If you own a small business, you must consider what insurance coverage you need. Choosing insurance companies for small business like yours in the UK can be a little challenging. You may not realize it, but many different types of insurance can protect your business assets and assets from liability claims by employees or others involved in your company. This article will cover some of the most popular coverages for small businesses and how they can help keep your company safe and secure.
What We Covered In This Article
What is insurance?
Insurance is a financial protection against the risk of loss. It protects you against financial loss caused by unexpected disasters and conditions that could damage your property, such as fire, theft, or natural disasters.
A policy is a contract between insurance companies and individuals or businesses to pay a claim if the covered event happens. Insurance companies usually issue policies, but they can be purchased directly from an insurer or through agents who sell them on behalf of other companies (such as reinsurers).
Insurance works by paying out money when it’s needed most – for example, in the event of fire damage to your home; after an accident at work; or on medical bills, if someone becomes ill with cancer because they had been exposed to radiation while working in nuclear power plants.
What’s covered by small business building insurance?
The building itself. This includes the structure, walls, and roof of your business premises. The fixtures and fittings in a small business building are also covered by building insurance because they have been installed by someone who knows what they’re doing (or at least should know). For example, if you’re installing a new kitchen or bathroom as part of your renovation project, this will also be covered under this policy.
Best Building Insurance for Small Business
“Liberty Mutual” is a large company offering commercial building insurance. Liberty Mutual has a wide range of coverage options, including fire and theft, flood and storm protection, and specialized products such as plumbing and HVAC (heating, ventilation, and air conditioning).
Liberty Mutual offers excellent customer service by phone or online chat. You can also call their knowledgeable agents for advice about what type of coverage you need for your business. Their claim filing process is simple, so it doesn’t take long to file a claim after an event occurs at your property.
As with many other companies offering commercial building insurance plans online today at prices lower than those offered by some competitors.
Best Health Insurance for Small Businesses
“Blue Cross Blue Shield” is an excellent option for small business owners. It provides coverage for individuals and families, dental, vision, and life insurance througiitsHMOa a plan. The company also offers many plan options at affordable prices.
This health insurance provider has an extensive network of doctors and hospitals. They also have flexible plans and options to meet your needs.
Read also: 6 Mistakes you should avoid when filing a travel insurance claim.
Best Life Insurance for Small Businesses
“Bestow” offers a variety of life insurance options to help protect your family and business. They offer term life insurance, whole life insurance, and universal life insurance.
- Term Life: This policy pays a fixed monthly sum for a set number of years up to age 100 if you die during the term period or before it expires. It can also pay out in case of accidental death during its duration (UDI). The premium depends on your age at the time of purchase and gender; premiums may be higher if you’re younger than 35 or older than 70 years old when purchasing this type of policy.
- Whole Life: This policy provides death benefits equal to what would have been paid by an annuity but also allows for withdrawals at any time during its term.
- Universal Life: This type-of-insurance plan combines the two above options into one Bestow Co., Ltd. package, which helps save consumers money while still providing adequate coverage.
Best Insurance Firm that Offers Business Support for Small Businesses
The first thing you need to know about “State Farm” is that they offer a variety of insurance products for small businesses. This includes general liability and commercial property coverage, as well as specialized offerings such as business interruption and workers’ compensation. If you’re looking for something more niche, plans are also available for specific industries like agriculture or construction. In addition to these broad categories (which include multiple product lines), specialty policies are explicitly designed for particular types of businesses like restaurants or bars. So if your company has any special needs in this area, it’s worth shopping around until you find one that fits your needs perfectly.
Top 10 best insurance companies for small businesses in the UK
The UK is a robust market, and it’s still growing fast. It has a vast population of small businesses and entrepreneurs, so new insurance brokers have plenty of opportunities to enter the market and make money. But how do you find the best broker for your business? We’ve put together this list of the top 10 companies recommended by experts in their field: health insurance, pensions, and everything in between.
#1. General liability insurance
General liability insurance is the most basic business insurance, protecting against lawsuits and accidents. If you own a small business, broad liability coverage is essential for protecting your assets from being damaged by an accident or lawsuit.
General liability policies cover bodily injury, property damage, and legal expenses relating to incidents on or off company property. This type of policy will also provide coverage if someone dies as a result of an accident related to your business operations; however, this type of loss may not be covered under other types of policies because they’re designed primarily with bad-intentioned acts in mind—not malicious acts like arson or robbery (which could be considered “acts”).
#2. Workers’ compensation insurance
Workers’ compensation insurance is a type of insurance that covers medical expenses for employees who are injured on the job. It also covers lost wages, benefits, and other costs related to your injury. In most states, workers’ comp is required by law to protect employees from being without income while they recover from their injuries.
Workers’ comp is purchased through an insurance company or self-funded through payroll deductions or a trust fund where you deposit money each pay period into it until you’re able to earn enough cash again after surgery or rehabilitation treatment ends up costing more than expected due directly because there’s no longer any way for employers pay them back (due again).
#3. Commercial auto insurance
Commercial auto insurance is the type of coverage that protects your business from damage caused by a vehicle accident or theft. It’s an essential part of any small business owner’s portfolio, so it makes sense to have it in place.
Commercial auto insurance protects all types of vehicles owned by your company, including cars and trucks used on the road (as well as delivery vans), personal cars such as sport utility vehicles (SUVs), and vans used by employees to travel around town. At the same time, they work outside their homes or offices every day. You can also include rental cars if you want extra protection on top of what comes standard with basic personal liability coverage.
#4. Commercial property insurance
Commercial property insurance covers the physical structure of a building, as well as its contents. It is used to protect your business from fire or other disasters that could damage the interior of your office space, such as floods and earthquakes.
Commercial property insurance is often bundled with other types of commercial insurance:
- Business interruption – protects businesses whose operations are interrupted by natural disasters like floods or earthquakes.
- Property cover – protects against theft or vandalism.
- Personal effects cover – provides additional security for employees who need to take personal belongings home after working hours because they’ve left them in an office overnight (for example).
#5. Commercial umbrella insurance
Commercial umbrella insurance is a type of business insurance that covers you if your company goes belly up. For example, if your business suddenly fails because it ran into financial trouble and couldn’t pay its employees or suppliers, commercial umbrella insurance would help cover its claims against you.
This type of policy differs from other business policies because it’s not just about protecting your assets; it’s also about protecting yourself against potential lawsuits and judgments by providing protection even if there are no insured losses (such as fire damage).
#6. Hiscox
Hiscox is a well-known insurance company that has been around for over 100 years. It’s the sixth largest insurer in the UK, providing products to small and large businesses. Hiscox offers a wide range of personal and commercial insurance policies, including home, car, and travel coverage and property insurance.
Hiscox’s primary focus is on protecting employees from severe injury or death through their Workplace Injury Cover policy which provides an income replacement benefit if you’re unable to work because of an accident at work (including off duty). If you slip on ice outside your office building after hours or get injured during a training session at work—Hiscox will pay out on your behalf until you recover fully.
#7. Nationwide
Nationwide is a large insurance company. It’s an option for small businesses, especially those that want commercial auto and property insurance. You can get single-limit policies for the first year, then renew annually at yearly premium rates.
#8. Hartford
Hartford Insurance is a US-based insurance company with a strong presence in the UK. It offers a wide range of insurance products for small businesses and is one of the leading insurers in its field, with over 200 years of experience.
Hartford is also known for being part of Lloyd’s market, which means it can offer protection from some of the top names in banking, finance, and property.
#9. Progressive Commercial
Progressive Commercial is a subsidiary of Progressive Insurance, one of the largest insurance companies in the United States. It offers commercial auto insurance, property and casualty insurance, umbrella liability insurance, and more.
Progressive Commercial also has special offers that are exclusive to small businesses:
- $250 off your first year’s premium when you refer a friend or family member who signs up with Progressive Commercial.
#10. Travelers
Travelers provide a range of insurance products, including commercial auto and homeowners. The company is one of the largest insurers in the world and has a strong presence in the UK. It’s also part of Berkshire Hathaway group, which includes several other brands such as GEICO and Dairy Queen.
Summary
We’ve highlighted the UK’s top 10 insurance companies for small business owners. These are some of our favorite insurers, and we hope they have helped you decide which company is suitable for your needs.