Business Insurance
Offering High-Quality Business Insurance Bespoke To Your Needs
In today’s business world, appropriate insurance is more critical than ever before. From dealing with stock to dealing with members of the public, protecting your business is easy with Insurance by Simply. With the help of our specialist brokers, we’ll curate a business insurance policy for your company that covers every insurance you need, to the level you need it at. First, though, what is business insurance?
Business Insurance
We offer business insurance in the following areas.
Please Contact Us if you have any enquiries about business insurance.
What Does Business Insurance Cover?
Business insurance covers a wide range of separate insurance services, but what types of business insurance are there? The main three insurance types that fall under business insurance are public liability insurance, employers’ liability insurance and professional indemnity insurance.
Although these are the core policy types, they’re not the only ones, and which insurance types you incorporate into your overall policy will very much depend on your particular business. Below, you’ll find a more in-depth rundown of the core insurance types, as well as supplementary policies:
Public liability insurance
This insurance protects your company if a member of the public (or client) has been injured or had their property damaged as a result of your business activities or provided services.
Employers’ liability insurance
Workplace injuries are more common than you might think. This insurance protects you, the employer, in the event that your staff is injured through a work-related activity. This insurance is a legal requirement for UK employers, even if you have only one other employee working for you part-time on a casual basis.
Professional indemnity (PI) insurance
PI provides financial cover should a client/customer lose income, or have their reputation damaged, as a result of your company’s provided services.
Supplementary business insurance policies include:
Products liability insurance
This provides financial cover when a product manufactured, supplied or sold by your business proves faulty and causes injury.
Combined liability insurance
Public, products and employers’ liability can all be combined into one, singular combined liability insurance policy for ultimate peace of mind.
Business interruption insurance
Also known as business income insurance, this supplementary insurance type provides additional support if your company is forced to suddenly stop trading due to an insured event the subsequent loss of income will be insured.
Other business-related insurance policies you might want to consider if they’re relevant to your company include: legal costs insurance, goods in transit (GIT) insurance, directors and officers insurance and personal accident insurance.
Are There Specialist Business Insurance Brokers?
The team of brokers at Insurance by Simply are specialists in securing the most appropriate business insurance policies for companies as and when they need them. The benefit of using a specialist broker such as ours is that we’re able to pick out insurance policies from both the big commercial providers and more specialist business insurance providers. Our approach towards sourcing insurance for business is bespoke and tailored, getting only what you need – no more and no less.
Do Sole Traders Need Business Insurance?
Although not a legal requirement, it’s strongly advised that sole traders take out a form of business insurance, most usually public liability insurance, to keep them protected. Should a claim be made against you as a sole trader, and you’re unemployed, then the associated costs can quickly rack up into the tens of thousands of pounds, if not more.
The risk for a sole trader being uninsured far outweighs any potential cost savings, which, especially with a broker such as ours, would be minimal in any case. If you’re self-employed and don’t employ anybody else, then you won’t need employers’ liability insurance as part of your business insurance policy.
Because of their more streamlined and smaller-scale operations, self-employed business owners and sole traders can benefit from the help of a specialist broker to help them secure the best deal from insurers, rather than drastically overpaying for levels of cover they don’t require.
Do Limited Companies Need Business Insurance?
Again, apart from employers’ liability insurance, there are no legal requisites when it comes to business insurance services. That shouldn’t stop you from getting additional cover, however. In fact, many clients and agencies will be hesitant to sign contracts unless evidence of ample business insurance is present.
It’s worth noting here that you can get business insurance before you incorporate your company as a limited company. This is because the insurer won’t typically request any business registration details when setting up your policy.
“My Business Operates Solely Online, Do I Need Business Insurance?”
Even if you’re an online business, you’ll still need employers’ liability insurance if you have any employees, whilst professional indemnity (PI), public liability and cyber liability insurance policies would also be sensible to take out.
Types of Business Covered by Insurance by Simply
We offer our business insurance to a truly wide range of businesses, including (but not limited to):
Offices
Retailers
Estate agents
Contractors and tradespeople
Accountants
Wholesalers
Manufacturers
Sole traders
Why Use Insurance by Simply For Your Business Insurance?
Our team of business insurance brokers are highly experienced in sourcing the best insurance solutions possible for our clients. Rather than taking a one-size-fits-all approach, we listen to your business needs and act accordingly, finding the insurance that’s right for your company.
Purchasing your insurance directly through the insurer is tedious, time-consuming and, often, you don’t end up getting the best possible deal. With a broker like Insurance by Simply, however, we save you time, stress and money, so that you can focus on the areas of the business you’re really passionate about.
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