If you’re looking for insurance for your small business, it isn’t quite as simple as just buying cover to protect it. There are many different parts of your business to consider insuring, and a raft of policies and packages available for different business types, giving you a lot to think about.

If you’ve just set up your own small business, then we will explain what you need to know, what to expect, and what to consider to get the right business insurance for you.

 

Do your research

Before starting the search for the right insurance, you need to know or have access to key information about your business, to allow you to know what type of policies you will need, and what insurance you’re entitled to, and what is best for your business.

This will include the nature of your business, the company’s annual turnover, the number of employees, and your insurance claims history. As with any insurance, it is best to shop around and compare quotes.

 

What insurance will my small business need?

There are different types of business insurance you can buy for your company, but some are required by law. These are:

  • Employer’s Liability covers your legal responsibility for the safety of your employees, and should they be injured and awarded damages, Employer’s Liability will cover this cost.
  • Motor insurance for any motorised vehicle that runs on a public highway (must cover third party property damages of at least £1 million under the Road Traffic Act).
  • If you have plant and machinery involved in your business it legally requires an engineering inspection, covering items such as forklift trucks, lifting tackle and pressure plants.

Certain insurances are a contractual requirement, such as insuring a building on behalf of your landlord, or holding a Public Liability policy when working for third parties.

Most insurance cover that is a legal obligation will come with a certificate of insurance, which you are required to keep as proof of cover for at least five years.

 

If you’re looking for a business insurance quote online, visit our website today.