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If you run your own business, there are probably lots of times when you thought how helpful it would be to have a crystal ball. But sadly, no matter how hard you plan, some things just can’t be foreseen. Which is why making sure you’ve got the right insurance in place for your small business, is vital – it means that you’re covered for those little business knock backs, just when you need help the most.

Frequently thought questions

Of course, knowing you need some sort of business insurance is one thing; it can be quite another knowing exactly what type of cover you need. Which is why we’ve put together the answers to some ‘frequently thought questions’ you might have about covering your business – so here goes:

Do I need small business insurance by law?

By law, if you employ anyone then you’ll need employers’ liability insurance – this is an absolute legal must have so if you’re a bit rusty about what this means (or just don’t have a clue in the first place) then read our top facts on this below.

If you use vehicles for work, then you’ll also need to have motor insurance. You can get specific commercial vehicle insurance which is as simple as insuring a car and, like private car insurance you’ll need to make sure that you have at least the minimum requirement of third party cover by law.

If your employees use their own cars or vans, then they’re responsible for their own insurance (but it’s worth reminding them to tell their insurance provider that the motor’s being used for work).

What is employers’ liability insurance?

This type of policy can cover you if any employees suffer injury or illness caused by something that’s happened at work; here’s what you need to know:

What other types of small business insurance are there?

If you give advice as part of your business – such as if you’re an accountant or solicitor or even a marketing agency, you can protect yourself with a professional indemnity policy. This can cover you if your clients end up losing money because of advice you’ve given them and decide to make a claim.

But if you design, make or supply a product rather than give advice then product liability insurance is the policy for you. It’ll can reimburse anyone who is injured or had property damaged because of a faulty product that you supplied.

It’s also worth thinking about public liability insurance – this will help cover you if a member of the public has an accident or damages their property because of you or your business, for example a window cleaner. It helps provide compensation and cover your legal costs whether the incident took place on your business premises or if you’re out and about in relation to your work.

Other types of cover include environmental liability insurance which helps insure you for damage caused to water, plants, local wildlife and their habitats. Also, if your IT systems are damaged or hacked then a cyber policy could help cover you for loss, interruption and damages to clients. Regardless of how niche you think your business is, there’ll be a policy to protect you, so find out more about the different types of business insurance there are – after all, your business is your livelihood and you’ll want to protect it.

How can I protect my business premises and stock?

Just as you’d protect your home and contents, you should also make sure your place of work and all your contents are protected too. If you rent your business space from a landlord, then it’s their responsibility to ensure the building is covered but it’s up to you to sort out your own contents cover. Don’t underestimate what it’ll cost to repair or even replace your premises or the value of your goods – which should be based on cost price rather than sale price.

How much will small business insurance cost me?

The cost of your premium will be largely down to your own circumstances. In this case, it’ll depend on things like the size of your business, how many people you employ (the more people, the greater the chance of a claim) and how likely your business is to suffer from fire, flood or theft.

It’s important to really consider what your business is at risk from and getting a policy that will cover you adequately – it’s all very well taking out the first policy you see, but if it fails to deliver, then it’s safe to say you probably won’t be very happy about it; so, think about need, not cost.

Do I still need business insurance if I work from home?

That depends on the nature of your business. If you have equipment or store stock at home, you could find your regular home insurance policy won’t cover you for loss or damage and you might even find that working from home invalidates your home insurance policy should you need to claim.

The same rules apply when it comes to business insurance whether you work from an office or your front room. So, if you invite customers into your home, then it’s worth looking at public liability insurance because this will help cover you if a client suffers an injury or damage to their property and decides to make a claim. Similarly, if you dole out advice then finding out about professional indemnity should be a priority.

How do I compare small business insurance?

Use our small business comparison service to get started. Our table of features makes it easy to compare policies and makes it simpler to find the right policy at the right price; so what are you waiting for, start comparing today.

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