The Ultimate Business Insurance Guide
A comprehensive business insurance package may form some protection for your business against the worst. Here’s
5 UK Business Insurance Providers Compared
Choosing the right business insurance provider shouldn’t be taken lightly. Luckily, though, we’re here to offer a helping hand.
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5 UK Business Insurance Providers Compared
Choosing the right business insurance provider shouldn’t be taken lightly. Luckily, though, we’re here to offer a helping hand.
Choosing the right business insurance provider shouldn’t be taken lightly. Finding one that meets your specific needs can be difficult, especially considering the number of options available.Whether you’re a sole trader, startup, or established SME, having the right cover in place is vital for protecting your assets, meeting legal obligations, and maintaining business continuity.
Luckily, we’re here to offer a helping hand. Here you’ll find a comprehensive overview of 5 different UK business insurance providers and how they can help your business. This way, when it comes to making a decision, you may be better informed to find the right provider for you!
What is Business Insurance?
Business insurance protects your business from everyday risks and unexpected costs, such as property damage, legal fees, or employee accidents. Think of it as a financial safety net that looks to help your business recover and stay operational even during disruptions and uncertain periods.
Why do I Need Business Insurance?
Protection Against Unexpected Financial Losses
A business insurance policy protects against unexpected costs like accidents, theft, or legal claims. Without it, you could be liable for any expenses, which could risk your reputation and, if the cost is large enough, your financial stability. Coverage could help you recover quickly and continue operating, even during unpredictable or financially damaging situations.
Legal Requirement Compliance
Employers’ liability insurance with a minimum £5 million coverage is a legal requirement if you have staff, as per government guidance. However, if they are family members or overseas employees, you may not be legally required to cover them. If you are found to be operating without it, you will be fined £2,500 for every day you remain uninsured.
Compliance protects employees, avoids legal penalties, and shows that your business meets legal and ethical standards.
Business Continuity add Stability
Insurance can help you recover from disasters like fire, flood, or liability claims. It covers repair costs, income loss, and stock replacement, keeping cash flow stable during uncertain periods. This support is key to long-term success and helps maintain operations during disruptions.
Protection of Business Assets
Certain insurance types cover your buildings, stock, and equipment against fire, theft, floods, vandalism, and accidental damage. If something happens, repair or replacement costs may be covered, allowing your operations to continue with minimal financial impact or downtime.
Liability Protection
Liability insurance covers injury, property damage, or professional negligence claims linked to your business. It pays for legal costs, compensation, and settlements, protecting your finances and reputation. One serious claim without coverage could jeopardise your entire operation.
Improve Business Credibility
Having insurance boosts your reputation and shows clients, regulators, and partners that you’re reputable and professional. It builds trust by demonstrating that you take risks seriously and are prepared to deal with potential issues the right way.
Peace of Mind
Insurance reduces stress by giving you confidence that you’re protected if something goes wrong. With coverage in place, you can focus on growing your business without constantly worrying about unexpected risks or costly setbacks.
Supports Employee Welfare
Employers’ liability insurance protects employees injured or made ill at work. It covers medical costs and lost wages, as well as fulfilling legal obligations and showing a genuine commitment to your team’s safety and well-being.
Covers Cyber Risks
Cyber insurance covers the cost of data breaches, ransomware attacks, and other cyber incidents. It helps recover lost data, manage legal claims, and avoid hefty GDPR fines, protecting your finances and customers’ trust.
An Overview of 5 Business Insurance Providers
Okay, so before we get started, we just need to point out that this won’t be a ranking table. It will be more of an overview of each insurance provider and what they offer. This way, you get an objective insight into each provider and what they can do for your business.
With that out of the way, let’s get stuck in!
| Provider | Insurer/Broker | Best For |
|---|---|---|
| Hiscox | Direct Insurer | Tailored cover for SMEs and professionals. |
| Simply Business | Broker | Small businesses, self-employed, landlords. |
| Aviva | Broker | All sizes: startups to corporations. |
| Direct Line for Business | Direct Insurer | Tradesmen, landlords, van users. |
| Superscript | Broker | Startups, SMEs, digital-first industries. |
- Pros
- Long-standing expertise
- Flexible, customisable policies
- Sole trader and professional services expertise
First on our list is Hiscox, which has over 100 years of experience in the industry. Evolving from a single underwriter working for Lloyd’s, they now offer tailored insurance deals to over 480,000 businesses across the country. Known for its expertise and customer-focused approach, its plans meet the needs of a range of business types.
Types of Insurance Offered
- Public Liability Insurance
- Employers’ Liability Insurance
- Professional Indemnity Insurance
- Commercial Property Insurance
- Business Interruption Insurance
- Product Liability Insurance
- Cyber and Data Insurance
- Personal Accident Insurance
Simply Business (Broker)
Best for small businesses, Self-employed professionals, and professional landlords
- Pros
- Tailored quotes in 7 Minutes
- Tailored cover
- UK-based support
- Large customer base
- World class benefits at exclusive rates
- Referral bonus
- Free credentials stickers
Simply Business is a UK-based insurance provider, protecting nearly one million small businesses and self-employed people across 1,500 trades. Founded in 2005, Simply Business has grown to over 1,000 employees, with offices in London, Northampton, Boston, and Atlanta, offering simplicity, choice and value wherever they can.
Types of Insurance Offered
- Public Liability insurance
- Professional indemnity insurance
- Employers liability insurance
- Commercial building insurance
- Business health insurance
- Product liability insurance
- Shop insurance
- Tool insurance
- Tradesman insurance
Aviva (Broker)
Caters to a range of business types including startups, growing businesses and larger, established corporations.
- Pros
- UK-based customer service
- Caters to a range of business sizes
- Dedicated industry related products
Aviva has over 320 years of experience. During this time, they’ve helped businesses and consumers prepare for the unexpected and protect what matters most. Serving over 18.7 million across the UK, Ireland, and Canada, Aviva is a giant in the insurance world.
Types of Insurance Offered
- Public Liability Insurance
- Employers’ Liability Insurance
- Professional Indemnity Insurance
- Contents and Stock Insurance
- Van Insurance
- Building Insurance
Direct Line for Business (Direct Insurer)
Build your own policy by selecting only what you need, and avoid paying for unnecessary coverage.
- Pros
- Customisable cover
- No admin fees for changes
- Easy access to documents
- Flexible limits of cover
The iconic red telephone of the Direct Line Group ventured into the business insurance world in 2007 and hasn’t looked back since. They’ve always put their customers first since their formation and look to cut out the middleman and all the jargon.
Types of Insurance Offered
- Public Liability Insurance
- Professional Indemnity Insurance
- Employers’ Liability Insurance
- Landlord Insurance
- Van Insurance
- Tradesman Insurance
Superscript (Broker)
100% online service for small businesses, plus a Lloyd’s-backed broker service for new, complex or scaling businesses.
- Pros
- Online and broker service
- Wide range of business types served
- Flexible, tailored cover
- FCA authorised
And rounding off our list, we have UK-based Superscript. Incorporated in 2021, they offer flexible and tailored solutions for a wide range of businesses. With their technology and data-driven approach, they deliver a personalised service that operates exclusively online.
Types of Insurance Offered
- Public liability insurance
- Directors’ and officers’ insurance
- Business equipment insurance
- Employers’ liability insurance
- Professional indemnity insurance
- GDPR insurance
- Goods in transit insurance
- Product liability insurance
- Media liability insurance
- Cyber insurance
- Accident and sickness insurance
- Business interruption insurance
- Business contents insurance
How to Choose the Right Business Insurance Provider for You
Research and Compare Providers
Start by comparing insurers’ offerings, costs, and claim processes. Always do your own research before signing anything. A good place to start is customer reviews on sites like Trustpilot and Google for real-world, albeit subjective, feedback about their reliability, service quality, and overall customer satisfaction. Remember that reviews are subjective and may not reflect your experience.
Coverage Specificity and Policy Flexibility
Choose a provider that tailors coverage to your business and grows with you. Look for customisable plans or bundled packages that can help you avoid overpaying for unnecessary coverage while getting the protection you need.
Cost and Value Considerations
Take time to understand the premium, coverage limits, and exclusions. Know exactly what’s included to avoid unexpected costs later. Always read the fine print carefully to guarantee the policy protects what matters most to your business.
Customer Support, Claims Handling, and Communication
Check how easy it is to contact the insurer, change your policy, or make a claim. Responsive support, clear communication, and efficient claims handling are key. A dedicated account manager can streamline the process and reduce stress when you need help most.
Regulatory Compliance and Protection
Give preference to insurers authorised by the Financial Conduct Authority (FCA). If anything goes wrong, FCA regulation guarantees high standards and gives you access to support schemes like the Financial Ombudsman Service and Financial Services Compensation Scheme.
How Can I Get Business Insurance?
And there you have it— 5 UK business insurance providers compared. Hopefully, that’s cleared up a few things for you, but now there’s one final question we have to answer: How can you protect your business should the worst happen?
Well, here at Commercial Experts, we’ve made it our mission to help business owners explore their options further.
All you have to do is tap the button below and answer a few simple questions about your business. Then, based on your responses, you could receive contact from one of our business insurance partners to discuss your options further.
Our application form is free to use and non-committal. So tap the button below and get exploring!
FAQs
What is business insurance?
Business insurance protects your business from financial loss due to risks like accidents, damage, or legal claims. It acts as a safety net, helping you recover from disruptions and continue trading. Different policy types are available to suit your specific business needs and industry.
Why do I need business insurance?
Without insurance, unexpected incidents like theft, injury, or lawsuits could lead to severe financial damage. Insurance protects your assets, ensures legal compliance, and supports recovery after disruptions. It also helps safeguard your reputation and provides peace of mind during uncertain situations.
Which insurance types should I consider?
Consider public liability, employers’ liability, professional indemnity, business interruption, and cyber insurance. Your needs depend on your business type, staff, data handling, and equipment. Many providers offer customisable or bundled policies to ensure you only pay for the cover you need.
What makes a good business insurance policy?
A strong policy offers tailored cover, transparent terms, and flexibility as your business grows. It should come from an FCA-authorised provider with reliable claims handling, transparent pricing, and helpful customer support. Look for value over cost alone to ensure you’re fully protected.
How can I get business insurance?
At Commercial Experts, we could look to help. Just tap the button below, answer a few quick questions, and if eligible, you could receive contact from one of our business insurance partners to discuss your options further. The offers our partner may provide are non-committal, so if you don’t like what you see, just walk away with no questions asked!
