A guide to the different types of business insurance | Compare the Market

Business insurance: a simple guide

Business insurance: a simple guide

From professional indemnity insurance to employers’ liability insurance, use our guide to help you decide on the right types of insurance for your business.  

Will Douglas From the Business team
2
minute read
posted

Public liability insurance – for injured clients or their damaged property

If a client slips and falls at your business, or you accidentally damage something of theirs while you’re working, this insurance could cover the claims and legal fees.

Public liability insurance – for injured clients or their damaged property

Employers’ liability insurance – for any business with employees

You’re legally required to have this insurance if you have any employees at all, even just one – temps, part-time or full-time. It can help cover the cost of claims made against you if an employee is injured or gets ill while working for you.

Product liability insurance – for the products you supply

This can help compensate anyone who has suffered damage or injury because of a product you designed, repaired, or supplied. You don’t have to be the manufacturer to be liable for damages.

Product liability insurance – for the products you supply

Professional indemnity insurance – for a client’s lost sales or damaged reputation

Professional indemnity insurance is for businesses that offer knowledge, skills or advice as part of their work. If your work leads to a client’s loss of sales or damaged reputation, this insurance can help cover the cost of legal fees and claims.

Professional indemnity insurance – for a client’s lost sales or damaged reputation

Business interruption insurance – keeps finances running when your business can’t

Taking out a business interruption insurance policy will cover you for loss of sales and profits during a period that you’re unable to operate due to unforeseen circumstances like floods or fires.

Business property coverage – for the physical contents of your business

This is insurance for the things that make your business tick – computers, mechanical equipment, tools, machines and stock.

Business property coverage – for the physical contents of your business

Key-man insurance – for your valuable employees

If there are particular people who keep the business going, you can insure them. Then, if for some reason those individuals can’t work you can be compensated for that loss.

Credit risk insurance – for clients who can’t pay

If for some reason one (or more) of your clients is unable to pay up, then you can insure yourself against loss with this type of policy. You need to have this insurance in place before any trouble arises though, so it’s best to get insured just in case.

Cyber insurance – for the IT you use in your business

This insurance can help cover the cost of any repairs, losses and/or damage caused to your computer systems. It can also help compensate you if your systems go down or are compromised.

Cyber insurance – for the IT you use in your business

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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