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.
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.