What is self-employed business insurance?
Self-employed business insurance can help to give you peace of mind that both you and your business could be covered for any legal costs, loss of business equipment, accidents and more – should you ever need financial support when running your own business.
Why do you need business insurance as a self-employed worker?
Whether you’re self-employed and working for a limited company, a partnership or as a sole trader, business insurance can cover you for things like:
- Property damage to your buildings, trade stock, machinery and business contents, and any financial loss you’ve experienced following property damage
- Cyberattacks and viruses, offering financial compensation for any losses experienced by both your business and your clients’
- Protection of your goods whilst in transit
- Your employee being in an accident whilst carrying out work for you
- Some damage to property at your place of work
- Professional indemnity insurance for any costs or claims that your clients incur as a result of incorrect advice or work mistakes from your company
- Your own loss of documents, information or data which is necessary for the performance of your business activity
- Any dishonest behaviour from your employees or self-employed freelancers that then impacts your business or your clients’
- Copyright or trademark infringement
What business insurance cover do you need?
- Public liability insurance for self-employed workers: can cover the costs of any third-party compensation claims made against your business, for example any repair costs you might need to cover if you cause damage to a property you’re working on as a builder
- Employers’ liability: can cover you for any employee injury compensation claims in the event of an accident at the workplace – when working for your company
- Professional indemnity insurance for self-employed workers: can cover some or all of the cost of a claim made against your company from a third-party in the event that a client is dissatisfied with your work
The different levels of insurance cover you need and the amount the insurance provider is willing to pay out in compensation will vary depending on your individual business needs and the company information you provide.
How to choose the right business insurance policy
When it comes to choosing the right business insurance for your own company, it’s a good idea to think about things like:
- If the policy covers any employees you hire – including labour-only subcontractors
- Whether you need professional indemnity insurance, public/product liability insurance or both
- If you’re likely to need cover for legal expenses
- Whether or not the policy will cover you for any work carried out for clients outside the UK
- If you’re a chartered surveyor, architect, engineer or an accountant, you might want to check whether or not the policy covers you for specific regulations and lawful act specific to your industry
- How much the insurer is willing to cover for liability and indemnity pay outs
- Any excess fees you might have to pay
- How much the monthly payments cost
How to compare business insurance quotes
Compare business insurance policies with MoneySuperMarket. Our Business Insurance comparison tool has been developed in partnership with Simply Business to help you compare policy quotes. You’ll need to fill in a few details about your role in the business, the business structure and finances and its history to help find the right policy for you. You’ll also need to include at least one of either professional indemnity or public liability insurance in the quote to see your results.
You can order the policies by the amount of professional indemnity cover you’ll get, and you’ll then be able to see what your annual and monthly payments will be. The results will also show any excess fees you might have to pay for claims, and you should click through to more details for each provider to read the policy summary, policy wording and terms of business documents.
Once you’ve found the right business insurance policy for you, you’ll be able to purchase your policy directly through Simply Business. Here, you’ll be able to decide if you want to make a one-off insurance payment or split the cost over monthly payments, and enter more details specific to your business to make sure the cover is valid. Please note that if you enter any incorrect information then the policy holder may not pay out if you make a claim.