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The 5 best business insurance offers

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Last editedApr 20212 min read

Even the most placid office-based businesses carry with them some element of risk. You’ll need to compare business insurance policies carefully to help mitigate this risk and protect your company from damages.

What is business insurance?

Business insurance refers to any policy designed to protect your company against risk. From natural disasters to property theft, there are many circumstances that could result in financial loss. With a business insurance policy, you’d be covered when something goes wrong.

There are many different types of business insurance policies, including the following:

  • Indemnity insurance protects against claims made by a third party against your products or services.

  • Business liability insurance protects against damage your business causes to a third party, whether it’s a member of the public or an employee.

  • Commercial property insurance protects against damages from flood, fire, theft, or other disasters that impact your property and equipment.

  • Commercial vehicle insurance covers damages to your business-related car or van.

In any of these examples, your insurance policy covers the cost of compensation and legal costs if your company is sued. It also covers the replacement costs for lost, stolen, or damaged property.

How much small business insurance coverage do you need?

There’s no one-size-fits-all solution when it comes to business insurance. Businesses vary widely not only in size, but also in terms of risk. For example, private doctors or personal trainers might have greater need for public liability insurance in case a client becomes injured and litigious.

You must consider these factors before choosing a plan, or you run the risk of paying for more or less coverage than you need.

To help assess the right level of coverage, think about the following questions:

  • Is a certain level of insurance required for your industry to operate legally?

  • What are the specific areas where something can go wrong for your business?

  • How much would problems cost to solve, including legal fees and compensation?

  • How much inventory does your business carry?

  • What would it cost to rebuild your premises?

It helps to think about what you stand to lose, to estimate the costs of replacement.

The best business insurance plans

So, which business insurance plan is right for you? This will depend on your company’s size, industry, and needs. Here are the best business insurance offers at present, listed in no particular order.

1. AXA

AXA’s business insurance products are far-reaching, with policies on hand for sole traders and self-employed workers as well as SMEs. In addition to general small business insurance, there’s also property insurance, professional indemnity products, public liability, and dedicated landlord policies. You can combine products to suit your needs, such as a blend of contents, van, and business liability insurance.

2. Aviva

Aviva is another big-name provider for business insurance with a broad range of products to choose from. You’ll find general policies for buildings and contents protection as well as landlord insurance, self-employed insurance and both indemnity and liability insurance. This can protect you from both everyday risks and unexpected events.

3. Liberty Mutual

Like the others mentioned above, Liberty Mutual provides a flexible selection of insurance products both general and specialist. Whether you’re a sole trader or have thousands of employees, you can find comprehensive combination packages to keep your team protected. There are specialist products for the property, agriculture, financial services, and manufacturing industries.

4. AIG

If you’re looking for business insurance quotes specific to your sector, AIG’s offers are worth considering. The company offers both niche products as well as combination packages to suit your needs. A few unique products include policies to cover mergers and acquisitions, political risk, and environmental damages.

5. Churchill

Based in the UK, Churchills is a good choice for small business insurance. They specialise in products for tradesmen and self-employed workers. There are two main packages on offer. The first includes landlord insurance with coverage for contents, buildings, and rental or boiler cover. The second is public liability insurance with add-ons for contract works, plant cover, and personal accident protection. 

Because prices and plans can fluctuate, it’s best to use a compare business insurance quotes website to find the best fit for you.

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