Most advice on business insurance lists every available policy and leaves you to work out which matter. That is not useful when you have a real budget and a business to run. This is an order of priority.
First: the things that would close you
- 1Property and fire cover on your premises, stock and equipment — the single event most likely to stop trading entirely.
- 2Business interruption, sized to a realistic rebuilding period. The most under-bought cover in the market.
- 3Liability cover if the public, customers or contractors come onto your site, or if your work could cause injury or loss.
Second: the things tied to how you actually operate
- 1Motor or fleet cover, if vehicles are part of the business.
- 2Goods-in-transit or marine, if you move stock. Your property policy stops at the warehouse door.
- 3Machinery breakdown, if one piece of equipment failing would halt production. A fire policy never covers breakdown.
- 4Professional indemnity, if you sell advice, design or expertise.
Third: your people
Group life, health cover and personal accident. These come third not because staff matter least, but because the first two categories protect the business's ability to employ anyone at all. Once stable, employee cover is also one of the most cost-effective ways to retain good people.
The mistakes we see most
- Insuring the building and forgetting the stock inside it
- Sums insured set at start-up and never revisited while the business tripled
- Assuming a landlord's policy covers your contents — it does not
- Buying the cheapest quote without comparing what is excluded
- No business interruption cover at all, which is the most expensive omission on this list
A cheaper premium for cover that will not respond is not a saving. It is a deferred loss.
Still your situation?
General guidance only takes you so far.
This article cannot know your circumstances. A free consultation can — bring your questions, your current policy, or nothing at all.