What is business insurance

Business insurance is a type of cover designed to protect businesses from unexpected financial losses. Running a business can be time-consuming and take a significant investment. Having the right policy in place for your business can reduce your risks should you face any unexpected claims or losses due to theft or damage.

What business insurance do I need?

There are many different types of insurance based on your business type and the industry you are in. The three main types of general business insurance most used to cover business owners include:

Public liability insurance

Public liability insurance protects your business from unexpected financial losses. This type of cover protects you in case of damages from injury, illness or disease contracted by a third party or member of the public (other than employees) and covers loss of or damage to their property caused by your business practices.

Employers liability insurance

Employers’ liability insurance is compulsory for businesses that employ one or more staff members. This cover helps protect your employees while at work and reinforces your health and safety procedures. If an employee is injured or becomes ill because of their job, they are entitled to claim compensation from the business if it can be proven that the employer was at fault.

If you do not take out employers’ liability cover, you could face a £2,500 fine for every day that you weren’t covered. This fine can be backdated, so it could be very costly if you don’t have the correct cover, which legally is a minimum of £5 million.

Professional indemnity insurance

Professional indemnity insurance protects professionals, such as solicitors and architects, from legal actions by clients who believe they received bad or negligent advice or services resulting in financial losses. Most professional bodies have this type of cover and in some industries it is compulsory. Anyone offering advice or consultancy services should seriously consider obtaining professional indemnity insurance.

Depending on the type of business you operate, you may wish to take out extra protection or choose a specialised policy for your industry.

How to find business insurance you can trust

At Quotezone, we have over 20 years’ experience in insurance comparison, and our partner insurance companies are fully regulated by the Financial Conduct Authority to give you peace of mind. We know that when your business needs insurance, such as buildings insurance, contents insurance, stock cover, or public liability cover, you want to find the best options for you. It’s important to us that our customers can find the best policy for their needs from reputable companies offering reliable cover.

How to get business insurance

By using our business insurance comparison system, you could save a lot of money when you compare the business insurance providers we can put you in touch with. Our business insurance comparison service is designed to do all the hard work for you. We provide our system at no charge and are totally independent. Our panel of insurance providers will contact you with quotes directly, so no hanging around on hold. Why not give it a try and see if you could save money on your business insurance?