Comparing Business Insurance Options In The Uk – Choosing a business insurance policy is an important step that is often reviewed by many company owners who are just selecting the first policy they can find from a major provider. However, by making a careful comparison, you may be able to reduce your monthly payments significantly or get more coverage that will protect you against any eventuality. The most common types of business insurance include general liability, umbrella, workers’ compensation, and business interruption insurance. Fortunately, the process for comparing all of these types of insurance is very similar. Therefore, follow these steps to find the right insurance policy for your needs:
Rather than manually evaluating each major provider’s quotes by visiting their websites or calling them separately, you can centralize and simplify the process by taking multiple quotes using a comprehensive insurance comparison platform like Insurance Geek. This will allow you to determine the features you want in a business insurance policy and get several customized offers from different providers at once.
Comparing Business Insurance Options In The Uk
Since the purpose of business insurance is to provide financial protection for your company, it doesn’t make sense to get a policy that doesn’t cover everything your company does. The average business has between $10,000 – $100,000 in assets. Calculate how much you will need to replace all of your company’s equipment and find a policy that will cover that amount and a liability waiver of $10,000 for the new equipment you will purchase.
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Business insurance not only covers your company’s property, but also provides protection if someone else is injured or their property is damaged while on your business premises. Most business insurance providers offer liability limits ranging from about $30,000 to $500,000 or more.
Combining your business insurance policy with other types of insurance can save you 10 to 20 percent on your monthly premiums and monthly expenses. Most insurance providers will offer this option, so keep that in mind if you’re looking for additional ways to reduce costs.
Choosing a high deductible may seem like a bad decision because you will have to pay up front when you need to file a claim. Choosing a higher deductible will lower your monthly premiums significantly, but make sure you have that amount set aside so you can cover it if there is a need for a claim. Generally, business insurance and commercial property insurance deductibles range from $200 to $5000.
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Ultimately, not having a business insurance policy is a no-brainer when you consider how affordable this type of insurance is and how much protection it provides. You can usually get a business insurance policy for around $15 to $100 per month, so there’s no reason to put off this expense.
James Daniels is a freelance writer, business enthusiast, bit of a tech geek, and overall geek. He is also an avid reader, who spends hours studying and learning about the latest tools and technology, while providing ideas and opinions on these topics.
English Українська Deutsch Español 中文 Français عربي Türkçe Italiano ไทย ไท้แต่า فارسی 한국어 up to £200 for small businesses and middle school in England. However, in addition to stock protection, freezer contents, high value stocks such as wine and spirits, etc. rather than increasing your premiums. We’ve looked at quotes from one of the UK’s largest business insurance companies to get an idea of the cost of insurance for different businesses. Here’s what we found.
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Business contents insurance in the UK starts from around £136 per year up to £25,000 contents for a typical business (e.g. shop). As with other types of business insurance, the premium will increase along with the policy coverage limit. For example, increasing cover to £50,000 would increase the premium to around £151.
The more cover you have, the more you get per £10,000 of cover – that is, additional cover is usually cheaper per £ of cover compared to the base cover amount. For example, the first cover of £25,000 in our study cost £136; but it costs £185.00 less with insurance of £100.00. That means you can get 10X the cover (£100k vs. £10k) for 1.4X the price (£185 vs. £136).
These rates reflect basic goods insurance, which will cover business items such as furniture (e.g. tables, chairs and sofas), equipment and fittings (e.g. shop counters and shelves), glassware and linen, tiles and computers. If you need coverage for other types of content—especially stock, tenant improvements, and your storefront—you’ll have to pay more. Let’s see how much extra it adds.
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The average cost of share insurance in the UK ranges from £136 (e.g. £10,000 common shares) to £700 or more (e.g. £500,000 high shares) per year. Stock insurance costs vary not only based on the coverage margin (based on the value of your stock), but also depending on your job. For example, restaurant owners pay more for stock insurance than store owners.
You will notice that these rates are higher than the figures discussed in the previous section on general contents insurance. Why? You will have to pay more to protect your stock/inventory compared to other content in your business—up to 50% more. For example, our gift shop would pay £171 for £50,000 for stock covers vs. £151 for filled cover (non-stock).
And if you sell high-value items such as cigarettes, wine, alcoholic beverages, computers and laptops, they will cost more. For example, you may have to pay 30% to 80% more to get a high-priced item.
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Restaurants, pubs, cafes and other food-related businesses may need protection against food spoilage – for example food in the freezer. This includes food stocks that you store frozen or chilled, damaged or lost due to changes in temperature (for example, if your refrigerator or freezer is accidentally damaged or broken). Freezer cover costs range from £51 to £164, and there is often a lower limit on the contents of your freezer than the total number of your items.
If you rent a property, you are usually responsible for any structural improvements you make (for example, adapting the property), such as decorating walls and ceilings, installing fixtures, and laying floors or carpets. Since your homeowner’s insurance likely won’t cover these types of repairs, purchasing your renter’s repair insurance will protect you financially in the event of damage to your repairs (for example, due to flooding or fire).
The cost of tenant improvements insurance mainly depends on the value of the changes you make, and starts from around £136 for a property worth £10,000, to around £255 for a major renovation worth £500k.
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You may need a higher level of coverage at certain times of the year. Some insurers include – free of charge – increases in share cover limits at certain times (for example, additional cover of 30% in November and December or in the 14 days before and after bank holidays). However, you may need to pay an additional premium if you need a larger seasonal increase or an increase at another time (for example, during the summer at the garden store).
There are many factors that come into play when insurance companies decide how to quote your business contents, such as the type of contents you insure, the amount of coverage you require, your occupation, the type of building you occupy—and your location. . While you may not be able to change these things, there are ways to save money and get discounts on your business insurance. Here are some of them:
The guides on this site are based on our analysis and are designed to help you identify options and narrow your choices. We do not recommend or tell you which products to buy; do your own due diligence before signing any contract. Read our full announcement here.
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Note on savings figures: *51% of customers could save themselves £490.26
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