Business insurance covers claims, damage and legal costs that could otherwise fall on you. The cover you need depends on what you do, where you operate and whether you have staff.
Insurance protects your business from claims and losses that could otherwise fall on you. The cover you need depends on your trade, your staff and your contracts, and cheap cover with the wrong exclusions can be worse than none.
We compare four providers in the US and UK, including insurers and comparison services. Each pick says who it suits and what to check before you buy.
Best for professional and liability cover
Specialist insurer for small businesses, with professional indemnity, public liability and other cover, available in several markets.
Watch out forCover and eligibility vary by country and trade, so read the policy wording.
Best for fast online cover (US)
Online quotes and policies for US small businesses and the self-employed, including general liability and professional liability.
Watch out forUS only, and some trades need specialist cover.
Best for comparing UK insurers
A UK broker that compares quotes from several insurers for liability, equipment and other cover.
Watch out forAs a broker it sells other insurers' policies, so check exactly what is and is not covered.
Best for comparing US carriers
A US marketplace that matches you with carriers across many industries, helpful if your risk does not fit a standard online policy.
Watch out forQuotes may involve a call with an agent, and cover varies by carrier.
| Provider | Choose it if you want | Its main strength | Its main limit |
|---|---|---|---|
| Hiscox | Professional or general liability cover for a small business | A specialist small-business insurer, in the US and UK | Cover and eligibility vary by trade and country |
| Next Insurance | Quick online cover for a US small business | Online quotes and policies, including general and professional liability | US only, and some trades need specialist cover |
| Simply Business | To compare several UK insurers at once | A broker that compares quotes for liability, equipment and other cover | It sells other insurers' policies, so check what is covered |
| Insureon | To compare US carriers for an unusual risk | A marketplace that matches you with carriers across many industries | Quotes may involve a call, and cover varies by carrier |
Think about client claims, damage to property, equipment loss and data breaches, then match cover to the real risks.
If you employ people, some cover is usually compulsory, such as employers' liability in the UK or workers' compensation in most US states.
A cheap policy with a low limit or high excess may not help when you need it. Compare these as well as the premium.
Check how claims are made and how quickly they are handled, especially with a broker or marketplace.
Premiums depend on your trade, turnover, location, number of staff and claims history, as well as the limit you choose and the excess you accept. A higher excess lowers the premium but means you pay more of any claim yourself.
Look past the price to the limit, the excess and the exclusions. Check whether professional cover is written on a claims-made basis, which means it only responds if the policy is in force when the claim is made, so you usually need to keep renewing it. Check what must be disclosed and what changes in your business you have to tell the insurer about.
Some types are legally required if you employ people, such as employers' liability in the UK and workers' compensation in most US states. Others are required by clients, landlords or lenders, and many are simply sensible.
Cover for claims that your advice or work caused a client a financial loss. It matters for agencies, consultants and other service businesses.
It depends on your trade, turnover, location, staff and claims history. Quotes are free from most providers, so compare several.
Insurers sell their own policies directly. Brokers and marketplaces compare several insurers and can help when your risk is unusual. Check any fees.
Typically costs after a data breach or cyber attack, such as response, notification and recovery. Policies differ, so check what is excluded.
ExpenseBiz is an independent editorial publication. We may earn a commission if you sign up through some links on this page, at no extra cost to you. This page is general information, not financial, tax or legal advice. See our methodology.
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