By Anna Jordan on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

If you’re running a business in the UK and in need of insurance, there’ll no doubt be plenty of insurers scrambling to get your attention.

However, it’s essential that you make the right choice. This will stop you from being underinsured and losing out when you try to claim, or paying extra for a bloated policy with cover you don’t need.

First, the basics.

What is business insurance?

Business insurance, sometimes referred to as commercial insurance or company insurance, is there to protect your company should an unfortunate event occur.

It aims to cover against incidents involving:

Members of the public

Customers

Employees

Theft

Adverse weather

Unexpected events

Policies are often bespoke based on your business’ needs, going by a build-your-own model. The most common types of insurance include public liability, professional indemnity and employers’ liability. The cost of your cover will depend on the industry your business is in, where you’re located, how complex your insurance package is, plus the content/people that you’re covering.

Most insurance is voluntary but strongly advised. However, employers’ liability insurance is a legal requirement if you have employees – even if they’re interns or seasonal staff. Business insurance covers

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