A guide to the different types of business insurance

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Being your own boss has its perks (like being able to delegate the jobs you really don’t feel like doing), but there are an equal number of big responsibilities too. Because when you run your own business, its success is pretty much down to you (no pressure). And when it comes to protecting your business, it can be hard to know where to turn – which is why making sure you have the right business insurance is essential; but with so many types– what’s right for you?

Frequently thought questions

Making sure you’ve got the right business insurance can be difficult; you might have hundreds of little questions that just leave you feeling a bit stumped. So here are (not quite hundreds) some answers to those ‘frequently thought questions’ you may have.

What is ‘business insurance’?

Like any other form of insurance, it’s there to protect you from life’s little curve balls. You can usually buy business insurance packages which combine several different types of cover but depending on your business you might want to reinforce some areas with robust insurance cover. The cover that’s right for you will depend very much on what you do.

What business insurance do I need by law?

If you employ other people, including temporary or agency workers, then you need employers’ liability insurance by law. The law also requires you to display your Employer’s Liability Certificate of Insurance where your staff can see it, if you don’t display it you could be fined £1,000 by the Health and Safety Executive (HSE). If you don’t have Employer’s Liability insurance you could be fined up to £2,500 for every day you don't have it in place.

Also if you use vehicles in relation to your work – whether that’s just one car or van to an entire fleet, then you’ll need motor insurance by law with a minimum of third party cover.

What types of business insurance are there?

Whatever your business, there’ll be an insurance policy to suit you (even if you think your pet pooch café is a niche enterprise) so it’s worth taking some time to find out what’s on offer, such as:

How can I compare cheap business insurance?

Getting your business covered isn’t about finding the cheapest option; it’s about finding the right package at the right price. Use our business insurance comparison service where we’ll bring you a choice of insurance providers based on your needs, so compare today and see how much you could save.

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