Insurance is an important consideration for any UK-based small business, whether you run a busy consultancy firm, local architect office or hair and beauty salon. Buying the right policy allows you to focus on what you do best, while we help to protect you against fundamental business risks. Get a quote tailored to your workplace needs in minutes with Hiscox.
What is business insurance?
Business insurance, also known as commercial insurance, is a tailored policy designed to safeguard small businesses against certain losses and risks that can emerge during the normal course of business activity.
With Hiscox, there are several types of cover to choose from, including professional indemnity, public liability and employers’ liability insurance, as well as specialist policies for your office contents, and to help in the event of a cyber-attack.
Bespoke business insurance policies can prepare you for the unexpected such as disruptive data loss, compensation claims or specialist equipment damage and protect your firm should things go wrong.
Do I need business insurance?
UK companies that employ staff may need to hold a certain type of business insurance – employers’ liability insurance – by law. Other policies, such as public liability cover, can offer invaluable reassurance and protection.Â
Business insurance is there for anyone and everyone who provides a professional service and might be at risk of having a claim brought against them.
Our policies can help a wide spectrum of businesses, start-ups and mid-size firms with headcounts as high as 100 when faced with claims of negligence, defamation, accidental breach of confidence or intellectual property infringement. Other types of commercial insurance can help to recover your IT systems and safeguard property and specialist equipment.
From slips and trips to workplace illness, even if you and your business are not at fault, costs can start to add up without a policy in place.
Types of business insurance cover
Professional indemnity
Professional indemnity insurance is there to offer protection and support if you or an employee are alleged to have been negligent, or if a client believes you got something wrong that led to financial or reputational damage. We’ll be there to help with compensation costs and legal fees so you can get on with running your business.
Public liability
Public liability insurance protects you and your business if someone claims their property has been damaged, they were injured or fell ill because of you or one of your employees. Whatever you do for a living, accidents can happen, and they’re not always directly related to the job. If a customer, courier or passer-by makes a claim, a public liability insurance policy covers any legal and compensation costs.
Product liabilityYou can purchase product liability insurance alongside your public liability cover. Product liability supports your business if you’re held liable for injury, illness or damage caused by a defective product. It you’re involved in the design, production, manufacture, repair, alteration or supply of a product, this insurance type can offer extra liability cover.
Employers’ liability
Employers’ liability insurance may be a requirement under UK law for most business groups. It makes sure you’re protected if an employee is injured on your premises or becomes ill and they claim it’s because of something that happened at work. As well as full-time employees, you might also need cover for part-time staff, volunteers and casual helpers. An employers’ liability insurance policy minimises disruption by helping with the costs of defending or settling a legal claim. Employment practices liability is slightly different and protects the managers of a business against employee claims.
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Cyber and data insurance
Cyber and data insurance could be especially important for anyone who uses data – including computer programmers and marketing professionals. Any business can face a cyber-attack and it can take time and money to put things right – that’s what our cover is there for. Cyber cover can also protect against claims arising from data breaches and crime. Some businesses can also add optional cyber business interruption cover. Depending on your annual turnover, this may help with costs if your business can’t operate because of a cyber event.
Personal accident insurance
People power is everything for the UK’s small businesses and particularly for micro-businesses including start-ups. That’s why personal accident insurance could be so important – if you or an employee is unable to work due to an accidental injury, we’ll keep your business healthy with up to £250 per week. If a serious accident affects your livelihood, this type of cover also pays out a lump sum. It helps you safeguard against the ultimate ‘what ifs’.