Business insurance typically ranges from £50 to over £1,000+ per year depending on coverage, with many small businesses paying around £100–£200 annually for core policies. Costs are driven by industry risk, business size, location, and the level of liability cover, with monthly premiums sometimes starting under £6.
Get tailored quotes in 7 minutes. *The price is for up to £2 million of public liability insurance – 10% of customers paid £67.67 or less annually between 1st Jul – 30th Sep 2025. Equivalent to £5.64 a month (and excludes the extra costs for paying monthly). 84% of customers have a £1 million limit and 16% £2 million.
The dangerous nature of working in a trade: Accidents causing damage to a customer's property, or worse injury, aren't uncommon for tradespeople. That's why public liability insurance is such an important consideration for those working in a trade. It offers protection against financial loss due to compensation claims.
Why do I need business insurance? Business insurance can help protect business owners and independent professionals against everyday risks, such as mistakes, stock or premises damage, and legal costs (known as Liability insurance). Some policies can even protect against business interruption and supply chain breakdown.
Small Business General Liability Insurance for 2023 - Next Insurance Overview / How to Get Insurance
Do you legally need business insurance?
Whether or not you're legally required to have business insurance depends on your particular business. Employers' liability is a legal requirement for most businesses that have staff, while other types of insurance, such as professional indemnity, may be required by regulatory bodies.
This article outlines the “Five P's of Insurance” that I discuss with my clients when designing group benefits plans. The five “P's” include premium, plan, providers, participation, and performance. Consider these five elements of benefits design and rank them by importance.
“With CPI at a 40 year high of 9.1%, insurers have increased premium rates in order to cover the cost of higher claim settlements, which arise as a result of the higher inflationary environment and delays due to the global supply chain.”
Here's what to expect: Monthly premiums for $100,000 in coverage typically range from $75/month at age 30 to $300/month at age 60. 30-year total: Could be $27,000 to over $100,000 depending on age and health.
What type of insurance is required for a business?
You need basic coverage like Public Liability (injury/damage to public) and potentially Professional Indemnity (bad advice), plus legally required Employers' Liability if you have staff, but the exact mix depends on your industry, location, and activities, with other options like Commercial Property, Cyber Insurance, and Business Interruption offering broader protection.
Can you run a business without business insurance?
For most limited companies that have employees, or have more than one director, employers' liability insurance is a legal requirement. If you're the sole director of a limited company, you don't necessarily need to have it in place, but some companies may require you to have a policy in order to work for them.
Why do I need business insurance? Business insurance can help protect business owners and independent professionals against everyday risks, such as mistakes, stock or premises damage, and legal costs (known as Liability insurance). Some policies can even protect against business interruption and supply chain breakdown.
Some combined business insurance policies include basic legal expenses cover, but the scope and limits vary widely between insurers. Standalone legal protection often provides higher limits and covers a broader range of disputes, including contract issues and debt recovery.
