Growing Businesses: Make Sure Your Insurance Isn’t Left Behind!
By Dean Laming on June 9th, 2022
As a small business, it’s important to keep on top of your insurance requirements as you grow. Using the services of a business insurance platform such as Brisco Business Insurance can ensure that you have all the cover you need when it comes to protecting against liabilities and protecting assets, revenue and employees.
Read on to find out more about the insurance your business needs, and when to get business insurance in the UK.
What Business Insurance Do I Need?
There are many types of business insurance available designed to cover different types of businesses, offering different products and services, and with different numbers of employees. If you are asking yourself the question, ‘what insurance do I need for my business?’, then give Brisco Business a call to find out more about our services.
Employers’ Liability Insurance
Employers’ liability insurance is the only mandatory business insurance for all small businesses with employees in the UK. This type of insurance covers claims made by employees against your business for injury or illness as a result of work.
This means that you will be able to cover legal and compensation costs that the business incurs while defending itself. If you don’t have employers’ liability insurance then you could be fined up to £2500 per day until the insurance is in place.
Public Liability Insurance
Public liability insurance covers businesses that typically come into contact with members of the public as part of their business operations. It accounts for legal costs and compensation for claims made by members of the public as a result of injury or damage caused by your business. Claims can be made by customers, clients, suppliers and other third parties that you interact with.
Public liability insurance is sometimes required as part of third-party contracts, so you should check your existing contracts to see whether it is a requirement for you. Regardless, it is a popular form of insurance to have.
Professional Indemnity Insurance
Professional indemnity insurance insures businesses against a mistake made in a professional capacity while giving advice to a client that results in them losing money. This is especially relevant to professionals such as doctors, surveyors, engineers, architects, financial advisors, solicitors, accountants and journalists.
Contents and Equipment Insurance
Business contents insurance covers the cost of repairing or replacing damaged, lost or stolen business equipment and tools from your property. Equipment insurance will also cover tools and electronics that are regularly taken outside of the premises. This is especially useful for businesses who heavily rely on the use of equipment, either in or outside of their business premises, and whose equipment is especially valuable.
Digital Business Insurance
Digital business insurance covers businesses for the damages caused by a data breach or cyber-attack on the business. This may include covering legal costs for defending against claims, compensation and in case of fines.
Buildings Insurance
Buildings insurance is not mandatory for a business that owns a business premises, but may be a requirement of a lender during the purchase of the property. Businesses that lease their premises should check with their landlord to confirm existing buildings insurance and what is covered. This includes those who work from home too.
Business Interruption Insurance
Business interruption insurance provides financial cover to businesses affected by damages from events such as floods or fire, ensuring that any loss of revenue is covered in addition to damage to contents and equipment.
Legal Expenses Insurance
Legal expenses insurance provides businesses with financial support should a legal issue arise. Defending against claims can get expensive and so having a comprehensive legal expenses insurance policy in place gives businesses peace of mind that they will be able to defend themselves in court, should they have to.
Product Liability Insurance
Product liability insurance provides cover in the even that a customer has suffered injury or illness because of a product that your business manufactured, sold or repaired.
| Type of Business Insurance | Relevant Businesses |
| Buildings insurance | All |
| Business interruption insurance | All |
| Contents and equipment insurance | Businesses that store equipment in their premises or take equipment outside of their premises |
| Cyber liability insurance | Businesses that store data susceptible to breaches or cyber attacks |
| Employers’ liability insurance | All |
| Legal expenses insurance | All |
| Management liability insurance | Businesses that store data susceptible to breaches or cyber attacks |
| Product liability insurance | Businesses that sell goods |
| Professional indemnity insurance | Professional services |
| Public liability insurance | All |
When to Get Business Insurance
Setting Up a Business
Business insurance should be a primary consideration of business owners when setting up a business. Not only should you get cover for your current situation, but you should also consider your future position. For example, if you think you may be hiring employees within the first year of trading, then it may be best to add employers’ liability insurance to your policy from the very beginning.
Reviewing Your Insurance Position when Renewing Your Policy
It is recommended that you regularly review your business position and the types of insurances listed above. Most insurers will allow you to add cover at a later date as and when you need it. If your business expands and purchases or leases a premises, introduces an advice service, or hires more employees, then your insurance needs will change. It is a good idea to review your insurance position and compare your rates when you renew your policy.
Significant Staff Changes
Whether you’re hiring new employees or downsizing your team, your coverage needs will change as your workforce does. This means that it’s a good time to review your insurance needs if there are significant changes to the number of employees of your business.
New Products and Services
If your business launches a new service or product, you may need to seek advice on whether your coverage is still suitable, as your business’ assets will be changing.
New Location or Equipment
Leasing or buying a new property can change your insurance needs, as can purchasing new equipment.
How to Buy Business Insurance
Businesses can buy business insurance directly from an insurer, or as a tailored package from an experienced company such as Brisco Business. We offer you quotes on the most suitable insurance for your business. These quotes are provided by regulated insurers, so that you can choose the options that suit you best.
We Are Brisco
At Brisco Business we pride ourselves on our experience and customer service. We partner with some of the UK’s most trusted insurance providers, so that you can compare insurance quotes and choose the options that suit you best.
Choosing the right business insurance means taking into account your company’s unique needs and potential risks before making your decision. With our help, you will be provided with all the information you need to evaluate your options and select the right coverage for your business. You can get bespoke advice based on your business needs by getting in touch with us today.
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