Business insurance

Find the business insurance coverage that best suits your company needs.


Fact checked
Picture not described

Businesses face many risks from physical damage to lost revenue to personal injury court cases. To stay afloat after losses, businesses can purchase many types of business insurance that cover liability and direct damage as well as protection for employees. Consider which types of insurance work best for your company.

Simply Business

Compare tailored business insurance

  • Compare business insurance quotes from leading brands
  • Get insurance tailored to your needs
  • Online quote generated in minutes

What is business insurance and why do I need it?

Accidents can happen and any business runs the risk of losing its reputation, cash flow and ability to survive if disaster strikes.

If an employee makes a mistake or a customer slips on your property, you could be liable for costs or get sued. Let’s say you’re a plumber and you incorrectly fix a pipe for a restaurant, which forces it to stop operating for a month. You could be forced to pay out what the restaurant would have earned in that time.

This is why business insurance exists. It offers protection for a range of things like getting sued and much more. If you don’t have insurance, you might have to pay for damages out of your own personal finances.

Types of risks that businesses take

  • Injuring someone. Someone slips in your retail shop and sues you for medical bills.
  • Damaging property. You own a car wash and one of your employees spills a chemical inside a car.
  • Selling faulty products. You accidentally sell fruit contaminated with E. coli and your customers get sick.
  • Giving incorrect advice. You provide a client with a flawed building design that needs repairs after it’s built.
  • Financial mismanagement. Your company breaches safety or industry regulations and has to pay fines.
  • Accidents outside your control. Your business faces a theft, fire, storm, damage or other disaster.

What are the different types of business insurance?

There are a few different types of business insurance policies out there, so you will need to decide which one is the right one for you. Below are examples of some of the types of business insurance you can find cover for:

What type of business insurance do you need?

Make sure you cross these off your list. We’ve made a table to help you determine which of the three main types of business insurance you may need:

If your business…You run the risk of…Insurance can help with…
Product liability insurance
  • Designs, produces or manufactures a physical product (e.g. assembly, design firm or takeaway food)
  • Supplies or installs a physical product (e.g. electrician, online distributor or retailer)
  • Your product causing damage or loss to people or property
  • Your product failing to fulfil a promise or responsibility
  • Claims of faulty installation
  • Court and legal fees
  • Compensation and damages costs
Public liability insurance
  • Has publicly accessible premises (e.g. supermarket, dentist or restaurant)
  • Performs services in public places (e.g. road workers, personal trainers or event organisers)
  • People injuring themselves on your premises
  • Property being damaged or stolen
  • Claims of negligence or dereliction of duty leading to financial loss
  • Court and legal fees
  • Compensation and damages costs
Professional indemnity insurance
  • Gives advice (e.g. consulting or medical)
  • Provides a service (e.g. building surveyor or IT professional)
  • Claims of incorrect, misleading or damaging advice
  • Accusations of poor or fraudulent service
  • Claims of faulty installation
  • Court and legal fees
  • Compensation and damage costs
  • Public relation fees
  • Cost of investigation into the claim
Cyber liability insurance
  • Web-based businesses
  • Businesses that rely on digital data
  • Cyber breaches
  • Data theft
  • Business interruptions
  • Court and legal fees
  • Lost business revenue
  • Public relation fees
  • The cost of theft
Management liability insuranceCompanies with:

  • Team of managers
  • Directors
  • Corporate bonds
  • Employee claims for wrongful dismissal
  • Financial penalties for occupational health and safety breaches
  • Financial penalties for directors breaching their duty
  • Court and legal fees
  • Public relation fees
  • Fines

Frequently asked questions

The offers compared on this page are chosen from a range of products we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations), aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When making a big financial decision, it's wise to consider getting independent financial advice, and always consider your own financial circumstances when comparing products so you get what's right for you.

Read more on this topic

  • AXA business insurance review Find out all you need to know about AXA's business insurance cover and whether it's right for your business.
  • Direct Line business insurance review Find out what's included in Direct Line's business insurance policy and whether it's right for your business.
  • Business interruption insurance Most businesses impacted by coronavirus don't have business interruption insurance. Find out what it is and why it's important.
  • Personal trainer insurance Personal Trainer insurance is designed to protect you against claims made against you if something goes wrong while you're with a client.
  • Business contents insurance What is business contents insurance and why do you need it?
  • Cyber liability insurance Cyber insurance is a form of specialty cover designed to protect your business from a wide range of Internet-based risks such as data breaches, malicious cyber hacks and email forgery.
  • Product liability insurance Product liability insurance protects your business against claims made against you if a product you've sold causes personal injury or property damage.
  • Employers' liability insurance If your business employs staff, you are legally required to have employers liability insurance to make sure both you and they are protected.
  • Public liability insurance in the UK Public liability insurance protects your business against claims of personal injury or property damage that a third party may have suffered due to your business operations.
  • Professional indemnity insurance in the UK Professional indemnity insurance provides cover for legal costs and potential compensation payments associated with claims against your business for wrongful advice and services, that result in client loss.
Go to site