Guide: 9 types of business insurance

9 types of business insurance you may need:

1) Employers liability

Employers liability is one of the few types of business insurance which is compulsory in the UK. All employers have a duty of care to provide a safe working environment for their employees and purchase the cover. 

2) Public liability

All businesses have a duty of care to maintain a safe environment for members of the public (including any customers, suppliers or contractors). Public liability insurance offers financial protection should an accident occur which causes injury or property damage. 

3) Product liability

Product liability insurance is commonly purchased by businesses which design, manufacture or supply products to their customers. Any business that supplies products is responsible for their safety and should therefore consider product liability insurance. 

4) Professional indemnity

As a subject matter specialist, clients will rely upon your skill, knowledge and due diligence to deliver upon the agreed services. Professional indemnity can offer financial protection should something go wrong. 

5) Cyber insurance

Cyber insurance can include a number of different covers under one product that aims to offer protection in an increasingly digital environment. Incident response services provided under the insurance can assist with mitigating the damage and potential costs. 

6) Management liability

Businesses will typically purchase directors and officers once they reach a certain size, or have raised money from investors. Typically, packaged under a management liability policy this will protect the personal assets of the individuals whilst acting in a managerial capacity. 

7) Property damage

Property damage cover will usually be split between contents insurance, buildings insurance, or plant / equipment insurance. Examples of what could be insured include: fire, theft, accidental damage, storm, flood, escape of water, impact, explosion and riot. 

8) Contract works insurance

Contractor's all risk is a flexible package policy designed for contractors working within the construction sector. Contract works insurance is just one cover available, typically purchased with other liability insurance covers. 

9) Fleet insurance

Fleet cover typically starts at a minimum of 3 vehicles and can be extended to insure a fleet of any size. The three levels available are the same as your personal car or van insurance. Third party / third party, fire & theft insurance / and comprehensive insurance.