Whether you’re a Limited Company or a Sole Trader, there are several different types of insurance that you’ll need to look into. Some of these are a legal requirement to protect you, your workers or the public, and some are optional insurances that you can take out to protect your business. Some of these can be part of a general Business Insurance package, and some will require separate insurance.
We recommend speaking to an insurance broker to check the right cover for you.
Public Liability Insurance
Public Liability Insurance protects you if a 3rd party is injured, dies or has their property damaged because of your business. For example, if someone trips and breaks their leg in your shop. It provides cover at your business premises and when you are out in public. This insurance isn’t legally required, but is highly recommended if you have customers coming to your place of business, or regularly work in public, and can give customers assurance that your business takes their safety seriously.
Employers’ Liability Insurance
If you employ people, you are legally required to have Employers’ Liability insurance, which covers you if one of your employees suffers an injury or dies whilst working for you.
Professional Indemnity Insurance
If your business makes money by providing advice to clients, professional indemnity insurance protects you if a client makes a loss by following that advice. Some professions, including solicitors, accountants, financial advisors and architects, require Professional Indemnity insurance.
Commercial Property Insurance
If you own a commercial property, you need insurance to cover the building and its contents. If you lease or rent your business premises, you need to insure the contents.
Commercial Vehicle Insurance
Any vehicles you use for business need to have minimum of 3rd party, fire and theft insurance covering up to £1million for property damage, and unlimited cover for personal injury.
If your tools are essential to your business, you can insure them against loss, damage or theft.
Contract Works Insurance
If you work in trade, Contract Works insurance covers you if work needs to be repaired or redone on a project due to an insured event like a flood or fire.
Key Person Insurance
If your business depends on a key person, this insurance can cover you in the event of their critical illness or death.
Business Interruption Insurance
If your business is interrupted by damage to your place of work, Business Interruption Insurance can cover the loss of profits due to the temporary closure of your premises.
This covers you in the event of a data breach or hack of your IT systems. This can be particularly useful for businesses that hold sensitive information, such as financial information for your customers.
If you are a Sole Trader, you may also want to look into personal insurances that can help you protect your business.