The search is at an end - here are the answers to your top ten business insurance queries on Google.
By delving into the search engine data, we’ve found the most common questions that people are asking online about business insurance. Because we’re helpful types, we’ve gathered them up here and provided some quick answers!
1. What are the different types of business insurance?
Public liability insurance protects your business against compensation claims for injury or damage caused to clients, contractors or members of the public. It’s a popular insurance type for shopkeepers, builders, and many other business types.
Another important type - professional indemnity insurance - is particularly useful if you provide a professional service or offer advice to your clients, as it can cover compensation claims made against you for a mistake you’ve made in your work. Employers’ liability insurance is a legal requirement if you have staff, as it covers claims made by your employees for illness or injury caused by their work.
You can also cover your premises with buildings and contents insurance. Plus there are many other business covers that you can add to your policy, including business interruption insurance, stock insurance, and business equipment insurance.
- What is public liability insurance?
- What is professional indemnity insurance?
- What is product liability insurance?
2. What business insurance do I need?
This depends on the type of business you run and the risks that you’re exposed to in the course of your work. Employers’ liability insurance is compulsory for most businesses that employ staff. Professional indemnity insurance is required by some professions’ regulators and professional bodies, including solicitors, financial advisers, accountants, architects and some healthcare professionals.
Some client contracts will specify that your business has a particular level of public liability or professional indemnity cover. You should also think about the needs of your business: if you give advice to clients or deal with intellectual property, then consider professional indemnity insurance. If you come into contact with customers or other members of the public then think about public liability cover.
- What type of business insurance do I need?
- Public liability or professional indemnity?
- Public liability or employers’ liability?
3. What is employers’ liability insurance?
Employers’ liability insurance covers claims made by your employees for illness or injury that they suffer due to their work. For example a staff member trips on a wet warehouse floor and breaks their arm, or a former employee falls ill due to asbestos exposure during their work. Most employers are legally required to have at least £5 million of employers’ liability insurance and you can be fined up to £2,500 for each day that you don’t have a policy in place.
4. Is public liability insurance compulsory?
The law doesn’t require your business to take out public liability insurance. However, you should check your client contracts carefully as some will specify a particular level of public liability insurance. This is usually the case with government and local authority contracts.
5. Do I need public liability insurance for my business?
This depends on the kind of business you have and the work that you do. If you come into contact with members of the public, then it’s worth considering. This includes having a shop or a premises that customers visit, going to customers’ homes or business premises, dealing with customers’ property, working in public, or working with contractors.
6. What does public liability insurance cover people for?
If a member of the public blames your business for injury they’ve suffered or damage to their property, they could claim compensation. Your public liability policy would cover the legal costs and any compensation payments demanded from your business, up to the limit of your policy. Simply Business offers between £1 million and £10 million of public liability cover.
7. How do you get public liability insurance?
You can speak to a broker or contact insurers directly. But you can also get public liability insurance (and plenty of other types of business insurance) quickly and easily on the Simply Business website. Put some details into our simple quote form and choose your cover level, and we’ll search our panel of leading insurance providers including Hiscox, AXA and Zurich.
You can then compare quotes and buy your cover online in a few clicks. We’ll send your policy documents over by email. Or, if you’d prefer to speak to someone, you can give our UK call centre a ring on 0333 014 6683 and speak to one of our friendly insurance experts.
8. Is combined liability insurance available?
Yep. You can build a business insurance policy that combines all the covers you need for your business. You can take out public liability, product liability, and employers’ liability cover to create a combined liability insurance policy. You can also add any other insurance to your business needs.
9. Is professional indemnity insurance compulsory?
Professional indemnity insurance isn’t required by law, but if you work in a sector including law, financial advice, accountancy, architecture or healthcare, you may be required to have it by your regulator or professional body. You may also find that your client contracts specify a minimum level of professional indemnity cover.
10. Can you trust your business insurance provider?
When dealing with any business you can tell a great deal about how they treat their customers through their customer service and online testimonials. Here at Simply Business we use independent customer review specialist Feefo - take a look. When choosing your insurance provider you should see if they offer the same level of transparency and check social media to see what people are saying about them.
We have over 18 thousand reviews in total and nearly 5 thousand this year alone. 95% of our customers rate us good or excellent!
In being transparent with our reviews we hope to prove our reliability, our track record and show you that we are a trustworthy broker through which to do business with.