Commercial insurance provides coverage for both small, everyday risks and larger, unexpected compensation claims. It offers protection for your work, your employees, your reputation and ultimately, your future livelihood.
Typically, a business insurance policy includes various types of coverage, such as public liability, professional indemnity, employers’ liability and contents insurance.
However, the protection doesn’t end there. You also have the option to add additional coverage for specific risks, like terrorism and legal expenses.
Since every business is unique, your insurance should be tailored to your specific needs. With AXA, you have control over your coverage. This means you’ll receive insurance that is as individual as your business.
What options are available for covering my business?
Public liability insurance:
Public liability insurance provides coverage for your business in the event of accidental injuries or property damage claims made by customers, visitors or individuals you come into contact with.
Insurance for professional liability:
Professional indemnity insurance provides coverage for compensation payments and legal expenses in the event that a client alleges you have made an error or provided incorrect advice, resulting in a financial loss, and files a claim against you.
Insurance for employers liability:
Employers’ liability insurance provides protection against claims for work-related injuries or illnesses made by employees. In the majority of instances, it is a legal requirement to have this insurance if you employ individuals.
What type of commercial insurance is necessary for my business?
Determining the appropriate amount of coverage is crucial, as no one wants to pay for more than necessary. Fortunately, our insurance policies offer various levels of coverage, allowing you to select the most suitable amount for your requirements.
Regardless of the level of coverage you choose, you will receive protection for the same risks. The key distinction lies in the amount of compensation you will receive in the event of a claim. For public liability insurance, we offer coverage levels up to a maximum of £5 million. It’s important to note that certain clients or contracts may stipulate a specific level of coverage before engaging with you. For instance, working with a large organization or a council authority may necessitate a higher level of coverage.
Our professional indemnity insurance begins at a standard level of £1 million, with the option to increase coverage up to £5 million. Similarly, some clients may mandate a particular level of coverage. Employers’ liability insurance mandates a minimum of £5 million cover by law.
However, AXA provides a standard £10 million cover, ensuring your business is well protected. The level of coverage for business contents insurance is contingent upon the value of the items being insured. It is essential to accurately assess the value of the contents you wish to cover. Remember, you have the flexibility to enhance your coverage level at any time through your online AXA account.
Is it mandatory to have business insurance?
In some cases, it can be. If your business has staff – even if they’re volunteers, apprentices, contractors or temporary – then employers’ liability insurance is a legal requirement under the Employers’ Liability Act 1969. The law doesn’t apply if you only employ family members. But it’s better to be safe than sorry.
By law, you need £5 million employers’ liability cover. At AXA, we’ll give you £10 million cover as standard. So if someone is injured or becomes ill as a result of working for you – even years down the line – you’ll have confidence in knowing you’re covered.
While not required by law, bear in mind that some clients might ask for proof of certain types of insurance, like public liability insurance, before giving you work.
Some professional regulatory bodies will also require your professional indemnity insurance to be in keeping with their requirements. We’ll ask you to tell us if you’re a member of a professional body when you get a quote, if it’s relevant to what your business does. Then we’ll provide you with the right proof in your documentation.
You can add employers’ liability insurance to your business insurance policy when you get a quote online.
How much does business insurance cost?
Every business is unique, and as a result, the prices of their services or products will also differ. The price of your business policy will be determined by various factors, including the nature of your business, its size, and the activities it engages in. To quickly and conveniently determine the cost of your policy, obtaining a quote is the best approach. You can easily do this online, and as an added benefit, you’ll receive a 10% discount*!
Final Talk
It is possible to obtain business insurance prior to commencing trading, even before officially registering your business. We do not require your company registration number or any information regarding business registration. The only details we need are related to your business address, trade type, and your current or projected turnover.
