Menu Toggle
Search
  1. Home
  2. Business Insurance
  3. Types of Business Insurance

Types of Business Insurance

Business insurance can include a wide range of products, from public liability insurance to cyber cover. Find out what’s available to protect your small business.

Kristina Fox photo
by
Edited by
Updated 1 minute read

Many or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.

Table of Contents

Since there are many types of business insurance, your policy can be as wide ranging or as focused as you choose. 

Before you decide what insurance you need to protect your business, you’ll want to understand the cover types on offer. Below, we explore some common types of business insurance in detail.

» MORE: Business insurance explained

What are the different types of business insurance?

In the table below you can find more detail about the most common kinds of business insurance available and the types of risk they cover.

[table id=131 /]

What insurance do I need for my business?

There are two types of business insurance you must have by law, if they apply to you. These are:

  • Employer’s liability insurance for at least £5 million, if you have employees.
  • Motor insurance (at least third party) to meet traffic and road safety legislation, if you and your employees drive a vehicle on public roads for work purposes.

Otherwise, consider your main concerns, which might be anything from compensation claims to damage to business stock. The above is not an exhaustive list of cover types, and won’t necessarily all be relevant to the risks your business faces

What is and isn’t covered can vary across providers, so check the details. This includes the most the insurer would pay out (maximum limit) and how much you will pay towards a claim (excess). 

Business insurance can be tricky to navigate, so ask the insurer or broker if you’re unclear about anything. 

» MORE: Do I need business insurance?

Image source: Getty Images

About the Author

Kristina Fox photo
Kristina Fox

Kristina was a writer at NerdWallet who focused on writing finance content for small businesses, as well as young people and students. A recent graduate trading French for finance, she…

Dive even deeper

Professional Indemnity Insurance Explained

Professional Indemnity Insurance Explained

If you provide advice or expert services as part of your business, you might want to consider taking out professional indemnity insurance. Here’s how it covers you and how much…
Is Etsy the Right Platform for Your Business? Four Questions to Help you Decide

Is Etsy the Right Platform for Your Business? Four Questions to Help you Decide

For artists and makers in the early stages of launching an e-commerce business, Etsy can be a cost-effective way to test products in a global marketplace. But, selling on Etsy…
Public Liability Insurance: What is it and What Does it Cover?

Public Liability Insurance: What is it and What Does it Cover?

By getting a public liability insurance policy, you can protect your business’s finances while also showing your customers, clients and visitors that you take their safety seriously. Read on to…