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Common types of business insurance typically include public liability insurance, professional indemnity insurance, product liability insurance and more, each designed to cover a specific area of exposure.  Businesses face a wide range of risks, from customer injuries and professional disputes to cyber attacks and regulatory action.

There are several types of business insurance, including (but not limited to):

• Public liability insurance. This can cover your legal liability for personal injury to people (e.g. customers, suppliers or members of the public) or damage to third-party property in connection with negligent business activities. This includes compensation payments and associated legal fees.
• Professional indemnity insurance. This can cover your legal expenses and any compensation costs arising from claims of alleged professional error, negligence or breach of duty resulting from providing a professional service or advice to a client.
• Product liability insurance. This can protect your business against claims of personal injury, harm or property damage suffered by a third party because of your business’s product(s). Product Liability insurance is often included as part of a Public Liability policy.
• Management liability insurance. This can cover fines for statutory breaches (e.g. occupational health and safety) and legal costs arising from claims of wrongful acts by management, such as alleged unfair dismissal, discrimination or harassment. It can also cover losses from employee theft and fraud.
• Cyber liability insurance. This can cover legal claims and remedy costs arising from data breaches and other cybersecurity issues. Specifically, it helps cover damages to clients, cyber forensics costs and lost revenue from business disruption.
• Statutory liability insurance. This type of cover can protect your business against liabilities for statutory fines and penalties issued by a government or regulatory body.
• Tax audit insurance. This can help cover professional fees responding to a tax compliance audit or investigation notice. This policy may be purchased as part of our Business Insurance package.

There is no one-size-fits-all business insurance policy that’s ‘best’ for every single business owner because the right business insurance depends on your industry, assets and risk exposure. When considering which type of insurance you should get, it can be a smart move to use a comparison tool to find the policies that are suited for your business.

Certain business insurance policies may offer flexible cover that can be customised to your business insurance needs, whether you are a sole trader, small business owner or own multiple businesses.