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Compare business insurance and pay just £38 per year1

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Compare business insurance quotes from 14 major UK insurers2

Comparing business insurance from multiple providers makes it easy to find our best deals at the most competitive price.

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110% of customers paid up to £37.64 a year for a standard public liability insurance policy when paying annually. 1st January - 31st March 2023. Equivalent to £3.14 per month. Paying monthly is usually more expensive as you'll pay interest.

2Accurate as of July 2023

What is business insurance?

Business insurance refers to a variety of insurance products designed to protect businesses from financial losses resulting from unexpected events.

These events can include property damage, liability claims, employee injuries, and other risks that can disrupt normal business operations and result in financial hardships.

Business insurance is crucial for mitigating risks and ensuring the continuity and sustainability of a business.


Do I need business insurance?

Without a business insurance policy in place, you are putting your business at risk in a few ways including the following:

Loss of income: One of the biggest risks of not having any cover in place is loss of income. Whether that is due to an accident, burglary, or anything else that means you are no longer able to work. If you have no income coming in, you will have to forgo that loss.

Unexpected events: Without an insurance policy, you will be liable to pay for any costs associated with any unexpected events that compromise your income, or any costs that come as a result of a claim.

Equipment: Whether your equipment is damaged lost or stolen, you will have to pay the costs for replacing or repairing the equipment which a business insurance policy would usually take care of.

Legal fees: Whether it is an employee, client, or member of the public who makes a claim against you, the legal fees can be astronomical.

Your future: There are a number of events out of your control that could happen to affect the running of your business. Claims, floods, fire, theft, and a whole lot more could be covered under your insurance policy to get you back up and running as quickly as possible, rather than coming out of your pocket and potentially putting your business's future at risk.

Is business insurance a legal requirement?

The only form of business insurance that's an absolute legal requirement in the UK is employers' liability insurance - which is necessary for any type of business that employs one or more people - even on a casual basis.

However, various industry regulators oblige businesses to have certain types of insurance to be allowed to operate. For instance, solicitors, accountants and healthcare professionals normally need professional indemnity insurance to operate.

And while other types of business insurance may not be legally required, it is often a good idea to have relevant cover in place, such as stock protection insurance or business van insurance.  

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Sam Meadows

Our expert says


Business insurance isn’t a legal requirement, but some types of businesses – like solicitors or accountants – are required to have a policy in place to be allowed to operate. Even if it isn’t required, it’s still likely to be a good idea for most business owners – even if you’re looking to cut down on costs. You don’t know what is around the corner, so having good cover in place means you don’t need to worry about unexpected problems.

- Sam Meadows, Home Insurance Expert

What insurance do I need for my business?

The type of insurance you need depends on the type of business you own. Be sure to read your policy details to know what you're covered for and what your policy exclusions are. There are three main types of business cover:

  • Public liability insurance

    Public liability insurance protects your firm if a member of the public is injured or their property damaged because of your business

  • Professional indemnity insurance

    Professional indemnity insurance covers your business if a client makes a claim for any financial losses resulting from work you did for them 

  • Employers’ liability insurance

    Employers’ liability insurance defends your business from work-related sickness, and injury claims made by current or former employees

Other types of business insurance

There is a range of different types of business insurance products that will help you protect the different parts of your business. Here are some of your options:

  • Plus

    Business contents insurance

    Business contents insurance will protect the contents of your business's premises if anything is stolen or damaged, including equipment that your business relies on

  • Plus

    Business buildings insurance

    Business buildings insurance will cover your commercial properties for any unexpected structural damage, such as fire, flood, or vandalism

  • Plus

    Product liability insurance

    Product liability insurance will cover you against any costs if a customer takes you to court over one of your products if they cause injury or damage

  • Plus

    Business interruption insurance

    Business interruption insurance will cover your business while you get back on your feet if an insured event like a fire or flood stops you from trading

  • Plus

    Tool insurance

    Tool insurance will protect the tools that you rely on to do your job. It will cover the replacement or repair of your tools if they are ever lost, damaged, or stolen

  • Plus

    Home business insurance

    Home business insurance is a protection for people who conduct their business from home. It offers special cover where a standard business policy may fall short

How much is business insurance?

When it comes to insurance, it's worthwhile to find policies that offer great value cover as opposed to cover at the lowest cost. The cost of business insurance will depend on a number of different factors, including:

  • Insurance type

    Different business insurance types are all differently priced, so it's worth it to consider your options

  • Industry

    Different industries and professions face different risks, which will affect the cost of insurance

  • Business size

    Having more employees or a greater annual turnover will usually make insurance more expensive

  • Cover levels

    The more policies you have or the more your insurance covers, the higher your premiums will be

  • Claims history

    Having a history of insurance claims or facing legal action can make insurance more expensive

  • Excess

    Volunteering to contribute to the cost of claims could help you save money on your business insurance

What do I need to compare business insurance?

When you start your search for business insurance, there are a few pieces of information you should have on hand. Providers will ask for this information to give you accurate quotes and determine whether they'll give you the cover you want:

  • Tick

    Your business details

    You need to tell you providers about you and your business. This includes your business address, what your business does, and how old it is

  • Tick

    Personal details

    As well as details about your business, you may need to provide some personal details as well, such as your name and date of birth

  • Tick

    Employee details

    Providers will ask you to disclose how many employees your business has as well as whether they are permanent or temporary contractors

  • Tick

    Policy requirements

    To get a quote, you need to tell us what kind of policy you're looking for an how much cover you want. You need to also disclose any preferred optional extras

  • Tick

    Cover type details

    Depending on the type of business insurance, you may need to give more specific details, such as your content value or key person details

  • Tick

    Legal history

    You may need to provide honest information about any of your business's past or ongoing claims and legal disputes

Get tailored business insurance quotes with MoneySuperMarket

Comparing business insurance quotes with MoneySuperMarket is the easiest way to find an affordable deal on cover. Here's how it works: 

  • Tell us about your business

    Let us know about your business and what it does, and we'll find deals tailored to your requirements

  • Compare deals

    You'll be able to compare your offers by cost, level of protection and any extras that are available

  • Choose the one you like

    Once you've found the right deal for you, just click through to the provider to finalise your purchase

Professional indemnity insurance is a type of insurance that protects construction professionals from financial losses resulting from claims of professional negligence. This can include claims for: 

  • Errors in design or workmanship 

  • Failure to meet the client's requirements 

  • Breach of contract 

  • Loss of data or documents 

  • Infringement of copyright or intellectual property 

PI insurance is essential for all construction professionals, as the cost of defending a claim can be high, and the consequences of losing a claim can be even worse. 

Public liability insurance in construction is a type of insurance that covers a construction business for legal liability arising from accidents or injuries to third parties, or damage to their property.

This type of insurance is essential for protecting businesses from the financial consequences of accidents that occur on their worksites. 

The amount of cover you need for a construction business will depend on a number of factors, including: 

  • The size of your business 

  • The type of work that you do 

  • The level of risk involved 

  • The requirements of your clients 

  • The regulations in your industry 

In general, it is advisable to have at least £2 million of public liability insurance and £1 million of professional indemnity insurance. However, you may need more cover depending on the specific risks of your business. 

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