Business Insurance Essentials: What You Need and What You Don't

The cover most businesses need

Start with the legally required and the genuinely load-bearing.

• Employers' liability — legally required if you have staff
• Public liability — effectively essential if the public visit you
• Professional indemnity — for advice-based services
• Stock, contents and business interruption for premises-based trade

Get the sums insured right

Underinsurance is the most common claim problem. If your stock value has grown since the policy was written, the insurer can reduce a claim proportionally — even a partial one.

Review annually, but do not auto-renew

Insurance renewal quotes drift upward like every other overhead. Re-broke the policy each year, and check that new activities or equipment are declared.