Best Business Insurance Providers UK

The amount of cover you’ll need can vary depending on your circumstances and the type of policy you have, with things like public liability and professional indemnity insurance offering cover that can run into the millions. In these examples it’s never worthwhile to under-insure – claims can easily escalate, so it makes sense to have sufficient cover in place – while for things like business contents insurance, make sure to value your assets accurately and seek the right amount of cover accordingly.

The cover available depends on the type of business insurance that you opt for. Business interruption insurance, for example, can protect your income in the event you’re unable to work due to things like fire or flooding, while business contents insurance will protect your assets from the same risks. It’s important to look closely at what’s available with each insurance policy, taking care to understand any exclusions, and try not to skimp on cover if you want to be sure you’re adequately protected.

Business insurance for a car will be more expensive than if you use your car solely for personal use, but given that you won’t be able to make a claim without specialist cover, it’s essential to invest. As with any type of insurance, the amount you’ll pay will depend on your individual circumstances and the level of cover you opt for, which is why it’s so important to compare the options thoroughly.

If you have employees, you’re legally required to have employers’ liability insurance. Likewise, if you use your car for business purposes or own several vehicles in relation to your business, specialist cover is required by law. Everything else is optional (unless you run a specific type of business, such as a horse riding company, where public liability cover is a legal requirement), but it’s worth considering additional kinds of protection nonetheless.

There are very few insurance policies that will cover the Covid-19 outbreak. Even those that cover business interruption will unlikely have infectious disease cover, and those that do will typically only be covered for certain listed diseases – and Covid-19, given its very recent discovery, won’t be one of them. That said, there are certain aspects of business insurance that will cover the consequences of Covid-19: liability cover will continue to apply for those businesses who have furloughed and home-working staff, for example, business contents cover can be extended to ensure it covers equipment outside the office, and businesses that have unoccupancy conditions will usually be able to extend the allowable unoccupied period. It’s important to discuss any issues with your insurance provider if you’re concerned.

No. Many of these insurance products are legally required, and while this doesn’t necessarily include everything that might be included in a fully comprehensive business insurance package (professional indemnity, contents and cyber insurance, for example, aren’t legally required), it could be financially detrimental to run your business without it. By investing in suitable protection, not only will your business interests be covered, but having insurance to protect you financially against accidents, mistakes, theft, damage and legal fees can provide valuable peace of mind, so for that reason alone should always be considered.