What is it?
A commercial insurance policy protects businesses against loss arising out of things like damage to property or injury to an employee. This is a term commonly used to refer to core business insurance policies like public liability and employers' liability.
There are many types of commercial insurance, and what you need will depend on your business. Tradesmen, for instance, would probably need more commercial coverage than professional writers, as risks vary depending on the type of business and are often higher for some. Public liability and professional indemnity are wise covers for most businesses, whereas employers' liability insurance is an essential cover for businesses with one or more employees. It is a legal requirement, so don't miss out.
Therefore, public liability and professional indemnity are prudent covers for most businesses, while employers' liability is mandatory for any small to medium size company with one or more employees. It's a legal requirement, and if it's not in place, you could break the law.
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FAQ
Getting business insurance is possible even before you register your business. In most cases, you won't be asked for your company registration number or any other details regarding your business registration when purchasing business insurance.
Before you begin trading, you can buy your business insurance, so you may not have your trade license yet. Nevertheless, if your business doesn't have the necessary licenses once you start trading, your business insurance may be invalid and claims may not be paid.
The only policy a small business is legally required to have is employers' liability insurance (EL). EL covers your business should one of your employees claim to have been ill or injured due to their work for you. If you need to defend your case, the policy covers any legal expenses.