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Business insurance protects businesses against losses suffered in the course of their normal activities, particularly when the business faces a compensation claim. Covers include professional indemnity insurance, public liability insurance, and employers’ liability insurance.

Why do I need business insurance?

You need business insurance to protect you against the everyday risks that come with running your business. Business insurance can cover you against things like professional mistakes, accidents, theft, damage and legal fees.

Is business insurance a legal requirement?

Whether or not you’re legally required to have business insurance depends on your particular business. Employers’ liability insurance is a legal requirement for most businesses that have staff, while other types of cover, such as professional indemnity, may be required by regulatory bodies.

What type of business insurance do I need?

This depends on the type of business you run and the risks you face.

If your business interacts with third parties – whether that’s customers, clients, suppliers, or other members of the public – then it’s worth considering public liability insurance.

If your business offers advice or a professional service, or if you handle client data or intellectual property, then professional indemnity insurance could be an important cover.

Find out more about the difference between public liability and professional indemnity.

If you have one or more employees, then it’s likely your business is legally required to have employers’ liability insurance.

 

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