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Safeguarding your small business

Small businesses can struggle to find the right insurance for many reasons, from the policy being too expensive to not providing them with the cover that they require. The best advice we can offer is that you really take your time - consider the options that are out there.

We also know how daunting choosing the right insurance policy and the right provider is. With such a wealth of information available, it’s difficult not to be swayed in the wrong direction or to become incredibly confused. It can take days, if not weeks, to settle on the right service for you.

Safeguarding your small business

Why do I need a policy?

Aside from an insurance policy being required by law, it’s a very wise decision to insure your small business before you commence trading. The minimum cover required by any business is Employer’s Liability Insurance. This type of cover protects you in case of any negligence claims from employees or members of the public who you have sold products/services to. If you have regular visitors to your place of business, then we recommend also taking out Public Liability Insurance in case of accidents and subsequent claims against your business.

How do I decide on a policy?

There isn’t a simple answer to this question, but the best advice is to pick a policy that makes you feel safe and comfortable in your work environment. Don’t waste your potential profits on a policy that covers too much, and reversely don’t limit yourself to a cheap policy with a lack of cover. This information might seem quite straightforward to some, but many small business start-up owners struggle with the basics. Our top tip is that you call and speak directly to the provider.

Other Cover

Building cover – If you own the premises in which you’re business is operated, we recommend that you insure it. However, if you lease the premises from a landlord, check with them before you buy cover for your business premises as they might already have done so. It is the landlords responsibility to insure the property, so discuss this with them.

Computer breakdown – The majority of offices will use a computer or a laptop. These tools can be vital to the day-to-day running of the business. We recommend this cover, just to be on the safe side.

Business interruption – This type of cover is vital in case you are prevented from trading, it can also cover you if you have to send staff home due to unforeseen events.  If one of your suppliers has to unexpectedly stop trading and can’t supply you with stock, then you may also be covered. This features covers up to £500,000 of lost income.

Glass and signage – If your business is street facing, it may be vulnerable to vandalism and accidents.

Goods in transit – You can cover customers’ goods in transit for up to £2500

Personal accident and assault cover – If you or your staff are attacked this cover will pay:

  • £10,000 if they are permanently disabled
  • £100 a week until recovery if the condition is temporary

FSB Insurance Service

FSB has been providing thousands of members with insurance for over 20 years. All of our members are granted access to specifically tailored services, so we can find a policy to best suit you. We also give our members exclusive discounts and free access to our Business Continuity portal, which helps employers decide how to protect their business should the worst happen.

Our small business insurance can cover businesses that include:

  • Plumbers, builders, carpenters, electricians and other tradesmen
  • Accountants
  • Hairdressers
  • Shops and cafés
  • Sports and personal trainers
  • Freelance designers and developers
  • Consultants
  • Many more

FSB can also supply members with higher levels of cover where possible, but if you’re not sure what level of insurance you need then it’s best to call one of our customer service advisors for a quote. No matter what your business is, we will be able to help you. FSB Insurance Service is a part of the Towergate Underwriting Group, one of the largest independent intermediaries in Europe and therefore has access to an incredibly wide range of different policies and providers across the wider insurance market.

FSB Insurance Service from FSB

Hassle free - a dedicated team removes the hard work of searching for insurance, we work as a broker to find you a policy for your circumstances.

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