Business insurance: the basics
Insurance for your business may help mitigate any risks you face.
When you’re dealing with a range of issues, organising your business insurance can appear a hassle you’d rather leave for another day. However, it’s important to consider it if you wish to mitigate against certain unforeseen risks and avoid possible fines.
Also remember that when you apply for your insurance – whether direct to an insurer or via an insurance broker – it’s crucial that you give them all the relevant information about your business. This is called your duty of disclosure. Fail to do this and it could affect a claim or your cover going forward.
The information below is from the SME Insurance GuideLink opens in a new window, created by the Confederation of British Industry, the British Insurance Brokers Association and the Association of British Insurers.
Businesses can often buy a ‘package’ insurance policy that bundles together many of the key types of cover firms usually need. If you buy such an ‘off the shelf’ policy, check that it meets your specific demands as you may need something that’s more tailored to your business.
Of course, you should seek independent advice from a broker, and you should treat what follows below as a brief guide to some of the common types of business insurance available.
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Reference to any organisation, business and event on this page does not constitute an endorsement or recommendation from the British Business Bank or the UK Government. Whilst we make reasonable efforts to keep the information on this page up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.