Small business insurance: key facts
- Employers' liability insurance is a legal requirement once you employ anyone, with at least £5 million of cover. Fines can reach £2,500 for every day without it.
- Motor insurance is a legal requirement for any vehicle on the road, and driving for work needs business use on the policy.
- Public liability insurance is not a legal requirement, but it is the cover small businesses buy most often and many clients and contracts insist on it. Common limits are £1 million, £2 million, £5 million and £10 million.
- Professional indemnity insurance is compulsory for some professions, including solicitors, accountants in practice, architects and financial advisers.
- Insurance Premium Tax of 12% is added to most business insurance premiums.
- Under the Insurance Act 2015, you must give the insurer a fair presentation of your business, or claims can be reduced or refused.
- Always check a broker or insurer is on the FCA register. Most small businesses can take complaints to the Financial Ombudsman Service free of charge.
What is small business insurance?
Small business insurance is not one policy. It is the set of covers a business chooses to protect itself against three kinds of loss: claims from other people (liability), damage to or theft of what it owns (property), and lost income when it can't trade (interruption).
Insurers often sell these covers together as a business package, sometimes called business combined or commercial combined insurance. You choose the sections you need, such as public liability, employers' liability, contents and stock, and pay one premium. Some covers, such as professional indemnity, cyber and commercial motor, are often bought as separate policies.
The three groups of cover are:
- Liability insurance pays compensation and legal costs if someone claims your business injured them, damaged their property or cost them money. Public liability, employers' liability, product liability and professional indemnity are all liability covers.
- Property insurance pays to repair or replace what your business owns, such as buildings, contents, stock, tools and equipment.
- Income and people insurance protects the money coming in, through business interruption, personal accident, key person and income protection cover.
For a sole trader, insurance matters even more than for a limited company. A sole trader has no limited liability, so an uninsured claim can be paid from personal savings, and in the worst case the family home.
Which business insurance is a legal requirement in the UK?
Two covers are compulsory for most UK businesses: employers' liability insurance once you employ anyone, and motor insurance for any vehicle used on the road. Some professions must also hold professional indemnity insurance. Everything else is optional by law, but may be required by your clients, landlord, lender or contracts.
Employers' liability insurance
Under the Employers' Liability (Compulsory Insurance) Act 1969, most employers must have employers' liability insurance from an authorised insurer.
- Minimum cover: £5 million. Most policies provide £10 million.
- Who counts as an employee: usually includes part-time, temporary and casual workers, not just full-time staff. Whether labour-only subcontractors count depends on how much control you have over their work, so ask the broker.
- Exemptions: businesses whose only employees are close family members (but not if the business is a limited company), and limited companies whose only employee owns 50% or more of the shares.
- Certificate: you must display the certificate, or make it easily available to staff electronically.
- Penalties: up to £2,500 for every day you are not properly insured, and up to £1,000 for failing to display the certificate or show it to an inspector. These are enforced by the Health and Safety Executive.
Motor insurance
The Road Traffic Act 1988 requires at least third-party insurance for any vehicle used on a road or in a public place. For business owners, the important detail is the class of use:
- Social, domestic and pleasure (with or without commuting) does not cover driving for work.
- Business use covers driving to clients, between sites or to meetings.
- Carriage of own goods covers carrying your own tools and stock, typically in a van.
- Hire and reward is needed if you carry goods or people for payment, for example courier and delivery work.
Driving for work on a policy without the right class of use can leave you uninsured for that journey.
Professional indemnity for regulated professions
Some regulators make professional indemnity insurance a condition of practising. Examples include solicitors, accountants in public practice, architects, chartered surveyors, and financial advisers and mortgage brokers. If you belong to a regulated profession, your regulator sets the minimum cover and the policy terms it will accept.
Cover you may need under a contract
Even when the law doesn't require it, other people often will:
- Clients and main contractors often require public liability, commonly £5 million or £10 million for construction and public-sector work.
- Councils and event organisers may require public liability before you trade in a market, park or event.
- Landlords usually require you to insure the premises, or pay towards their insurance, and to hold public liability.
- Lenders and finance companies require cover for buildings, vehicles and equipment they've lent money against.
The 16 main types of business insurance
The covers most small businesses choose from are public liability, employers' liability, professional indemnity, product liability, commercial motor, tools, contents, stock, buildings, business interruption, cyber, legal expenses, personal accident, goods in transit, directors' and officers', and key person insurance.
| Type of cover | What it covers | Who usually needs it | Legal requirement? |
|---|---|---|---|
| Public liability | Claims from members of the public, customers or clients injured, or whose property is damaged, because of your business. | Anyone who meets the public, visits clients or works on other people's property. | No, but often required by clients, councils and contracts |
| Employers' liability | Claims from employees injured or made ill because of their work. | Any business with employees, including part-time and temporary staff. | Yes, minimum £5 million |
| Professional indemnity | Claims that your advice, design or service caused a client financial loss. | Consultants, advisers, designers, IT, accountants, architects, surveyors, coaches. | Yes for some regulated professions |
| Product liability | Claims that a product you made, sold, repaired or imported caused injury or damage. | Manufacturers, retailers, online sellers, importers, food businesses. | No |
| Commercial motor / business car use | Vehicles used for work, from business use on a car to vans and fleets. | Anyone who drives for work, carries tools or makes deliveries. | Yes, at least third-party cover |
| Tools and equipment | Theft of or damage to tools and portable equipment, including on site or in a van. | Trades, photographers, mobile workers. | No |
| Business contents | Office furniture, computers, fixtures and equipment at your premises. | Businesses with an office, shop, studio or workshop. | No |
| Stock | Goods you hold to sell or use, against theft, fire, flood and damage. | Shops, online sellers, wholesalers, makers. | No |
| Buildings | The structure of premises you own, or are responsible for under your lease. | Owners of commercial property and some leaseholders. | No, but usually required by lenders and leases |
| Business interruption | Lost income and extra costs if an insured event, such as a fire or flood, stops you trading. | Any business that depends on its premises, equipment or a key supplier. | No |
| Cyber | Costs after a hack or data breach: specialist help, data recovery, lost income and claims. | Businesses holding customer data or relying on IT, email and online payments. | No |
| Legal expenses | Legal costs for disputes such as employment claims, contract disputes and tax investigations. | Employers and businesses with contracts or HMRC exposure. | No |
| Personal accident / income protection | A payment if you are injured or ill and cannot work. | Sole traders and owners without sick pay. | No |
| Goods in transit | Goods damaged or stolen while being moved. | Couriers, removals, traders delivering goods. | No |
| Directors' and officers' / management liability | Personal claims against directors for decisions made running the company. | Limited companies, especially with investors, staff or lenders. | No |
| Key person | A payment to the business if a person it depends on dies or becomes seriously ill. | Businesses that rely heavily on one owner or specialist. | No |
Public liability insurance
Public liability insurance pays compensation and legal costs if a member of the public, a customer or a client is injured, or their property is damaged, because of your business. Examples: a customer trips over a cable in your shop; you damage a client's floor while working in their home. It does not cover injury to your own employees, which is what employers' liability is for. Common limits are £1 million, £2 million, £5 million and £10 million any one occurrence.
Employers' liability insurance
Employers' liability insurance pays compensation and legal costs if an employee is injured or becomes ill because of their work, for example a fall from a ladder, a back injury from lifting, or an illness caused by exposure to dust or chemicals. It is a legal requirement once you have staff (see above). Industrial disease claims can be made decades later, so keeping old policy details is sensible.
Professional indemnity insurance
Professional indemnity insurance covers claims that your advice, design or professional service caused a client to lose money, for example an error in a report, a design fault, a missed deadline or a breach of confidentiality. It is usually written on a claims-made basis: the policy in force when the claim is made pays, not the one in force when you did the work. That is why cover should run continuously, and why you may need run-off cover after you retire or close the business.
Product liability insurance
Product liability insurance covers claims that a product you made, sold, supplied, repaired or imported caused injury or damage. Under the Consumer Protection Act 1987, producers, importers and own-brand sellers can be liable for defective products even if they weren't careless. It is often sold alongside public liability. Online sellers who import goods directly from outside the UK are treated as the importer and carry this risk themselves.
Commercial motor and business car use
Commercial motor covers vans, lorries and fleets used for work. For a car you drive for business, adding the right class of use to your existing policy may be enough. Courier and taxi work needs specialist hire and reward cover.
Tools and equipment insurance
Tools insurance covers theft of or damage to your tools and portable equipment. Check the conditions carefully: many policies only cover tools stolen from a locked van with visible signs of forced entry, and some exclude overnight theft from vehicles.
Business contents, stock and buildings
Contents cover protects furniture, fixtures, computers and equipment at your premises. Stock cover protects goods you hold to sell or use, and can often be increased at busy times of year. Buildings cover protects the structure of premises you own or must insure under your lease. In all three cases, insure for the full replacement value. If you are underinsured, the insurer can reduce your claim in proportion under a condition called average.
Business interruption insurance
Business interruption insurance pays for lost gross profit or income, and extra costs such as temporary premises, if an insured event like a fire or flood stops you trading normally. It pays for a set indemnity period, commonly 12, 18 or 24 months. Choose a period long enough to rebuild and win your customers back. It usually only applies when the cause is damage covered by your property insurance.
Cyber insurance
Cyber insurance covers costs after a cyber attack or data breach: IT and legal specialists, restoring data and systems, lost income while systems are down, notifying affected people, and claims from people whose data was exposed. Small businesses are frequent targets because their defences are often weaker. Some policies also cover losses from fake invoice and payment diversion fraud, but many don't, so check.
Legal expenses insurance
Legal expenses insurance pays legal costs for disputes, such as an employment tribunal claim, a contract dispute with a supplier or customer, a property dispute, or an HMRC tax investigation. It often includes a free legal and tax helpline.
Personal accident and income protection
These pay you if injury or illness stops you working. They matter most for sole traders and owners who have no employer sick pay to fall back on.
Goods in transit insurance
Goods in transit insurance covers goods while they are being moved, whether in your own vehicle or sent by courier. Couriers and hauliers usually need it for goods they carry for customers.
Directors' and officers' (management liability) insurance
Directors' and officers' insurance covers directors personally for claims about decisions made running the company, from shareholders, employees, creditors, regulators or liquidators. Company law protects directors from the company's debts, but not from claims that they personally breached their duties.
Key person insurance
Key person insurance pays the business a lump sum if someone it depends on, often the owner or a top salesperson, dies or becomes seriously ill. The money can cover lost profit, recruitment or loan repayments.
What insurance does my small business need?
Start with what the law requires, then add cover for the biggest risks your business could not afford to pay for itself. Most small businesses need public liability, employers' liability if they have staff, and cover for the tools, equipment, stock or premises they rely on.
Work through these questions. Each "yes" points to a cover to consider:
| If you… | Consider |
|---|---|
| Employ anyone, even part-time or temporary | Employers' liability (legal requirement) |
| Drive for work, carry tools or make deliveries | Business car use, van or commercial motor (legal requirement) |
| Meet customers, visit clients or work on their property | Public liability |
| Give advice, design, or provide a professional service | Professional indemnity |
| Make, sell, repair or import products | Product liability |
| Own tools or portable equipment you need to work | Tools and equipment |
| Have an office, shop, workshop or studio | Contents, buildings or tenant's cover, business interruption |
| Hold stock | Stock, goods in transit |
| Store customer data or rely on email and online payments | Cyber |
| Would lose income if you couldn't work | Personal accident, income protection, business interruption |
| Depend on one or two key people | Key person |
| Are a director of a limited company | Directors' and officers' |
| Hold clients' keys | Key cover (often an add-on to public liability) |
Insurance by type of business
The right mix depends on what you do. A sole trader electrician needs very different cover from an online shop or a consultant. These are the covers most often considered by common small business types.
| Type of business | Covers usually considered |
|---|---|
| Sole trader tradesperson (electrician, plumber, builder) | Public liability, tools, business van use. Add employers' liability once you take on help, and contract works cover for larger jobs. |
| Consultant, freelancer or coach | Professional indemnity, public liability, business equipment, cyber if you hold client data. |
| Shop or retailer | Public and product liability, stock, contents, buildings (or tenant's improvements), business interruption, employers' liability. |
| Café, restaurant or takeaway | Public and product liability, employers' liability, stock, equipment breakdown, business interruption, buildings or contents. |
| Online seller or e-commerce | Product liability, stock, goods in transit, cyber, public liability if you meet customers. |
| Office-based small company | Employers' liability, public liability, contents, cyber, professional indemnity, legal expenses, directors' and officers'. |
| Hair, beauty and nails | Public liability, treatment risk, products liability, equipment, employers' liability if you employ staff. |
| Fitness instructor or personal trainer | Public liability, professional indemnity, equipment, personal accident. |
| Cleaner | Public liability, key cover, employers' liability if you have staff, business vehicle use. |
| Gardener or landscaper | Public liability, tools, business van use, employers' liability once you have help. |
| Pet business (dog walker, groomer, sitter) | Public liability, care, custody and control, key cover, business vehicle use. |
| Landlord or property business | Landlord buildings and contents, property owners' liability, loss of rent, legal expenses. |
Every business is different. Treat this as a starting point for your conversation with a broker, not a recommendation.
How much does small business insurance cost?
There is no standard price. A low-risk sole trader buying a single cover pays far less than a business with staff, premises and stock. Insurers price each business on its own risk, and Insurance Premium Tax of 12% is added to most premiums.
The main things that affect your premium:
- What you do. Working at height, with heat, with the public or with children costs more to insure than desk-based work.
- Turnover and wages. Public liability is often priced on turnover, and employers' liability on your total wage bill.
- Number of staff. More people means more chance of an accident.
- Claims history. Recent claims usually increase the price.
- Limits and sums insured. £5 million of public liability costs more than £1 million. Higher values of stock and equipment cost more to insure.
- Excess. Agreeing to pay more of each claim yourself usually lowers the premium.
- Location and security. Postcode, flood and crime risk, locks and alarms all affect property cover.
- Experience. Some insurers charge less for businesses with qualifications and a track record.
How to keep the cost down without being underinsured
- Get quotes from several insurers, or use a broker who can compare them.
- Pay annually if you can. Monthly payments are often a credit agreement and can cost more in total.
- Choose limits that match your contracts and risks, not the highest available.
- Improve security and keep records of training, risk assessments and maintenance.
- Review your cover every year at renewal. Don't just let it roll over.
- Don't cut cover you actually need to save a small amount. The cheapest policy is worthless if it doesn't pay.
How to buy business insurance: broker, direct or comparison site
You can buy small business insurance directly from an insurer, through a comparison website, or through a broker. Simple, low-risk businesses often buy online. A broker is most useful when your business is more complex, has staff or premises, or has had claims.
| Route | Good for | Watch out for |
|---|---|---|
| Direct from an insurer | Simple needs, quick cover from a known brand. | You only see one insurer's price and wording, and you choose the covers yourself. |
| Comparison website | Comparing prices quickly for common, low-risk trades. | Not every insurer is listed. Results are often sorted by price, not cover, and you choose the covers yourself. |
| Insurance broker | Businesses with staff, premises, several activities or unusual risks. Help with claims. | Check the broker is FCA-authorised, and ask how they're paid (commission, fee or both). |
A broker works for you rather than for one insurer. They can explain the differences between policy wordings, find insurers for unusual trades, and help you if you need to claim. Business Cover Hub can introduce you to an FCA-authorised broker. There's no charge for the introduction.
How to get a business insurance quote: what you need ready
To get an accurate quote, have your business details, turnover, staff numbers and wage bill, claims history, and the value of anything you want to insure ready before you start.
- Describe exactly what you do. List every activity, not just the main one. An insurer can refuse a claim for work you didn't tell them about.
- Gather the numbers. Annual turnover (or an estimate if you are new), number of staff, total wage bill, and the value of tools, equipment, stock and premises.
- Note your claims history. Any claims or incidents in the past five years, even small ones.
- Check what your contracts require. Clients, landlords and councils may set minimum limits, such as £5 million public liability.
- Compare like for like. Compare limits, excesses and exclusions, not just the price.
- Read the policy documents before you pay, and ask about anything you don't understand.
What you must tell your insurer: the duty of fair presentation
Under the Insurance Act 2015, a business must make a fair presentation of the risk when buying or renewing insurance. That means telling the insurer every material fact, meaning anything that could affect whether they insure you or on what terms.
Examples of material facts include:
- all the activities your business does, including occasional work
- previous claims, losses and incidents
- work at height, with heat, abroad or with hazardous materials
- changes to premises, security, staff numbers or turnover
- unspent criminal convictions, County Court Judgments or insolvency of directors or partners
If you don't make a fair presentation, the insurer's remedies depend on what it would have done had it known. It can charge a higher premium by reducing your claim proportionately, add terms, or, in deliberate or reckless cases, refuse the claim and keep the premium. Tell your insurer or broker about changes during the year too, not just at renewal.
Business insurance terms explained
These are the terms you'll see most often in business insurance quotes and policy documents.
- Excess
- The part of each claim you pay yourself. A higher excess usually lowers the premium.
- Limit of indemnity
- The most a liability policy will pay, for example £1 million, £2 million or £5 million.
- Sum insured
- The amount you insure property for. It should be the full cost of replacing or rebuilding it.
- Any one occurrence
- The limit applies to each separate incident, however many there are in the year.
- In the aggregate
- The limit is the total the policy will pay for all claims in the policy year combined.
- Average (underinsurance)
- If you insure property for less than it is worth, the insurer can reduce any claim in proportion.
- Claims-made basis
- The policy in force when a claim is made pays, not the one in force when the work was done. Typical for professional indemnity.
- Retroactive date
- On a claims-made policy, work done before this date is not covered.
- Run-off cover
- Professional indemnity cover that continues after you stop trading, for claims about past work.
- Endorsement
- A change or extra condition added to the standard policy wording.
- Exclusion
- Something the policy does not cover. Always read these before you buy.
- Indemnity period
- For business interruption cover, the longest period the insurer will pay lost income for.
- Insurance Premium Tax (IPT)
- A tax added to most insurance premiums. The standard rate is 12%.
- Fair presentation
- Your legal duty under the Insurance Act 2015 to tell the insurer everything material about your business.
How to make a business insurance claim
Tell your insurer or broker as soon as possible, keep evidence, and don't admit liability or agree payments without the insurer's permission.
- Make things safe and stop the damage getting worse. Policies expect you to take reasonable steps.
- Report crimes to the police and get a crime reference number.
- Tell your insurer or broker promptly. Late notification is one of the most common reasons claims are reduced or refused.
- Gather evidence: photos, receipts, witness details, accident book entries, emails and invoices.
- Don't admit fault or offer compensation to a third party without the insurer's agreement.
- Keep records of every call and cost while the claim is handled.
Your protection: the FCA, the Financial Ombudsman and the FSCS
UK insurers and brokers are regulated by the Financial Conduct Authority. Most small businesses can take complaints to the Financial Ombudsman Service for free. The Financial Services Compensation Scheme can protect eligible small businesses if an insurer goes bust.
- Financial Conduct Authority (FCA). Every UK insurer and insurance broker must be authorised by the FCA, or be an appointed representative of an authorised firm. Check any firm on the FCA register before you buy.
- Financial Ombudsman Service. If you are unhappy with an insurer's final response to a complaint, or eight weeks have passed, micro-enterprises and most small businesses can refer it to the Financial Ombudsman Service. It is free and independent.
- Financial Services Compensation Scheme (FSCS). If an authorised insurer fails, the FSCS can protect eligible small businesses. Compulsory insurance such as employers' liability and motor is protected in full; most other general insurance is protected at 90%. Check the FSCS website for eligibility.
12 common business insurance mistakes
- Not having employers' liability once you take on even one part-time helper.
- Driving for work on a social-only car policy.
- Describing your business too narrowly, so some of your work isn't covered.
- Underinsuring stock, contents or buildings, which lets the insurer reduce claims under the average condition.
- Assuming home insurance covers your home business. It usually doesn't.
- Assuming public liability covers your staff or the property you're working on.
- Choosing an indemnity period that's too short for business interruption.
- Letting professional indemnity lapse when you stop trading, leaving past work uncovered.
- Not reading the conditions, such as security requirements for tools left in vans.
- Not telling the insurer about changes during the year, such as new premises, new services or new staff.
- Reporting claims late or admitting fault before speaking to the insurer.
- Choosing on price alone without comparing limits, excesses and exclusions.
Insurance guides by trade
Detailed guides to the cover, legal requirements, costs and common claims for specific trades:
Small business insurance: frequently asked questions
What is small business insurance?
Small business insurance is a set of policies that protect a business against claims from other people, damage to its property and loss of income. It is not one single policy: most small businesses combine public liability, employers' liability if they have staff, and cover for their equipment, stock or premises. Many insurers sell these together as a business package.
Is business insurance a legal requirement in the UK?
Only some covers are compulsory. Employers' liability insurance is a legal requirement as soon as you employ anyone, with at least £5 million of cover. Motor insurance is a legal requirement for any vehicle used on the road, including for work. Some professions, such as solicitors, accountants in practice, architects and financial advisers, must also hold professional indemnity insurance under their regulator's rules. Other covers, including public liability, are optional by law but often required by clients, landlords and contracts.
Do sole traders need business insurance?
A sole trader with no employees is not legally required to have business insurance unless they use a vehicle for work or belong to a profession that requires it. Most sole traders still buy public liability insurance, because a single claim from a customer or member of the public could be paid from their personal savings and assets: a sole trader has no limited liability.
What is the minimum business insurance I need?
If you employ anyone, the legal minimum is employers' liability insurance with at least £5 million of cover, plus motor insurance for any vehicle used for work. If you work alone without a vehicle, there is no legal minimum, but public liability insurance is the cover most small businesses buy first.
How much does small business insurance cost?
There is no single price. Premiums depend on your trade, turnover, number of staff, claims history, location, the limits of cover you choose and the value of the property you insure. Low-risk sole traders buying a single cover pay far less than businesses with staff, premises and stock. Insurance Premium Tax at 12% is added to most business insurance premiums.
What is the difference between public liability and employers' liability insurance?
Public liability insurance covers claims from members of the public, customers and clients who are injured or whose property is damaged because of your business. Employers' liability insurance covers claims from your own employees who are injured or made ill because of their work. Employers' liability is a legal requirement once you have staff; public liability is not.
Do I need employers' liability insurance for part-time or temporary staff?
Usually, yes. The requirement can apply to part-time, temporary and casual workers as well as full-time employees. The main exemptions are businesses whose only employees are close family members (unless the business is a limited company) and limited companies whose only employee owns 50% or more of the shares.
What does professional indemnity insurance cover?
Professional indemnity insurance covers the cost of claims from clients who say they lost money because of your advice, design, or professional service, for example a mistake, missed deadline or negligent advice. It is usually written on a claims-made basis, which means the policy in force when the claim is made responds, so you may need run-off cover after you stop trading.
Do I need business insurance if I work from home?
Usually, yes. Home insurance normally excludes business activity, business equipment and visitors who come for business reasons. Tell your home insurer that you work from home, and consider a business policy for your equipment, stock, public liability and, if you give advice, professional indemnity.
Does my car insurance cover me for business use?
Not automatically. A policy for social, domestic and pleasure use, with or without commuting, does not cover driving for work. If you drive to clients, between sites or to carry tools or goods, you need business use on your policy. Carrying goods for payment, such as deliveries, needs hire and reward cover.
Is it cheaper to buy business insurance through a broker?
Not always, but a broker can compare several insurers, including some that do not sell directly, and help you choose the right covers and limits. Buying online can be quick and cheap for simple, low-risk businesses. A broker is most useful when your business does several things, has staff or premises, or has had claims.
What happens if I do not tell my insurer everything?
Under the Insurance Act 2015, a business must make a fair presentation of the risk when buying or renewing cover. If you leave out or misstate something important, the insurer can reduce a claim payment, apply different terms, or in serious or deliberate cases refuse the claim and cancel the policy.
Can I pay for business insurance monthly?
Most insurers and brokers let you pay monthly, but this is often arranged as a credit agreement and can cost more in total than paying the annual premium in one go. Check the total amount payable before you choose.
What is business interruption insurance?
Business interruption insurance replaces lost income and pays extra costs if your business cannot trade normally after an insured event, such as a fire or flood at your premises. It is usually added to a property or business package policy rather than bought on its own, and it pays for a set indemnity period.
Do I need cyber insurance as a small business?
If you store customer data, take payments online or rely on email and computers to work, cyber insurance is worth considering. It can pay for specialist help after a hack or data breach, restoring data and systems, lost income, and claims from people whose data was exposed.
How do I check that an insurance broker or insurer is genuine?
Search for the firm on the Financial Conduct Authority register at register.fca.org.uk. Every UK insurer and insurance broker must be authorised by the FCA or be an appointed representative of an authorised firm. Check the firm's name, reference number and address match the details you have been given.
What can I do if my business insurance claim is refused?
First complain to the insurer or broker and ask for a final response in writing. If you are not happy with it, or eight weeks have passed, most micro-enterprises and small businesses can take the complaint to the Financial Ombudsman Service, which is free to use.
Is Business Cover Hub an insurance broker?
No. Business Cover Hub is an introducer service run by IIB Trading Ltd. It publishes free guides and, with your permission, passes your details to an FCA-authorised insurance broker who contacts you about a quote. Business Cover Hub does not give advice or arrange insurance.
About Business Cover Hub
Business Cover Hub publishes free, plain-English guides to insurance for UK small businesses and sole traders. We are an introducer: if you'd like a quote, we pass your details, with your permission, to an FCA-authorised insurance broker, who contacts you. We are not an insurer or a broker, and we don't give advice or arrange insurance.
How it works
- Read the guides to understand what cover your business may need.
- Fill in a short form with your contact details and what your business does.
- A broker contacts you to understand your business and find quotes. There's no obligation to buy.
How we write our guides
Our guides are based on UK legislation and guidance from official sources, including legislation.gov.uk, the Health and Safety Executive, the Financial Conduct Authority, the Financial Ombudsman Service and the FSCS. We review them regularly and show the date of the last review at the top of each page. Insurance rules and policy terms change, and every business is different, so always check the policy documents and speak to a broker before you buy.
Business Cover Hub is run by IIB Trading Ltd, company number 11135452, ICO registration ZA810991. Contact: hello@businesscoverhub.co.uk.
Sources
- Employers' Liability (Compulsory Insurance) Act 1969
- HSE: Employers' liability insurance
- Road Traffic Act 1988, Part VI (third-party liabilities)
- Insurance Act 2015
- Consumer Protection Act 1987
- GOV.UK: Insurance Premium Tax
- FCA Financial Services Register
- Financial Ombudsman Service
- Financial Services Compensation Scheme