Compare insurance for small businesses to help protect your company from unexpected financial costs, such as public liability insurance, employers liability, and professional indemnity.
It's prudent to compare cost-effective business insurance quotes from the best commercial insurers to ensure the cover meets your needs. Public liability, product liability, employers’ liability, professional indemnity, in addition to stock, equipment and buildings, are just some of the policy covers we can arrange as a Willis Towers Watson Network Broker.
The type of business insurance you need will be determined by several factors, however your company activites, and workplace are the most important. For example, if you operate a warehouse, your needs are different compared to a business operating from an office.
Finding the best small business insurance that helps protects against personal injury, sickness, legal liabilities, property damage, theft, business interruption, legal costs and expenses, customised to your needs can seem difficult.
However, it's worth spending the time to consider your exposures with a broker because getting the right type of company protection (such as public liability) is one of the most effective ways to manage unexpected costs.
There are very few compulsory business insurance covers required under law. However, that does not mean you shouldn't consider additional commercial insurance policies such as public liability, product liability, cyber coverage, or damage to equipment, stock, or building coverage, to help protect your company's financial interests.
Employer's liability is compulsory for any business which has PAYE employees. £10 million coverage is typically offered by most insurers.
If you operate within a regulated industry, the company or individual maybe legally required to get professional indemnity coverage.
Public liability coverage starts from £88 annually and can help protect your business against injury or property damage of persons other than your employees, during your activities or trade.
Employers liability can help offer your company financial protection against claims arising from injury or illness of your employees, during your activities or trade and can start from £80 per year.
Product liability insurance starts from £224 annually and a policy can help protect your business against claims arising from injury or property damage because of a fault with a product.
Cyber insurance can help offer your company financial protection with access to specialist support against cyber attacks and data breaches and will typically start at £276 per year.
Professional indemnity can help protect your business against the failure to exercise reasonable skill and care whilst offering a professional service to your clients and can start from £322 per year.
Buildings, stock, equipment, tenants improvements, and contents insurance coverage can help offer protection against damage or loss from a range of insured perils (such as fire, theft, accidental damage, storm, flood, explosion, and riot).
Company activities, turnover, split between countries, number of employees, annual wage roll, percentage paid to subcontractors, location of your company or work, type of premises, type of work undertaken, are just a few rating factors that could impact the affordability of your premiums.
The average business insurance cost will be dependant upon your industry type. For example, an office based risk will have very inexpensive employers and public liability, compared to a construction company which may be required to pay thousands of pounds.
Working with an agent or broker will provide access to many more competitive commercial insurers that can accommodate your company needs and provide savings, however it's worth remembering the cheapest policy does not necessarily mean the best.
Business insurance brokers can help both small and large businesses customise their insurance coverage so that you do not have any gaps in cover or onerous exclusions on the policy which could leave you exposed.
As a commercial insurance brokerage, we can offer guidance and support, while also providing access to the best company insurance companies that have the best record for paying valid caims.
It's important to get customised business insurance because if the cover may not meet your needs you could be left exposed to future liability claims that could have significant financial consequences.
There are numerous types of coverage available to help mitigate the risk of a financial shock. Companies should consider what commercial insurance would best protect their interests with an expert. We recommend you read: Do you need an insurance broker?
Business interruption insurance will help protect against the loss of income from being unable to trade because of an insured event (i.e., fire damage).
General liability insurance can help protect your company against claims arising from injury or property damage in the courts of your business.
Commercial vehicle insurance can offer protection for your commercial cars, vans or haulage vehicles against damage and third-party liability.
Get a cargo insurance policy from £362 annually from best insurers to help protect against the physical loss of or damage to goods during transit.
Commercial combined business insurance starts from £321 which can help protect your company in a variety of circumstances from financial losses and property damage.
Get a contractors 'all risk' insurance policy from £468 which is a package policy designed to help protect contractors working on construction sites, includes contract works.
Directors and officers insurance can start from £345 and provide financial protection for individuals against civil, criminal and regulatory proceedings.
Management liability business insurance starts from £381 which is a package policy that combines both directors and officers and corporate legal liability cover.
The amount of coverage you decide to buy could have a significant impact on the future of your company. A review by the Financial Conduct Authority revealed 40% of SMEs could be underinsured. If a claim exceeds the maximum amount payable under your policy, or you don’t have adequate protection that meets your needs in the event of a financial loss, you are deemed to be underinsured.
As a business owner you should seek to protect against the maximum possible loss, as opposed to seek to make small savings on your premium. Policies can be complex and undertaking a review with a broker can assist you with identifying the best cover at the most affordable premium.
Public liability insurance is not a legal requirement. However, because it protects your company against property damage and personal injury of persons other than your employers, it is one of the most commonly purchased covers.
Professional indemnity insurance needs to be purchased by individuals, companies or tradesman selling their skills and knowledge based on their experience or qualifications. Accountants, architects, engineers, surveyors, and solicitors are just some professions that will buy a professional indemnity policy.
Product liability insurance is commonly purchased by companies which design, manufacture, or supply products to their customers. The coverage will protect against claims arising from injury or property damage because of a fault with a product you have provided.
All companies should consider buying a cyber insurance policy, no matter their size or industry. With greater reliance on technology, companies will typically hold more sensitive data and are dependent upon their IT systems to operate. Additionally, cyber coverage can offer access to specialists should a cyber attack or data breach occur.
Premium savings can be made on policies such as commercial combined insurance by bundling coverage with one provider, such as public liability, employers’ liability, and product liability, alongside property and building cover. However, you may find in some instances that by separating coverage between different insurers may be more affordable.
As soon as you have PAYE employees or workers you are legally required to obtain coverage. However, the policy will typically extend to anyone working under contract, including volunteers.
There are over one hundred commercial insurers in the UK, with only a handful that work directly with the consumer on a B2C basis (i.e. AXA, Hiscox and Markel). The vast majority will only provide their policy coverage through agents or brokers.
Getting the best business insurance cover can be challenging because the contracts are complex financial instruments that you don't wish to read from start to finish. We recommend that you 1) Talk to an insurance agent who can offer their expertise, 2) Give yourself time to review your options, and 3) Obtain competing quotes to ensure you are purchasing the most cost-effective cover.
We work with a wide range of companies and sole traders, from contractors, shops, couriers, commercial property managers, to architects, engineers, and consultants. Please get in contact and we can discuss your individual needs.
We can help businesses with their insurance program where the top company (or parent company) is registered in the UK. These businesses can trade internationally, and have subsidiaries internationally. Each policy coverage would need to be considered individually, for example if you have employees in a foreign country you will be required to purchase employers liability insurance locally to meet your legal requirements in that country. Whereas, covers such as directors and officers insurance, product liability insurance and professional indemnity insurance, will typically be purchased once for all your international operations.
Employment law can be a complex, confusing business and wrongful dismissal is an area where there are too many misconceptions, which puts employers at risk.
Claims brought under negligence occur when a service provider doesn’t perform their responsibilities to the level required of a reasonably competent person within their profession.
Some of the most common queries received relate to the responsibilities of policyholders under contracts entered into with their customers, clients or principals, and the impact that those responsibilities have on their liability insurance.
Serious accidents and fatalities at work can trigger interventions from enforcing authorities with significant legal implications for firms and senior managers.