Business insurance comparison

What are the main types of business insurance?

Different types of commercial insurance policies are designed to cover different kinds of risks. The key to getting the right cover for your business is working out which ones you need and which ones you don’t. When you sort your insurance with Bionic, our team are on hand to help you through the options. 

Here are the main types of cover you might need to consider for your business: 

• Public liability insurance - In case you injure someone or damage something while providing your services
• Employers’ liability insurance – In case an employee gets ill or injured because of the work they do for you 
• Professional indemnity insurance - In case a customer sues you for damages because of a mistake in your work
• Commercial building insurance – To protect business premises that you own, whether you're using them or renting them out to others
• Stock and contents insurance - In case your stock or equipment is stolen or damaged by flood or fire 
• Product liability insurance – In case a product you have sold, manufactured, or designed injures someone or damages something
• Legal expenses insurance - To cover the cost of the legal expenses of any claims you make or that are made against you
• Business interruption insurance - To provide compensation if a disaster or event stops your business from running normally 

Normally, a business would need a combination of these covers – so, it makes sense to carry out a business insurance comparison. We can help arrange a business insurance package based on the needs of your business.

What types of businesses need business insurance?

No company can be run completely free from risks – regardless of the size of your business or the industry it works in. You should consider the following, based upon the size of your business and the stage it’s at: 

Small business insurance 

If you run one of thousands of small businesses across the UK, your needs and priorities will be different to bigger businesses and national chains. You might even need specialist insurance designed to protect against specific risks a business like yours might face. 

If you have employees who aren’t immediate family members, you’ll need employers’ liability insurance as a minimum as it’s a legal requirement. If you use any vehicles for work purposes, you’ll also need specific motor cover (again, it’s a legal requirement, and standard motor insurance isn’t enough). 

You should also consider public liability insurance (to protect against damage claims from customers), stock insurance (in case your stock is wiped out by flood or fire) and business interruption insurance (in case something happens to stop you from trading). The best thing to do is carry out a small business insurance comparison with us today and we’ll be on hand to help you find the right cover. 

Limited company insurance 

If your business is a limited company, you also need insurance. You can reduce risks across your business, but you can’t eliminate them.  

If an employee slips and injures themselves while working for you, you could still be liable and face hefty compensation fees. Or you could still find yourself on the end of a claim if your business has given clients bad advice or a dodgy design resulting in them losing money. 

The only way to protect yourself against financial loss in such instances is to carry out a business insurance comparison to make sure you have comprehensive commercial insurance that includes business insurance policies that include all the right coverages.  Start a quote online today. 

New business or startup insurance 

If you’re starting out, it can be difficult to know exactly what risks your business will face. To give you an idea, here are some possible problems you could face and the type of cover you’ll need: 

• A customer falls ill after eating at your restaurant – Public liability insurance provides cover in case you injure someone, someone gets ill or damages something while providing your services. 
• An employee slips at work and breaks their arm – Employers' liability insurance provides cover in case an employee gets ill or injured because of the work they do for you. 
• Your storeroom is broken into, and all your stock is stolen - Stock and contents insurance offer cover in case your stock or equipment is stolen or damaged by flood or fire. 
• A burst water pipe in your road means your business needs to close temporarily – Business interruption insurance provides cover when you can’t carry out business as usual due to an unexpected event. 

If you’re still not sure what cover is right for your business, compare business insurance and start a quote with us today. Our knowledgeable insurance team can help you through the options - without any hidden or unnecessary extras. 

Sole trader insurance 

If you’re self-employed or a freelancer, you should still consider getting insurance. If you work on someone else’s property there is a risk of injury to another person, having public liability insurance is a safe bet to cover your back. 

Depending on the nature of your work, you may need additional insurance like stock insurance, for example. 

Start a quote with us today, our insurance team are on hand to help make sure you’re insured.

What industries need business insurance?

All businesses with one or more employees who aren’t immediate family members need employers' liability by law. But some other types of insurance are essential for certain industries and services to keep employees and customers safe. We can help arrange cover for the following businesses to ensure sufficient cover: 

• Salons (beauty/hair) 
• Takeaways 
• Shops (retail) 
• Trade/Tradesman 
• Cafe/Coffee Shops 
• Commercial Property 
• Hotels 
• B&Bs 

If your business type isn’t listed, we may still be able to help arrange a specialist or combined policy tailored to your specific needs. 

What can impact the cost of your business insurance?

Several factors play a role in determining the premiums you’ll have to pay. Here’s a breakdown of what can affect the cost of your business insurance policy: 

• Claims History - Insurance providers will look at your claims history over the last five years to assess risk and help determine prices 
• Business Longevity - The duration your business has been active in its specific trade can influence your premiums. Longer-standing businesses might be viewed as more stable
• Operational Hazards - Working in environments considered hazardous or using dangerous materials can greatly impact insurance costs due to increased risk
• Assets Covered - The value of the goods, equipment, and tools you insure also affects your premium. Higher values typically mean higher risk and potentially higher costs
• Coverage Extent - The more types of coverage you add to your policy, the higher your insurance costs can be as you're safeguarding against more potential risks

By understanding these key factors, you can better anticipate the cost of your policy and explore ways to manage your insurance expenses effectively. 

Why compare business insurance?

The cheapest policy doesn’t always mean the best policy. When comparing quotes, you’ll want to look at the small print and consider what’s covered and what’s not. 

It’s always best not to cut corners when it comes to your business, so you need to make sure you have the right cover in place. If you don’t feel confident going about it alone, it’s best to speak to someone who can help and understand the specific needs of your business.   

That’s why you should compare business insurance providers with Bionic and get some help from our insurance team until you find one that fits. 

Do you need business insurance when working from home?

Home insurance generally only covers items that you own, so if you’ve shipped any work equipment into your house, it’s unlikely this will be covered by your existing home insurance policy.  

If this is the case, you will need to tell your home insurer you are running a business from your home as this may materially affect your home insurance policy. You’ll need to speak to your provider and possibly arrange work-from-home insurance or a home business insurance policy. Find out more in our guide to business insurance when working from home.