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Below you will see information on business insurance.



Regardless of the size of your business, there is a certain level of business insurance which you will need by law. But which types are necessary for your company's sector? Different types of businesses need quite different policies, as of course the risks they face can vary dramatically. In addition there are many extra levels of cover that you can take on top of the basic legal requirement.

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What is Business Insurance?

Business insurance is a specialist type of insurance designed for businesses, of all sizes. Whether you run a florists or a cycling shop, you will need insurance to ensure you and your businesses are protected against a wide variety of risks.

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Which Type of Business Insurance is Compulsory?

In the UK, all businesses that employ more than one member of staff are required to have Employers' Liability Insurance (ELI) by law. ELI covers the employer in the event that any member of staff suffers an accident or illness in the workplace, resulting in legal action against the company.

Besides ELI, there are many other types of business insurance available but these are optional and vary depending on the needs of the business. Most business insurance providers offer tailor-made policies, so that you and your company can ensure every need is met.

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What are the Types of Business Insurance?

There are many types of business insurance available in the UK, and as mentioned in the section above, many providers can tailor the policy to your business. This ensures that you are covering every aspect of your business' risks, regardless of the size and sector it belongs to.

The most common types of business insurance aside from compulsory ELI cover include:

  • Public Liability

Public liability covers a business against claims made by members of the public. This happens most commonly when a member of the public suffers an illness/injury caused by your company/business. A company can suffer not only financial loss but also a damaged reputation by this kind of claim and therefore this type of insurance is popular among businesses. It may especially important for smaller businesses who may not be readily able to afford such a claim.

  • Property Insurance

This type covers your business' property or premises. In other words, the building in/from which you run your business. In some cases, property insurance covers the contents of the property as well. The most common damages a business property can suffer include criminal activity (vandalism, break-ins, theft) or weather damage.

  • Business Interruption

This type covers your company in the event that income is lost as a result of the business being unable to function normally (unable to conduct business/trade as usual). These hindrances must take place outside of your business' control in order to be valid for a claim.

There are many other types of business insurance besides these main types, including cover for equipment, goods in transit, business vehicles, key person/key man cover and professional indemnity.

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How Can My Business Get the Best Cover?

Many businesses decide to use an insurance broker to find the right level of insurance for their business. Using a broker can be simpler than going direct to an insurance provider, but can of course prove more expensive as the broker will take fees for their service.

A broker can be advantageous because they can often access special deals from insurance companies and can help advise you and your business on the right level of cover. Many large businesses opt for a broker to purchase business insurance. Smaller businesses often cut out the middleman and buy their cover direct from the insurer.

If you decide to go for an insurance broker, you should ensure that they are fully regulated by the Financial Services Authority (FSA).

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