or their property damaged by a product you sold them. Often an add-on to public liability.
- Commercial buildings and contents insurance: protects your premises and contents against insured events, usually flood, theft or fire. It does not typically cover large quantities of stock or tools, which may need separate cover.
- Landlord insurance: covers the cost of repairs if your rental property is damaged, and can include protection against loss of rent while repairs are made.
- Key person cover: covers the impact on your business of someone essential dying or being diagnosed with a critical illness.
- Cyber-risk insurance: protects your business if your data is breached or you are targeted by a cyber attack.
What level of cover does my business need?
The level of cover depends on the size and nature of your business. You might be a sole trader working from home, yet give financial advice that could lead to large losses. Make sure you are covered for everyday risks, such as breakages, as well as larger events, such as being sued.
Some professional bodies and regulators set a minimum level of cover they expect you to hold. For businesses that need employers' liability, the minimum is £5 million.
Is business insurance worth it?
Like all insurance, you do not need business insurance until you do. It is tempting to assume bad things will not happen, but consider whether you could afford the cost of being sued, rebuilding your premises or replacing all your tools.
Business insurance gives you peace of mind that you will be covered if the worst happens. It also gives your business credibility, showing clients and customers that you are a professional, safe pair of hands who can put things right if an accident occurs.
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Frequently asked questions
Do I need business insurance if I'm self-employed?
If your business is a one-person enterprise, business insurance is not a legal requirement; only businesses with employees must hold employers' liability. It is still a good idea: if you give advice, provide a service or handle client data you could be sued for negligence or a simple mistake, and if you work on clients' premises you could damage something or hurt someone. As you are self-employed, you can also put business insurance on your tax return as an expense.
Do I need business insurance for an online business?
Business insurance is not a legal requirement for an online business unless you employ one or more members of staff, in which case you must buy employers' liability insurance. Whether you offer a digital service, online advice or hold physical stock, it is still worth protecting your livelihood with a policy.
Does my business need to be VAT-registered to get insurance?
No. You can buy business insurance whether you are a sole trader or a VAT-registered business, and you can take out a policy before you start trading. Having insurance in place can help when securing new clients and enrolling with professional bodies.
Can I get cover for multiple trades in one policy?
Yes. Whether you are a builder who also does roofing, a developer who also does copywriting, or a chef who offers gardening on the side, you can tailor the cover you need even where the trades are completely different.
Can I pay for business insurance monthly?
Yes. You can choose to pay your premium in one annual lump sum or monthly by Direct Debit, whichever suits your business's cash flow.
Do I need business car insurance too?
If you use your car or van to drive between home and client properties, between client properties, or for any business journey that is not a commute to a fixed workplace, you will probably need business use on your car insurance. This can usually be added to a standard policy by calling your insurer or selecting business use alongside social, domestic and pleasure when getting a quote. If a vehicle is used primarily for business, such as a builder's van or a taxi, you will need commercial vehicle insurance.
What happens if I don't get business insurance?
If someone makes a claim against you and you have no business insurance, you are liable for all compensation and legal fees. These costs can run into hundreds of thousands or even millions of pounds, which can force a business to stop trading and even leave the owner bankrupt.
How do I get a business insurance quote with Quote Goat?
Complete one short form with details of your business, including the type of business, how long you have traded, your employees, expected turnover, the environments you work in, your premises and your claims history. You then see live quotes online from a panel of UK business insurers and can buy the policy you choose directly from the insurer.
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Business Insurance for your situation
Other pages that may fit your business, and guides on this topic.
Written by Michael Foote, Insurance & Finance Expert
Founder of Quote Goat, with over 20 years' experience in finance and insurance. He has appeared on TV and in Forbes, The Telegraph and The Metro.
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Quote Goat provides access to a business insurance comparison service operated by Seopa Ltd. This page is general information, not advice. Always check the policy documents to make sure the cover meets your needs.