Compare Business Insurance
As a business you are legally required to have some types of cover. Make sure you find the best policy at the best price.
What is Business Insurance?
Business insurance is a specialist type of insurance designed for businesses. Regardless of the size of your business insurance can protect the time and money you have invested in it against a wide variety of risks.
Getting the right insurance is essential for any business
By law you are required to have some types of cover including vehicle insurance for company and personal vehicles and employers’ liability insurance if you have staff. 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.
It is a sensible business decision to insure your premises, fixtures, fittings, stock and equipment against certain events such as fire, theft and flood which can have severe consequences for the running of your company.
What does business insurance cover?
Many Companies take out policies to cover any potential losses relating to liability and other losses that might affect the business. As well as the basic insurance that you are legally required to have there are many additional levels of cover that you can take on top of this.
Some businesses may also want to consider insuring themselves against legal liabilities and purchase health cover for staff.
Choosing the right policy for your business
Different types of businesses need different policies, as the risks they face can vary dramatically. You need to determine what type of coverage you need and find a policy that can be tailored to suit your requirements. You can keep premiums down by not paying for anything that you don’t need but remember that the cheapest policy will not necessarily be the best because it is unlikely to offer the most coverage.
With so many different types of policies available it is important to take the time to research the market to help you find the best coverage at the right price. You can use the table above to compare different insurers and weigh up the features of a variety of policies. Before you apply make sure you read the terms and conditions fully and that you understand exactly what you are paying for. Watch out for any administration fees that can be expensive.
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All businesses need a legal minimum level of business insurance, Employer’s Liability Insurance, which covers the employer if an employee should sue the company in case of injury of illness in the workplace. There are other factors to consider when buying business insurance however, as whatever service your business provides, there may be additional costs to contend with if the worst should happen.