Do I need business insurance?
- If you employ anyone, you need to have Employers’ Liability Insurance.
- Business insurance protects you from costly claims and risks.
- There are many types of cover, from business contents to cyber-attacks.
Getting business insurance protects you and your business during the rainy days. Even if you’re a sole trade, business insurance is super important to protect you from costly claims and risks.
Limited companies: There’s only one policy you’re legally required to have as a small business: Employers’ Liability Insurance.
Sole traders: You’re not legally required to have business insurance, but it’s a really important to protect you personally if you face claims.
Below are five popular types of business insurances:
1. Employers’ Liability: If you employ anyone, even if temporary or part time, you legally have to have this. It covers the costs of any staff injuries or illnesses they get at work.
2. Public & product liability: This protects you from claims made against you from the public, whether that’s damages caused by you or the product you sell.
3. Professional indemnity: If you provide professional services or consultancy, this protects you if you make a mistake that costs your client.
4. Business contents: This covers the cost of replacing or repairing your business equipment and tools if they’re damaged, destroyed, lost or stolen.
5. Cyber liability: This protects you against a data breach, security failure, or cyber-attack. It covers investigation costs and losses.
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