Commercial Insurance

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A guide to commercial insurance

There are many types of commercial insurance available, from policies which protect your premises to those covering day-to-day operations. Arranging the right insurance policy is key to protecting your business from the risks associated with your operational activities.

If you are searching for small business commercial insurance or the best commercial insurance companies for large businesses, this guide will help. We will provide you with an overview of the most popular commercial insurance types, so you can find the best cover. By helping you understand the types of commercial insurance your business requires, you will be able to find the best deals.

What is commercial insurance?

There are many types of business insurance available, which will provide your business with cover against every risk. Whatever risks your business faces, there are commercial insurance policies available which offer full protection. Combined commercial insurance could include; professional indemnity insurance, public liability insurance, employer liability insurance and other specialist cover options. There are a wide range of potential insurance options available to protect your business from every eventuality.

What are the various types of commercial cover?

Combined commercial insurance cover is available to protect your premises, equipment, stock and loss of business. Although, the main types of commercial insurance which your business will need to consider are:

Public liability insurance

Will protect your business from claims made by members of the public, if they are injured or their property is damaged. Insurance is provided to cover claims made against your business and any legal costs to your business and the claimant.

Professional indemnity insurance

Will provide cover against any claims made due to defective work or advice, which results in financial or reputational loss. If your business is found to be negligent in any way, this type of insurance will provide the cover you need.

Employers liability insurance

Will protect your business from employee claims after an injury or accident in the workplace. This also covers employees while working for your business away from the registered workplace premises.

Commercial product liability insurance

If your business is responsible for manufacturing or selling products, it is likely you will need this form of insurance. The cover will protect your business from claims relating to products which resulted in injury or property damage.

Business interruption insurance

If your business faces a financial loss due to an unforeseen event, this cover will provide financial relief. For example, the period after severe building damage, customer failure of infectious diseases.

In many situations it is possible to arrange a combined insurance policy, although some businesses prefer independent policies. Whatever your commercial policy requirements, we can help you arrange the ideal business insurance.

How much does commercial protection cost?

Commercial insurance prices vary depending on the type of cover your business requires and the amount of cover you need. There are also several factors which will be used to calculate the cost of your premium, such as:

  • The size of your premises

  • The excess you are willing to pay

  • Your profession or trade

  • The businesses annual turnover

  • Your premises public footfall

  • The number of business employees

There are many optional extras you can include within your policy, such as personal accident cover, cyber insurance and legal expenses. There are so many factors which impact the cost of insurance, that there is no one policy to fit every business. In general, businesses which are perceived as having a high level of risk will need to pay a higher policy price.

To find the best price for your commercial insurance, we recommend comparing quotes from a range of insurers. This will ensure your business has access to the best prices, without compromising on cover.

How to find the best commercial cover quote

If you are looking for cheap commercial insurance which covers everything your business requires, we can help. We have partnered with many of the commercial insurance companies you know and trust, to provide you with the best prices. Through our website it is possible to compare multiple business insurance products tailored to your business, in one simple place. Our panel of market leading insurers includes AXA, NIG, Aviva and Hiscox.

Simply enter your details into our commercial insurance online form and our team will then find the best quotes for you. Once we understand what your business is looking for and your circumstances, we will get to work to find the ideal policy for you. When we have found the best quotes, you will be able to easily compare the options available.

If you decide to purchase the insurance, we will help guide you through obtaining your policy. There are also monthly payment options available, to help you spread the cost of your payments over an affordable length.

It is never too early to compare insurance policies. If you are thinking of starting a business, it is possible to arrange insurance before your business is registered. This will ensure your business is protected from the moment you start trading.

We understand that every business is unique, so if your business details do not match our form, we can still help. Our specialist insurance team will do their best to negotiate the best possible prices for your unique requirements.

Do I need commercial insurance?

The commercial business insurance you require will depend on your customers, employees and any third parties your business is involved with. There are some types of commercial insurance which are required by law, depending on your circumstances.

If your business employs one or more people, legally you will need to hold employer’s liability insurance. This will protect your business from any claims arising from an injury or illness, as a result of their employment. If you fail to arrange employer’s liability insurance, your business could be fined up to £2,500 for each day that you are not insured. You will need to arrange cover for at least £5 million to ensure your business meets all legal requirements.

Professional indemnity insurance is also an important type of cover, if your business falls into one of the compulsory insurance professions. For example, if you are an accountant, lawyer, consultant, doctor or architect, your business may be regulated. These regulatory bodies and the clients you work with, may require a level of professional indemnity insurance. It is advisable to check any terms and conditions, to ensure you hold the correct level of insurance.

Another type of commercial insurance to consider is public liability insurance, especially if your business is considered high risk. If you regularly interact with the public, this type of cover is important.

Industries which require this type of cover include builders, tradesmen, hairdressers and events companies.

If you are unsure whether your business needs insurance, ask yourself what would happen in the event of a claim. It is always possible that a professional mistake could be made, an accident may happen, or a theft could take place. With every incident there are costs and legal fees involved, which may stop your business from performing as normal. What would your business do if trading was interrupted? Do you have the funds to pay for a claim? Business insurance can remove these problems and provide you with the peace of mind you need.

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