Support guide

Business insurance

Find out what business insurance you might need to protect your company against financial loss.

Review what insurance you might need for your business

Business liability insurance covers your legal costs and any compensation from successful claims made against your business.  There are three main types:

  1. Public liability insurance protects your firm if a member of the public is injured or their property damaged because of your business
  2. Professional indemnity insurance covers your business if a client makes a claim for any financial losses resulting from work you did for them
  3. Employers’ liability insurance defends your business from work-related sickness, and injury claims made by current or former employees

Is business insurance a legal requirement?

The only form of business insurance that’s an absolute legal requirement in the UK is employers’ liability insurance – which is necessary for any type of business that employs one or more people – even on a casual basis.

However, various industry regulators oblige businesses to have certain types of insurance to be allowed to operate. For instance, solicitors, accountants and healthcare professionals normally need professional indemnity insurance to operate.

And while other types of business insurance may not be legally required, it is often a good idea to have relevant cover in place, such as stock protection insurance or business van insurance.

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