Business insurance, big reassurance

What is business insurance?

It’s the insurance policy that protects your business. Business insurance policies can include Public Liability, Employers Liability, Professional Indemnity and Contents Insurance and most insurers offer optional extras. This means you can tailor cover to your business' needs.

Depending on the cover you choose, you can protect your business against compensation claims made by:

• third parties and members of the public - if they get injured, or you damage their property
• employees - if they get sick or injured as a result of the work they do for you
• customers - who you've given negligent consultancy or advice to resulting in them losing money
• damage or theft relating to contents - if your business falls victim to theft or you accidentally damage your contents
• the effects of fire or extreme weather events - if your business is damaged by events such as a storm, flooding or a fire.

Business insurance can be tailored to fit a wide range of different business types. Different businesses will need different cover.

Who can get cover?

AXA can cover you if you’re just starting out, or if you’ve been your own boss for years. They can provide cover for a wide range of businesses and specialise in small businesses between 0-12 employees. AXA isn’t part of the Santander group.

Everyone needs different protection from different risks. Whether you're a:

• self-employed professional working from home
• retailer with your own shop
• professional working in an office
• tradesperson out on the job-site.

To get the right cover for your business, you'll need to consider the unique risks of your job. And consider the different types of business insurance available and if they suit your needs.

Types of business insurance and what they cover

No two businesses are the same and the cover you need depends on the type of business you run.

Below, we’ve broken down the basics of each cover AXA offer so you can decide which best suits what you do.

Public liability insurance

Suited to: all businesses.

Protects you from: claims made by a third party for accidental injury or property damage.

Covered for:

• being self-employed or working from home
• accidental injury or damage caused by your staff
• products liability included as standard (for retail businesses).

Useful to know:

• most public authorities will need you to have this cover before working with them
• you can get proof of public liability to prove you’re covered
• even businesses who aren’t in regular contact with the public may need it.

Professional indemnity insurance

Suited to: businesses who give advice or offer professional services.

Protects you from: claims from clients who’ve lost money after following your advice.

Covered for:

• situations where the advice you give a client ends up costing them money
• more complex issues like break of confidentiality, defamation, breach of copyright etc
• fraud or dishonesty by your staff.

Useful to know:

• most professional bodies need you to have this cover to become a member
• specialist policies are available for accountants and many more professions
• certain trades can also get professional indemnity.

Employers’ liability insurance

Suited to: businesses who have anyone working for them in any capacity.

Protects you from: claims made by staff who’ve fallen ill or been accidentally injured due to their job.

Covered for:

• full/part-time staff, self-employed contractors, temporary staff, work experience
• up to 50 days’ cover for temporary workers.

Useful to know:

• the law says you need to have it if anyone works with or for you
• you can be fined £2,500 by HMRC every day that you’re not properly insured.

Contents insurance

Suited to: businesses who have a premises with fixtures and fittings or contents.

Protects you from: accidental damage or theft of your business’ contents.

Covered for:

• accidental damage or theft
• staff personal belongings as well as fixtures and fittings
• also protects shop fronts – such as signage and windows.

Useful to know:

• suitable for all businesses that have contents. Even those without premises
• get a 30% increase in stock cover during seasonal periods. Or at a time of your choice
• contents insurance is needed to take out buildings cover.

Optional add-ons

AXA also provide optional extras to cover your business for:

• buildings
• own plant tools
• hired-in plant tools
• business equipment
• workshops
• contract works
• business interruption
• legal expenses
• personal accident
• goods in transit.

How much does it cost?

No two businesses pay the same for their policy as every business is unique.

The cost varies depending on:

• the products and optional extras you choose
• what you do
• type of cover and limits chosen
• the value of your contents
• whether you have staff.

A quote will give you an exact cost.

How do I get a quote?

You can get a quote with our trusted business partner AXA. Either online or by calling AXA on 0800 068 8734.

Find out more