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Small Business Insurance
Running a small business comes with its own responsibilities, from protecting your premises, equipment and stock to managing risks involving customers, employees and the services you provide. Having the right Small Business Insurance in place can help protect your business against a range of unexpected events and financial risks.
At 1st Choice Insurance, we arrange tailored small business insurance for businesses across the UK. Whether you’re self-employed, a sole trader, a partnership or a limited company, we can help you consider the types of insurance that may be appropriate for your business.
From trades and professional services to retail, hospitality, manufacturing and other commercial activities, we take the time to understand how your business operates before discussing the available insurance options.
Get a Small Business Insurance Quote
Looking for insurance for your small business? Our experienced team can discuss your business activities, understand the risks you need to consider and help you arrange suitable cover.
Call us on 03301 081615 or complete our quote form below.
What Is Small Business Insurance?
Small Business Insurance is a type of commercial insurance designed to help protect businesses against risks associated with their day-to-day operations.
There is no single policy that is suitable for every small business. The cover you need will depend on factors such as your industry, business activities, premises, employees, equipment, turnover and how you interact with customers or other businesses.
Depending on your circumstances, a small business insurance policy can bring together different types of cover, including liability, property, business interruption and other protections.
This can make it easier to manage your business insurance while ensuring the policy reflects the risks associated with your particular operation.
What Can Small Business Insurance Include?
The insurance available to your business will depend on your individual circumstances and the insurer’s terms. Cover options can include:
- Public liability insurance – protection against certain claims for injury to third parties or accidental damage to their property.
- Employers’ liability insurance – generally a legal requirement if you employ staff, subject to certain exemptions.
- Buildings insurance – cover for business premises against specified insured risks.
- Contents and stock insurance – protection for business equipment, contents and stock.
- Business interruption insurance – cover that may help with loss of income or additional expenses following an insured event that interrupts your business.
- Tools and equipment cover – protection for business tools, machinery and equipment.
- Goods in transit insurance – cover for goods or equipment while being transported, where appropriate.
- Legal expenses insurance – support with certain legal costs and disputes covered by the policy.
- Glass and signage cover – protection for specified glass, signs and associated items.
- Personal accident cover – optional protection that may provide a benefit following certain accidental injuries.
- All risks cover – wider protection for specified items against accidental loss or damage, subject to the policy terms.
- Commercial vehicle insurance – cover for vans, cars or other vehicles used for business purposes.
Not every business will need every type of cover. We can discuss your circumstances and help identify the options that are relevant to your business.
Who Needs Small Business Insurance?
Small business insurance can be suitable for a wide range of businesses, from sole traders working independently to small companies with employees and commercial premises.
Businesses that may require small business insurance include:
- Tradespeople and contractors
- Retailers and shops
- Cafés, restaurants and takeaways
- Manufacturers and wholesalers
- Motor repair and motor trade businesses
- Cleaners and maintenance businesses
- Gardeners and landscapers
- Engineers and technical businesses
- Professional and consultancy businesses
- Home-based businesses
- Online and eCommerce businesses
The insurance requirements of a small business will vary depending on what it does and how it operates. For example, a self-employed tradesperson working at customer premises may have different requirements from a retailer with a shop, stock and employees.
Small Business Insurance for Sole Traders
Being self-employed does not remove the risks associated with running a business. Sole traders can still face claims for accidental injury or property damage, as well as risks involving their tools, equipment, vehicles and income.
Depending on your occupation, you may need to consider covers such as:
- Public liability insurance
- Professional indemnity insurance
- Tools and equipment cover
- Commercial vehicle insurance
- Personal accident cover
- Legal expenses insurance
The appropriate cover will depend on the work you undertake and your individual circumstances.
Small Business Insurance for Businesses with Employees
If you employ staff, your responsibilities can increase significantly. Employers’ liability insurance is generally a legal requirement in the UK when you employ people, subject to certain exemptions.
You may also need to consider public liability, business premises, equipment, stock and business interruption cover depending on your activities.
When arranging your policy, it is important to provide accurate information about your employees and the work they carry out so that your insurance reflects your business.
Small Business Insurance for Home-Based Businesses
Working from home does not necessarily mean that your standard home insurance provides all the protection required for your business.
If you run a business from home, you may have business equipment, stock, customer visits or other business activities that need to be considered separately.
Small business insurance can potentially provide cover for business-related risks that are not included within a standard household policy.
If you work from home, it is important to tell your home insurer about your business activities and discuss whether additional commercial insurance is appropriate.
Benefits of Small Business Insurance
Protection for Your Business Assets
Small business insurance can help protect your premises, equipment, stock, tools, and other essential business assets against insured events such as theft, fire, or accidental damage.
Cover for Liability Risks
Public liability and employers’ liability insurance can help protect your business against claims involving injury or property damage, with employers’ liability generally required if you employ staff.
Support if Your Business Is Disrupted
Business interruption cover can help with loss of income and certain ongoing costs if an insured event prevents your business from operating as normal.
Cover Tailored to Your Business
Every small business is different. Your policy can be structured around your industry, business activities, premises, employees, equipment, and other specific risks.
Protection That Can Adapt as You Grow
Your insurance can be reviewed as your business develops, whether you take on employees, move premises, increase your turnover, add new services, or purchase additional equipment.
Help Meet Contractual Requirements
Some customers, landlords, contractors, or other organisations may require businesses to hold specific types or levels of insurance before work can begin. Having appropriate cover in place can help you meet these requirements.
Protection for Different Working Environments
Depending on your business and policy, cover can be arranged for work carried out at your own premises, at customer locations, or away from your usual place of business.
One Policy for Multiple Covers
A combined small business insurance policy can bring several types of cover together, making your insurance easier to manage while providing protection across different areas of your business.
Frequently Asked Questions About Small Business Insurance
What insurance does a small business need?
The insurance your business needs depends on what you do and how you operate. Common types of cover include public liability, employers’ liability, business premises and contents, stock, business interruption, tools and equipment, commercial vehicles and legal expenses.
Is small business insurance suitable for sole traders?
Sole traders can arrange commercial insurance to protect against risks associated with their work. Depending on the occupation, this may include public liability, professional indemnity, tools and equipment and commercial vehicle insurance.
Can I get small business insurance for a new business?
Insurance can be arranged for new businesses, subject to the insurer’s acceptance criteria. You may need to provide information about your planned activities, experience, turnover and the type of work you intend to undertake.
Can I get small business insurance if I work from home?
Business insurance can be arranged for many home-based businesses. The appropriate cover will depend on your activities, equipment, stock and whether customers or other third parties visit your home.
Does small business insurance cover employees?
It can include employers’ liability insurance where required, along with other covers depending on your business. Employers’ liability insurance protects against certain claims made by employees relating to work-related injury or illness.
Can I include public liability insurance?
Public liability can often be included within a small business insurance package or arranged separately, depending on your requirements.
Can small business insurance cover tools and equipment?
Tools, machinery, computers and other business equipment can often be insured, depending on the type of equipment, where it is kept and how it is used.
Can I change my policy if my business grows?
You should review your insurance whenever your business changes. This could include taking on employees, moving premises, increasing turnover, purchasing equipment, adding vehicles or starting new activities.
How often should I review my small business insurance?
You should review your policy at least annually and whenever there is a significant change to your business. Keeping your insurer or broker updated helps ensure your policy continues to reflect your circumstances.
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