Small business insurance by monthly subscription
- Over 1,000 different business types covered
- Customise cover to meet your needs
- Add, remove or cancel cover at any time
Small business insurance is cover designed for the needs of a small business.
The exact details of the policy will vary from one business to another and depend on factors like whether you have an office space and whether you employ staff.
However, insurance for small businesses usually includes things like public liability, professional indemnity and business contents insurance.
Small businesses don’t usually have extra cash to spare, so damage to your premises, stock or tools can cripple your ability to trade. Beyond that, liability claims can run to millions of pounds, which can jeopardise the whole business.
Having small business insurance cover can protect your business against financial hits and potentially save your business from closure.
This will depend on the nature and needs of your business. For example, whether you employ staff, have your own premises, sell products or give professional advice.
Cover will also vary by insurer, but insurance for small businesses usually includes:
Other types of cover you might wish to take out include:
The cost of your small business insurance cover will vary depending on a number of personal factors, like the size, location and nature of your business.
Cover from our partner Superscript starts from £5.13 per month for the Essential policy, and £7.58 per month for the Professional policy. Management cover, which protects your management and shareholders against the operational risks associated with running a company, starts at £6.90 per month.
Elements that can affect the cost of your insurance include:
Many insurance companies offer business insurance policies for a range of business sizes and types.
Shop around and compare policies to find the best deal for you, but remember that some insurers aren’t on comparison sites, so don’t rely on those.
One great option to check out is our partner Superscript. It offers two levels of insurance for small businesses, plus management cover to protect the interests of your management and shareholders.
Finder’s insurance expert Ronny Lavie answers
Most policies do offer cover for loss of income. This can be in the shape of business protection cover, personal accident cover, or both.
Each of these options covers you for different circumstances – personal accident pays out in case an injury means you cannot work; whereas business protection can also cover you for illness and injury, as well as things that affect your premises, like natural disasters or police activity.
If loss of income is a policy element that is important to you, make sure to read through your policy details carefully to check that it’s included in your cover. Some insurers will let you tick it as a crucial benefit when you take out a quote. Generally speaking, knowing exactly what is and isn’t included in your cover is always recommended, to avoid expensive surprises.
Like many other elements of small business insurance cover, this will depend on the specific requirements of your business.
Things to consider when deciding how much cover to take out include:
The important thing is to shop around and compare insurance quotes for your small business. You can use the information you find to secure a great deal with your preferred insurer, and even haggle down the price, as many insurance companies will want to beat their competitors.
Raising your voluntary excess can also lower your premium, but make sure you pick a figure you can actually afford to pay should you need to make a claim.
If you can afford to pay for your cover in full up front, this can help you avoid interest rates some insurers charge for monthly instalments.
Making a claim can also push up the price of your insurance so making sure you take all recommended safety measures to keep your staff, your customers, your premises, your stock and yourself safe can help keep costs down. This won’t prevent all potential claims but is good practice either way.
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