Insuring your business
Getting the right insurance protects your business from risks and allows you to keep operating when the unexpected happens.
Get legally required insurance
You are legally required to have:
- employers' liability insurance if people work for you
- motor insurance if you use vehicles in your business, (including if you use your personal vehicle for business purposes)
Using your home or car for business
Remember to update your existing insurance policies if you use your car or your home for business purposes.
Remember to update your existing insurance policies if you use your car or your home for business purposes.
Understand what other insurance you may need
These are some of the types of insurance your business may need.
Public liability insurance
Protects you against claims that a member of the public was injured, or their property was damaged, because of your business activities. Almost all businesses need this type of cover.
You need this if:
- you work with the public, visit clients or clients visit you
- venues or clients you work with require it in a contract
Professional indemnity insurance
Protects you against claims that your advice, work or services caused a client financial loss.
You need this if:
- you provide clients with legal, financial or other professional advice or services
- your industry or regulator requires you to have it.
Product liability insurance
Protects you against claims that a product you made, sold or supplied caused illness or injury.
You need this if:
- you make, sell or distribute products
- your retailers or stockists require you to have it
Trade credit insurance
Protects you against customers not paying their bills.
You need this if:
- you allow customers to pay after you've already provided goods or services
Business interruption insurance
Protects you against loss of income if you cannot operate due to an event that is covered by the policy, such as a flood or fire.
You need this if:
- a shutdown would significantly harm your business
- you need a physical location, equipment or stock to operate
Buildings insurance
Protects you against damage to your business premises from events like fire, flood or vandalism.
You need this if:
- you own your business premises
- you have a lease or mortgage that requires you to have buildings cover
Equipment insurance
Protects you against loss or damage to machinery, tools, stock and essential equipment.
You need this if:
- you rely on machinery or equipment to operate
- repairing or replacing damaged items is expensive
Cyber insurance
Protects you against losses resulting from data breaches, hacking or loss of digital data.
You need this if:
- you trade online
- you handle or store customer or client data
Intellectual property insurance
Protects you against legal costs and damages associated with disputes over patents, trademarks, copyright or design.
You need this if:
- your intellectual property is an important element of your business’s success
Key person insurance
Protects you against losses associated with a key person in your business becoming critically ill or dying.
You need this if:
- your business relies heavily on one or more individuals and their absence would significantly impact operations
Bundling insurance policies
Many business insurance policies will bundle different types of cover into a single policy. An insurance broker can help you understand what you need and may have access to deals and packages that you will not find yourself.
Many business insurance policies will bundle different types of cover into a single policy. An insurance broker can help you understand what you need and may have access to deals and packages that you will not find yourself.
Check and compare policy documents
Compare the cover provided and not just the price of policies when you’re choosing an insurance policy.
Look for:
- what the policy will cover
- what the policy specifically excludes and what it does not include, (if something is not mentioned, it will not be covered)
- the cover limits, or maximum amounts that the insurer will pay out if you claim
- any conditions you need to meet or requirements that will cancel your policy if you do not stick to them
Find insurance
You can go directly to an insurance company, use an insurance broker, or use comparison websites.
If you are a member of a trade body or chamber of commerce, check if your membership gives you a discount on insurance.
