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Business insurance can be purchased to provide you with financial support in the event that your business suffers damage or loss of some form. A business insurance policy is a collection of different types of cover, bundled together and tailored to suit a specific business's needs. The types of cover that you take out will depend largely on the threats that you deem your business to be exposed to, and your attitude to guarding against these risks.
There are a number of different threats that you could protect against with business insurance, including but not limited to:
It's important to remember that no two business insurance packages are exactly the same, which is why it may be useful to use a broker to help identify all of your business risks ensuring your needs are tailored to and that your business is comprehensively covered.
Below is a list of the most common types of elements that you may want covering when you buy your business insurance package, along with a brief summary of the risks they protect against. Bear in mind that there may be other things that your business requires additional cover for. Click the links for more information.
|Policy name||Risks covered|
|Buildings insurance||Damage to buildings or fixtures and fittings|
|Contents insurance||Damage or loss of assets or stock|
|Employers' liability||Causing illness or injury to staff|
|Public liability insurance||Causing injury or illness to customers or damage to customers' property|
|Professional indemnity insurance||Defending legal action arising from negligence, error or providing bad advice|
|Business interruption insurance||Loss of income caused following an interruption to business operations|
Many policies can also be modified to provide additional cover to suit your particular business, however this many impact how cheap your business insurance is.
There’s no straightforward answer to this question. All businesses - including yours - are unique, and will therefore require different components of cover. So, there's no set price for how much business insurance costs.
This means we can't provide you with a definitive cost on this page – but we can tell you the three main factors that will affect how cheap your business insurance cover is:
Let's look at these in more detail.
The type of work you carry out and the setup of your business will determine whether or not you're obliged to purchase certain forms of cover.
For example, if you employ staff you'll almost certainly be legally required to purchase employers' liability insurance. Or, if you are a solicitor, you may be required by your regulating body to purchase professional indemnity insurance before you’re allowed to practice.
Beyond cover you're obliged to have in place, you may also choose to protect your business from a number of other risks that you could be exposed to. There is quite a wide scope as far as business insurance customisation is concerned, so your attitude to the level of risk your business faces will play a large role in determining the breadth of cover that you take out - and consequently how cheap your business insurance will be. Naturally, the greater the range of cover you have in place, the more your insurance is likely to cost.
The level of risk that insurers assign to your business will depend on its setup and operations. For instance, if you own a busy restaurant, an insurer may consider you to be at high risk of public liability claims due to the high volume of customers that pass through your doors. This could increase the overall cost of your insurance package.
Some other factors your insurer may take into consideration are:
It's important to remember that cost isn't everything. You shouldn't look for a cheap business insurance policy, instead you should look for a business insurance policy that satisfies both your attitude to cost and risk. A cheap business insurance policy could leave you without valuable cover when you need it most, which may end up costing your business more in the long run.
It’s probably the case that your business has a range of assets that you would like to protect with insurance. This could include anything from your business building, specialist tools and equipment, stock and contents, to the employees that you hire.
There may be some forms of cover that you’re legally required to have in place, and others that you choose to purchase, based on your attitude towards risk. Ultimately, it’s up to you to determine which areas of your business you think are most susceptible to the threats you face and protect them accordingly.
As such, there’s no way of definitively saying which types of cover you’ll need, as the best small business insurance policy for you will be one that's tailored to your exact circumstances. There are, however, a number of types of insurance that are commonly taken out by small business owners.
To help you gain an understanding of the types of cover that are relevant to your business, we have created the What insurance does my business need tool.
The types of small business insurance that you choose to take out will be determined by the threats that you’re vulnerable to. A huge variety of events - including accidents, criminal activity or even the weather - could compromise your business. There are a number of different forms of cover to protect against this range of threats, and some of the most commonly purchased forms of insurance for small businesses include:
Each of these policies could provide cover in the case of certain events. In many cases it's entirely up to you to decide what insurance you need, but sometimes the law dictates that you need to have specific forms of cover. Click on the policies listed above for more information.
Many larger corporate companies choose to purchase individual policies, while small business insurance often comes in the form of packaged cover. A package is an insurance package that incorporates various types of protection in one single policy - a policy that's specifically designed for your business.
A major benefit of package cover is that premiums are often cheaper because the administrative work for insurers is significantly reduced. For you as the customer it's also far simpler than purchasing - and renewing - separate policies.
The types of cover – as well as the scope of protection – that you choose to purchase will ultimately influence exactly how much your small business insurance costs. As such, there’s no real way of saying how much you’ll pay for your cover without considering your business’s individual requirements.
To find out how much a comprehensive insurance package will cost your business, you'll need to get a quote. By using the services of a broker - such as Make It Cheaper Financial Services - you can quickly and easily run a comparison and get a competitive business insurance quote to suit your needs.
Not only can our team of insurance experts compare deals and help you to decide which forms of cover may best benefit your business, but we can also help you to get a great deal for the insurance that you do need. All it takes is a simple phone call. Speak to one of our insurance experts on 0800 144 4808 and get a quote for your business insurance needs.
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