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Compare Business Insurance With Money Pug
- If you are a business owner than finding the right insurance for you can be even more complex than finding insurance as a private individual. Yet it can be just as important, if not more so, to make sure that you are covered for various scenarios. We understand that every business is unique, and each one will have its own unique set of challenges, concerns and requirements. We can help you by finding business insurance quotes that meet your company’s specific needs. Use Money Pug’s handy comparison service and it is easier than ever to make sure that you have the level and type of business insurance cover that you need.
Comparing business insurance quotes with Money Pug could not be any easier! Simply answer a few simple questions about your business and we will create a list of quotes tailored to your business needs.
What Types of Business Insurance Are Available?
Employers’ Liability Insurance
Employers’ liability insurance is a legal requirement for any business that employs one or more people. This type of insurance protects you against the cost of compensation claims if one of your employees gets hurt or becomes ill through working for you. If you do not have this type of insurance in place you could get a fine of up to £2,500.
Professional Indemnity Insurance
Another type of cover that small businesses may need is professional indemnity insurance. This is not a legal requirement but you may be asked to have it in place by other companies that you are working with. This type of insurance covers you for if someone says that your work as caused a problem or you have given them bad advice, and takes legal action against you. In this scenario, you could face a large legal bill if you do not have professional indemnity insurance in place. A policy might cost a few hundred pounds a year – but could save you thousands should something go awry.
Public Liability Insurance
Many businesses of all kinds will also require public liability insurance. This type of insurance is there to cover the cost of legal action or compensation claims against your company, if a member of the public is hurt of their belongings are damaged while they are on your premises. This type of insurance also covers you if you are working in someone else’s home, office or business location.
This type of insurance is a very good idea for all those who regularly come into contact with the general public, or who welcome the general public into their workplace. This includes: shops, pubs, cafes, restaurants, contractors and tradespeople.
Business contents insurance policies are another type of insurance that many businesses will have to consider. These are very similar to the contents insurance policies that we take out to protect our homes. In return for the insurance premiums, an insurance company will cover the business against losses to its contents. Whatever your business, if you have physical premises then contents insurance will usually be essential, especially as that business grows and physical items accumulate.
Business Insurance will cover you for:
- Damage due to fire.
- Damage due to flood.
- Damage due to lightning strike.
- Damage due to storms.
- Damage due to riots, civil disorder and vandalism.
- Theft from your premises.
Such a policy will generally cover losses to:
- Fixtures and fittings
- Stock (Raw materials & finished goods)
Some businesses may also find is necessary to cover other items, such as:
- Cash kept on the premises before being banked.
- Goods in transit.
Different insurers will have different ideas on what is covered as standard, so check a policy carefully before you choose which one to go with, to make sure you have adequate cover for your needs.
If you rent out a property then you will probably not be covered by usual home insurance and contents insurance policies since you do not life there. You will have to take out landlord insurance in order to make sure that your property is protected. If you have a buy to let business, having landlord insurance cover in place will protect you should your property be damaged.
In addition, a mortgage lender or bank may insist that you have ‘let building insurance’ or ‘rental building insurance’ that will cover the cost of completely rebuilding the property should something disastrous happen. You may also wish to take out extra insurance to cover the contents of the property as well as its physical structure.
A useful added component to landlord insurance is that it is possible to include protection against loss of earnings due to an insured event such as a fire. You may also be able to find additional cover in case you cannot find a tenant for a period of time.
Business Life Insurance
How would your business function if it lost a key person, a director, shareholder or member of staff? Everyone has their role to play and a small business depends on the people within it. In order to be prepared for the worst, it may be a good idea to get key person insurance, so the company will not go under should that person suddenly be unable to work.
You could also consider purchasing relevant life insurance policies for staff or employees. This can be a good part of a benefits package and can help you retain your best staff or recruit new talent. The policy can be suited to your requirements and is free from income tax.
Business life insurance can also include business loan protection, so you can pay back money even
if you lose the input of a key figure in the business. Policies you put in place could also protect ownership of a business should shareholders or owners die unexpectedly.
- With Money Pug, it is easier than ever to find the right Business insurance policy or policies for you and to make sure that your business is covered for every eventuality in this unpredictable world.
Business Insurance FAQs
In the process of running a business, there will, of course, be everyday risks. Protecting yourself against the negative consequences of mistakes, accidents, theft, damage or legal disputes is important if you want to avoid being left with a costly mess. But the exact cover that you will require will depend on what sort of business you have and how and where you run it.
If you work at home, you may need business insurance if you welcome clients onto your premises. Public liability insurance will cover you if a client has an accident and suffers an injury while in your home. If you work from home offering advice or a professional service, or you handle client data or intellectual property then you may find the need for professional indemnity insurance.
If you have an online business, you may need stock cover to protect the items you sell online against theft or damage. If you work with specialised tools or equipment, tool insurance could also keep those items covered. Again, if you offer a service rather than a product, professional indemnity insurance could be a good idea, as this will protect you if a client suffers a financial loss because of your work.
While, if you are a sole trader and work alone, you will not require employers’ liability insurance, there are other forms of insurance cover that you may still need to consider. The trade you are in will obviously determine exactly which form of insurance will be right for you.
The type of business you have will determine whether or not business insurance is a legal requirement. Employers’ liability insurance is a legal requirement for most businesses that have staff, while other types of insurance (professional indemnity, for example) may be required by certain regulatory bodies. Solicitors, accountants and some healthcare professionals, for example, are usually required to have professional indemnity insurance.
Even if you find that there is no compulsory insurance for your particular type of business, it can often still be a good idea to consider taking out a policy. It can give you peace of mind to know that you will be covered should something go wrong.
When trying to determine which type of business insurance you may need, you should think about the kind of work that you do, how and where you do it. Think about what the potential risk areas for your business may be. This should help you to work out where cover is required.
The most common forms of business insurance are outlined above. You may wish to consider:
- Employers’ liability insurance
- Professional indemnity insurance
- Public liability insurance
- Property insurance (Forms of buildings insurance & contents insurance)
Specific businesses my also find it useful to consider:
- Personal accident insurance
- Stock insurance
- Specialist tool insurance
- Business interruption insurance
- Business legal protection insurance
Your exact business and requirements, as well as how high risk you are considered to be will dictate how much you will pay for your business insurance. Money Pug can help you to quickly search for and find quotes from leading providers of business insurance.
The amount that you will pay for your insurance is called a ‘premium’. Insurers will work out your premium using a number of criteria, including the work that you do, the size of your contracts, the cover types and cover levels you choose, and how likely you are deemed to be to claim on your policy. Businesses that face higher levels or risk will usually have to pay more on their premiums.
Different types of business insurance will cover you and protect you from different risks. Public liability insurance will cover compensation claims made by members of the public. Professional indemnity insurance will cover you if you are sued by a client. Employers’ liability insurance will cover you in case an employee makes a claim against your business. Other types of insurance such as buildings or contents insurance, stock or tool insurance will protect against loss due to damage or theft. Always read the small print on a policy that you are considering taking out to make sure it delivers the right level of cover for your business, and that you will be adequately covered for all the main risk areas for your business.
While in some industries, you will be required by law to have a minimum level of cover, and most businesses with employees are legally required to have at least £5 million of employers’ liability insurance, mostly, the level of business insurance that you need will depend on the specifics of your business. If you are looking at business buildings insurance, you should make sure that you have a level of cover commensurate with how much it would cost to rebuild the structure from scratch. When covering business equipment, tools or stock, the cover level will be based on how much these items would cost to replace.
When starting a new business, you can get insurances in place before you register as a company and before you even begin trading, so you can be covered right from the get go. If you are a sole trader, the only registration you will need to do will be the one for the HMRC self-assessment tax system. If you set up as a limited company, you will need to register your business with Companies House, and will be given a registration number (CRN). Some businesses can complete this online.
Although, of course, it is important to jump through all the hoops and register your business through official channels, you do not need to do so before you get insurance in place. You will need to know details such as your business premises address, your trade type, your actual or projected turnover and business structure, you will not need to provide a CRN or other business registration details. So you can get insurance in place while you are getting all the other paperwork together in the earliest stages of forming your business.
Public liability insurance is to cover your business for:
- injury compensation claims made against you.
- property damage compensation claims made against you.
- legal fees associated with injury or damage compensation claims.
Professional indemnity insurance can cover your business for compensation claims made by a client because of an error that you have made. The mistakes it covers could include:
- professional negligence.
- unintentional breaches of copyright or confidentiality.
- loss of documents or data.
- defamation or libel.
Which will be right for you will depend on what you and your business do, and exactly who you interact with and how during your business operations.
Both public liability insurance and employers’ liability insurance cover you for compensation claims. The former, however, covers you for claims from third parties, while the latter covers you against injury claims by your employees (or ex-employees). In some cases, you can buy both forms of cover in a single policy.