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Business insurance (also known as commercial insurance) helps protect your business against financial losses caused by unexpected events.
It’s available for most types of businesses, from sole traders to large enterprises.
The most common types of business insurance are public liability insurance, employers’ liability insurance, and professional indemnity insurance. Here’s how they work:
Covers claims if your business injures a member of the public
Protects against damage to someone else’s property
Some customers may require public liability cover before working with you
Covers compensation claims if an employee is injured or becomes ill at work
Helps protect your business against legal and compensation costs
Employers’ liability cover is usually a legal requirement if you employ staff
Covers claims if your business harms a client’s finances or reputation
Helps recover compensation costs and related legal fees
Professional indemnity insurance can protect your business against costly professional mistakes
Business insurance protects you against financial losses if something goes wrong.
It can also protect your employees and give you reassurance that your business can keep running if the unexpected happens.
If you... | You'll likely need... | Why |
|---|---|---|
Employ staff | It’s a legal requirement (with limited exceptions, such as some family businesses). | |
Deal with customers or the public | Covers legal fees and compensation if someone is injured or their property is damaged because of your work. Not legally required, but many councils won’t work with you without it. | |
Give advice, a service, or expertise a client relies on | Covers claims and legal fees if a mistake you make harms a client’s finances or reputation. Not a legal requirement, but often expected by clients or professional bodies. | |
Belong to a professional or trade body | Cover as specified by that body | Some bodies make certain cover a condition of membership. |
Bear in mind...
Employers' liability insurance isn't optional if you have staff – it's a legal requirement.
The cost of business insurance varies depending on your trade, cover level and claims history.
Customers using Compare the Market to search for cover are typically quoted less than...
251% of our customers were quoted less than £79.17 for their public liability business insurance in April-June 2026.
351% of our customers were quoted less than £6.60 per month in April-June 2026 for their public liability business insurance based on the monthly cost when paying for the policy in one annual payment, excluding any interest charged on instalment payments.
Investment, property and finance businesses may face greater risks and could need higher levels of cover.
The cost of your premiums will depend on what type of insurance you need and if you want to add extra cover to your policy.
The higher you’d like your payout to be, the more you’ll be expected to pay in premiums.
You’ll always have to pay a compulsory excess, but choosing a higher voluntary excess could make your premium cheaper.
If you’re manufacturing high numbers of products, dealing with large contracts, have a high turnover or have a lot of employees, you may find your premiums are more expensive.
If you’ve made expensive claims in the past it could lead to higher premiums.
Cut your premium by lowering risk and proving your business is well run: boost security, train staff and keep a clean claims history. Bundling policies and comparing quotes could bring the price down further.
Business insurance can cover compensation claims for injury or sickness, replace lost income if you’re forced to stop trading, and cover damage of theft of business property and equipment. Exact cover varies by policy, but here’s what’s commonly included:
You can get a quote in just three steps: tell us about your company, how many people you employ, then choose your cover.
The level of insurance you need for your business will depend on the size and nature of your business, and what you want cover for. Think about the everyday risk involved with the type of work you do and what you need to be protected against.
For example, a plumber insurance policy will cover very different risks to an electrician insurance policy, so it's worth thinking about what's specific to your trade as well as your business more broadly.
Consider whether you:
Deal with members of the public
Are a sole trader or an employer
Have business premises
Use a vehicle for your work
Have stock or work tools and equipment
Offer a product, trade or a service
Need business interruption insurance.
Every business is unique and faces different risks. Tailored business insurance is customised to help ensure you’re covered for the risks that are specific to your trade.
At Compare the Market, we can arrange cover for all types of trades, including:
Learn about cover options and insurance considerations for different types of business
Business insurance isn’t always legally required, but some types are mandatory depending on your business.
If you employ staff, you’re legally required to have employers’ liability insurance.
In certain regulated industries, such as financial services, law, accountancy, architecture and surveying, you may also be required to hold professional indemnity insurance by your regulator or professional body.
Public liability insurance isn’t usually a legal requirement, but many clients and contracts will expect you to have it in place.
Yes, the legal structure of your business will change, so you’ll need to contact your insurance provider. It will most likely cancel your existing policy and replace it with a new one that covers your change of company status. The price of your premium might also change.
Yes, online businesses still need business insurance because they face risks such as stock loss, cyber-attacks or legal obligations if they employ staff.
If you have employees, you’re legally required to have employers’ liability insurance (unless they’re immediate family).
Cyber insurance can also help protect against malware or ransomware attacks, covering financial losses, data theft and compensation costs to any third-parties whose data is affected.
Business insurance can cover theft, but it depends on what’s stolen and what insurance cover you have.
Business equipment insurance could cover against the theft of laptops stolen from your office, for example.
Stock insurance could help cover the theft of valuable stock, as well as accidental damage. It could also cover losses caused by dishonest employees.
As with most types of insurance, it's usually better to get cover sooner rather than later. You can even get insurance before you start trading.
If your business needs a trade licence – you might be running a pet shop, a pub or a taxi service – you can sort out your insurance before you get your licence.
You may also need insurance for your business premises as soon as you exchange on the property, even if your licence hasn’t yet been granted.
Note that it will be a requirement of your business insurance policy that all necessary licences are in place before you start trading. If you start trading without them, any claim you make could be rejected.
Yes, you can get business insurance before registering your business and even before you’ve started trading.
When you buy business insurance, you won’t usually be asked for your company registration number or any other business registration details. But you’ll typically be asked your business address, your trade type and your actual or projected turnover.
You could also be asked how your business is set up (whether you’re a sole trader or a limited company, for example).
Business insurance is usually considered an allowable expense if it’s wholly and exclusively for business use. Other costs, such as business broadband and business energy, are also tax-deductible, as long as they’re exclusively related to your business.
If you’re not sure, ask HMRC or your accountant or tax advisor. Keep your receipts and policy documents safe and make sure any claimable insurance costs are included in your tax return.
You may need business insurance if you’re self-employed, especially if you employ staff, provide professional advice or services, handle client data, or could be held responsible for injury or property damage.
In many cases you can claim your business insurance as a tax-deductible expense.
When you start a quote with us, you’ll have the option to add a secondary trade to your policy. You’ll be able to choose from more than 1,000 options to describe your trade.
If you can’t find a close match to your type of work or need to cover a third trade or profession, give our trusted partners Simply Business a call on 0333 014 6683 for a personalised quote.
Lines are operated by our trusted partner Simply Business and are open Monday, Tuesday, Wednesday and Friday 9am-5.30pm, Thursday 9.30am-5.30pm and Saturday 9am-2pm.
If your business has suffered debt problems and you’ve had a County Court Judgement (CCJ) or Individual Voluntary Arrangement (IVA), you may still be able to get business insurance.
But you might have fewer options and may need to find a broker who specialises in business insurance if you have bad debts or bankruptcy issues.
Amy helps make sure you get the best value when choosing insurance. Thanks to more than four years’ experience at Compare the Market, she understands what people look for, working closely with insurance providers to offer you deals and services that are fair, easy to understand and right for your needs.
1 Based on the % of respondents reporting Compare the Market is their preferred brand in the last 12 months vs. other leading PCWs. Source: Savanta BrandVue Financial Services, National Representative Survey of 12,257 respondents (June 2026)
What our expert says...
"When comparing quotes, don’t just focus on the cheapest business insurance policies. Getting the right cover is vital to protecting you, your staff and your company. It’s important you’re aware of the types of cover that are legally required, and which are optional.
"Whether you’re a one-person operation, a large office or a hands-on manufacturer, there’s protection for all the risks your business faces."