If you're a business owner, an independent professional or self-employed, business insurance can help to protect you and/or your company against unexpected costs.
Types of business insurance
Some types of business insurance are required by law:
- if you are an employer you are legally obliged to have employers’ liability insurance to cover the cost of compensating employees who are injured or become ill through work
- if your business uses vehicles you are legally obliged to have commercial motor insurance
Other types of business insurance are optional, such as:
- commercial property insurance, which covers the cost of repairing or rebuilding your business premises, or replacing your stock or equipment
- liability insurance, which covers the cost of compensation claims following fault or negligence brought against you or your business by clients, customers, shareholders, investors, or members of the public
- Cyber insurance, which covers you for losses relating to damage to, or loss of information from, IT systems and networks.
Types of liability insurance include:
- public liability
- product liability
- professional indemnity
- directors' and officers' liability
Buying business insurance
Business insurance is usually sold as a package, combining a number of different policies under one premium.
The types of policies you need, and the cost of your premium, will be based on a number of factors including:
- the nature of your business
- its annual turnover
- the number of people you employ
- your insurance claims history
You can buy business insurance directly from an insurer or from a specialist broker.
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