How to find and buy the best small business insurance policy

As a small business owner, you’ll come across various types of business insurance—some of which are required by law, and others that are just smart to have.

Whatever your needs, one thing’s certain: comparing business insurance policies from different providers can help you find the best value for your money and ensure your business has the right coverage.

What insurance policies does your small business need?

First, it’s crucial to know if your profession requires specific types of insurance by law.

If you have employees, employers’ liability insurance is mandatory unless you’re the sole director of a limited company and own at least 50% of the share capital or employ only family members.

For those in professional services, like IT contracting and engineering, professional indemnity insurance might be a contractual obligation required by your client.

If your business operates in public-facing sectors, such as hospitality, you might need public liability insurance before opening your doors to customers.

Draw up a list of these essential policies to get started.

What other types of cover do you want?

Beyond the must-have insurance, consider optional policies that could give you peace of mind—and protect your business from unexpected events.

These could include buildings insurance, key person insurance, Directors & Officers insurance, or even business continuity cover. While not required by law, these policies can make sure that you, your business, and your employees are covered in more ways than one.

Tax investigation cover is very good value and can protect your business if HMRC opens an enquiry into any aspect your tax affairs.

Shop around: Get the best deal

The internet is your best friend when it comes to finding great insurance deals. Even if you’re hesitant to rely on price comparison sites, insurers’ websites often have full policy details that you can check out without needing to speak to anyone.

Run some searches for both major providers and smaller specialist insurers to find those that offer the coverage your business needs.

Look for reputable companies with positive reviews, then download and compare their policy documents. You don’t need a magnifying glass—just be sure to fully read your preferred policy before committing.

Speak to insurance providers

Once you’ve narrowed down your list, it’s time to get on the phone. You might find that providers are willing to offer you a reduced rate if you’re bundling several policies, or even extra cover if your business has valuable assets.

Even if you don’t purchase from a particular provider, it’s always worth asking if they offer any extras or discounts.

Consider using a broker

Short on time? Don’t feel like researching yourself? An insurance broker could save you the hassle.

A whole-of-market broker will be familiar with all the major products out there, and they’ll recommend the one that fits your business best.

Plus, if their advice turns out to be wrong, you can usually claim against their professional indemnity insurance, adding an extra layer of protection for you!

Get a quick quote now

We have worked with Qdos as our insurance partner at Bytestart for over a decade. Qdos offers a wide range of policies for both sole traders and limited company owners.