Business Insurance explained
Business Insurance helps to safeguard your business against risks which could result in financial losses such as legal action, property damage or compensation claims.
At Swinton Business, our Business Insurance products can help to keep your liabilities, premises, assets and staff covered. We do all the hard work for you by comparing business quotes from our specially-selected panel of insurers to help you find a policy for your needs.
Business Insurance quotes from Swinton
Our experienced team can cater for a wide range of Business Insurance requirements - from tradesmen and shop owners to landlords and small businesses.
We offer the following cover options
- Public Liability Insurance
- Employers’ Liability Insurance
- Professional Indemnity Insurance
- Landlord Insurance
- Commercial Property Insurance
- Small Business Insurance
- Home Business Insurance
We can help find Business Insurance for most types of trades including:
Business Insurance guide
We understand that running a business takes up a lot of your time so we’ve pulled together a handy guide to help you learn more about Business Insurance.
What is Business Insurance?
Business Insurance can help to protect your business against risks that could result in financial losses such as legal action, property damage or compensation claims.The three main types of Business Insurance are Employers’ Liability Insurance; Public Liability Insurance and Professional Indemnity Insurance.
- Employers’ Liability Insurance is required by law if you employ one or more staff members
- Public Liability Insurance will help you cover the cost of legal expenses and damages should a member of the public make a claim against you for an injury sustained as a direct result of your business
- Professional Indemnity Insurance will help pay for any compensation costs and legal fees where a claim has been made against you for professional negligence or breach of professional duty
Why do I need Business Insurance?
Business Insurance will help cover the costs of specific risks to your business. For example, the cost of repairing or replacing valuable business equipment that has been damaged accidentally or as a result of a break in.
What Business Insurance do I need?
The type of Business Insurance you’ll need is subject to the size of your company and the type of work you do. If you employ one or more staff members then you are required by law to have Employers’ Liability Insurance. Having Business Insurance
in place will give you peace of mind in the event of insurance claims should the need arise.
How much does Business Insurance cost?
The cost of Business Insurance depends on the type of insurance you need and the level of cover you choose plus any additional insurance cover you choose to take out. For example, a landlord is likely to need a different level and type of insurance to
a self-employed beauty therapist.
When is Business Insurance required?
If you employ one or more staff members then you are required by UK law to have Employers’ Liability Insurance.
You are not legally required to have other types of Business Insurance but products such as Public Liability can help to protect you against compensation claims made by members of the public or provide cover for premises, stock, business interruption
or goods in transit.
Do I need Business Insurance to work from home?
It is likely that you will need Business Insurance if you work from home. This is because your standard Home Insurance policy may not fully
protect your business against loss or accidental damage, or any public liability or professional indemnity claims that may arise.
What are the different types of Business Insurance?
As well as Public Liability, Employers’ Liability and Professional Indemnity Insurance, other types of Business Insurance include: Business Equipment Insurance, Fleet Insurance, Commercial Property Insurance, Landlord Insurance and Tradesman Insurance.
What Business Insurance is required by law?
The only type of Business Insurance that is required by UK law is Employers’ Liability Insurance,
which is a legal requirement for businesses employing one or more people either full time or temporarily.
Some occupations such as accountants are required to have Public Liability Insurance in place by their regulatory body.
What Small Business Insurance do I need?
The type of Small Business Insurance needed depends on the type of business that you run. Key factors to consider include
how you interact with customers, i.e. face to face or online; whether you employ staff members, and whether you have any business assets i.e. equipment or properties that need to be covered. Examples of different types of cover required include: Public
Liability Insurance, Tradesman Insurance, and Office or Shop Insurance.
What Business Insurance do I need for a limited company?
Limited businesses commonly purchase the following Business Insurance products:
- Property and Contents Insurance
- Directors’ Insurance
- Office Equipment Insurance
Do I need Employers' liability insurance?
You don't need Employers’ Liability Insurance if your limited company has just one employee, who owns 50% or more of the share capital (i.e. you). If you are a sole trader and do not employ anyone, or you only employ close family members, you should also be exempt. If you have one or more staff members then you are required by law to have Employers’ Liability Insurance.