Is business insurance a legal requirement in the UK?

Employers’ liability insurance is a legal requirement if you have staff. Most other cover, such as key person or shareholder protection, isn’t compulsory but is strongly recommended to protect your business financially.

Do sole traders need business insurance?

It depends on your work, but most sole traders benefit from at least public liability and, for many trades, professional indemnity cover. We can talk you through what applies to your business.

What’s the difference between key person and shareholder protection?

Key person protection pays out to the business if someone critical to it dies or is diagnosed with a serious illness, covering lost profit or the cost of replacing them. Shareholder protection funds the buyback of a shareholder’s stake if they die, so ownership stays with the remaining shareholders rather than passing to their family.

How much does business insurance cost for a small business in Derby?

Cost depends on your industry, number of staff, and the level of cover you need. We’re whole-of-market, so we compare providers to find cover that fits your budget rather than pushing a single insurer’s policy.

Can I get business insurance if my company is newly formed?

Yes. Newly formed and early-stage businesses can usually get cover, and it’s often easier to arrange before you take on staff, contracts or premises, not after.