This article includes types of business insurance your company may require, dependent on industry, services and company activities.

Business insurance can offer protection from financial loss and this guide covers five different forms, to help you identify the types of cover your company requires.

Contents

• Employer’s liability insurance
• Public liability insurance
• Motor trade insurance
• Product liability insurance
• Business interruption Insurance
• Other business policies

Employer’s Liability Insurance

Unless you are a sole trader or solopreneur, you will probably need this type of cover, as it is a legal requirement in the UK for any business that employs staff. These types of policies provide cover for claims made by employees who have been involved in an accident and injured in the workplace, or become ill as a result of their job.

Public Liability Insurance

Does your company deal directly with the public? This could be in a shop, showroom or at events. No matter the circumstances, if your business involves working with the public, then you will need one of these policies. Like employer’s liability, it is used for claims relating to damage, accidents or injury.

Motor Trade Insurance

Also referred to as trader’s insurance, this covers staff for driving company or customer vehicles. This is a legal requirement for any firm or sole trader using vehicles in this manner – for example, a mechanic, valet service, breakdown business, car restoration or dealership. Policies are available to cover everything from driving and parts, to damage and different types of vehicles.

Product Liability Insurance

If your company designs or distributes products, you may need product liability. Even if your business does not manufacture a product, it can still be held liable in the event of injury or accident. As such, this policy could be used to provide compensation, ensuring your business does not lose out.

Business Interruption Insurance

Do you know what you would do if your company premises were destroyed in a fire or damaged by flood water? Business interruption was created for this purpose, covering damage as well as revenue losses to ensure your company is able to continue trading after a disaster.

Other Business Policies

In addition to the five listed above, there are numerous other types that could benefit your business. This includes legal protection, cover for stock, personal accident, cyber policies and credit risk. Finally, no matter which of these types are required, do your research before selecting a policy to make sure it provides the comprehensive level of cover your business needs.