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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.