Best Business insurance

Business insurance covers a wide range of policies to protect companies from financial loss and liabilities. The most common types include: public liability (covers claims from third parties injured or whose property is damaged by your business), employers’ liability (legally required if you employ staff), professional indemnity (covers claims from clients for professional mistakes or advice), and business property insurance. Many providers offer combined policies that bundle several cover types together.

Employers’ liability insurance is the only type of business insurance that’s legally required in the UK - if you employ one or more people, you must have at least £5 million of cover. Other types of business insurance aren’t legally required, but some clients or contracts may make them a condition of working together. For example, many clients require contractors to hold professional indemnity insurance before they’ll sign a contract.

The exact type of business insurance you need depends on the size of your business, where you operate and the activities your business undertakes. A sole trader nail technician working from home will need different coverage than an enterprise-scale tech company operating from an office building. Read customer reviews to learn from other business owners' experiences and find a provider that offers the coverage you need.

Public liability insurance covers you if a member of the public is injured or their property is damaged as a result of your business activities. For example, if a client visits your premises and has an accident, or if you accidentally damage a client’s property while working. It’s one of the most common types of business insurance and is often required by venues, event organisers and contract clients.

Professional indemnity insurance (also called PI insurance) covers you if a client claims your professional advice, service or design caused them financial loss. It’s particularly important for consultants, designers, marketers, accountants, solicitors and anyone else who provides advice or professional services. Many professional bodies require their members to hold PI insurance as a condition of membership.

Business insurance costs vary widely depending on the type of cover, the size and type of business, the level of risk involved and the amount of cover required. A basic public liability policy for a sole trader can start from around £50 per year; more comprehensive combined policies for larger businesses can run to thousands. Comparing quotes from multiple providers is the most effective way to find the best price for the cover you need.