Some of the issues to think about before you approach the overall subject of UK small business insurance have to do with the business itself. Two important considerations are the size of the business right now in terms of number of employees, and its physical location. If you’re the sole business owner/employee working out of your home, your business won’t need as much insurance coverage as a business that is renting office space and/or equipment and employing several full-time workers.

At a minimum, you want to investigate the following types of UK small business insurance: commercial vehicle insurance, product liability insurance, professional indemnity insurance, public liability insurance, and Tax/VAT Investigation insurance.

If your UK small business uses company or commercial vehicles to transport employees, clients, or even property you may need commercial automobile insurance. The type of commercial auto insurance you get depends on the type of vehicle you use in your business. When selecting a plan, be sure you know the process for updating your commercial automobile coverage.

Product liability insurance protects your UK small business if the product you manufacture causes damage to someone using it. If your small business is a supplier of the product and not the manufacturer, it’s important to clarify which party would be at fault should this type of event occur.

A different type of insurance is needed if your UK small business provides a service rather than a product. This type of insurance is called Professional Indemnity insurance and protects you against clients who feel you gave them bad information or advice or information/advice that caused them to make an incorrect decision based on your advice. The peace of mind you get from this type of cover is worth the price you have to pay!

Pubic liability insurance covers third parties against damage or injury that occurs at your place of business, such as when a vendor trips over a torn piece of carpet or wayward computer cable. It also protects you from damages caused by outside vendors providing services to your place of business such as plumbers and electricians. Don’t overlook these types of situations when selecting insurance for your UK small business. They happen all the time.

One type of insurance UK small business owners are paying more attention to is Tax and VAT Investigation insurance. No business owner wants to go through the hassle of an investigation of this nature, however should you find yourself in disputes with HM Customs and Excise or other types of employer-related tax disputes, this type of insurance will offer some peace of mind as well.

There are a great number of UK business insurance providers. Here is a link to a service which can get you quotes from several companies at the same time. UK small business insurance quotes

David
Small Business Resource