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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.
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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