How much business insurance do I need?

What level of business insurance do I need?

The amount of insurance you need depends on your business. Sometimes your client contracts or your regulatory or professional body will specify a particular level of cover. Most businesses with employees are legally required to have at least £5 million of employers’ liability insurance.

When you’re deciding how much cover you need, you should think about the size of your contracts and the scope of the work undertaken by your business: what level of compensation payments may you face if something goes wrong?

You should also check the handbooks of your professional body or regulator, as some set minimum cover levels for their members.

Simply Business offers £1 million to £10 million of public liability insurance, and £50,000 to £2 million of professional indemnity insurance.

If you have any employees, you’re usually legally required to have at least £5 million of employers’ liability insurance. We offer £10 million as standard.

If you’re insuring your business buildings, you need to think about how much it would cost to rebuild your premises from scratch, and if you’re insuring your business equipment or tools your cover level is based on the cost of their replacement.

Popular trades we insure

At Simply Business we insure all kinds of trades like:

• Builders insurance
• Catering insurance
• Cleaning insurance
• Contractor insurance
• Hairdressing insurance
• Home baking insurance
• Online retailer insurance
• Pub insurance
• Public liability insurance for security guards
• Restaurant insurance
• Roofers insurance
• Takeaway insurance

Is your profession not listed? When you run a quote you can select your trade from over 1,000 options.