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Types of insurance

Business insurance

One bad day shouldn’t close your doors for good

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A fire, a flood, an injured customer or weeks of closure can end a business that was doing well. Business insurance is how you get back to trading.

The basics

  • Property covers your premises, stock and equipment.
  • Public liability covers claims if a customer or visitor is injured or their property is damaged.
  • Business interruption replaces lost income while you’re shut after a covered event.
  • Depending on where you are, employer’s liability or workers’ compensation may be required by law.
  • Vehicles, professional liability and cyber cover are often separate.

Where people get caught

  • Business interruption usually only pays if the cause is covered. Flood, riot and similar events can be excluded unless added.
  • A home policy won’t cover your business equipment or stock.
  • If you rent, your landlord insures the building, not your stock or equipment.
  • Stock and equipment values change. Cover that was right last year may be too low now.

Do this now

List what you’d need to keep trading if the premises were closed for a month. Then ask an agent whether you’re covered for flood, riot and business interruption, and whether your stock and equipment are insured at today’s value.

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General information only. Cover varies by country and policy.