How much does business insurance cost? Find out more about how business insurance prices are determined, and how you can get insurance for your business.
There’s no straightforward answer to this question. All businesses - including yours - are unique, so there's no set price for business insurance.
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 much you pay for your cover:
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. You may want to purchase policies such as:
Naturally, the greater the range of cover you have in place, the more your insurance is likely to cost.
To help guide you when deciding what insurance you should be considering for your business, we've created the what business insurance do I need? tool.
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 your overall public liability insurance cost of your insurance package.
Some other factors your insurer may take into consideration are:
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