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Business Insurance
Protect your business against unforeseen circumstances which could cause financial loss, such as property damage and liability claims.
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Protect my business
Whether you're starting out with a new venture, or you're an established business, it’s important to have an appropriate type of cover in place. Protect your business from property damage or liability claims with Lloyds Bank.
Why choose Lloyds Bank business insurance?
Who needs business insurance?
Most businesses in the UK can get tailored business insurance to suit the way they work. These include but are not limited to:
- Sole traders.
- Self-employed people.
- Small and medium enterprises (SMEs).
- Large, multi-national organisations.
The type of business insurance you need can also vary from sector to sector. A shop owner will likely need to have employers’ liability insurance, while a freelancer may not. Instead, they may choose to get contents insurance for working from home.
Do I need business insurance?
If you’re wondering whether you need insurance for your business, you may want to weigh up the risks of not having it. Failure to have a business insurance policy may put you in legal or financial risk such as:
- Unrecoverable damages – if someone steals your equipment or it's lost or damaged, you may have to pay to replace it.
- Large legal fees – you may have to pay high legal fees if one of your employees makes a claim against you.
- Income losses – any claims made against your business can have an impact on your income.
- Legal trouble – you may face prosecution if you don't have the required insurance in place. For example, employers’ liability insurance.
Is business insurance a legal requirement in the UK?
There is only one type of business insurance that is legally required in the UK, known as employers’ liability insurance.
Most businesses that employ staff – even if it’s just one other person – must have at least £5 million of employers’ liability cover in place. This can help cover the costs of a claim if one of your staff members is ill due to work or gets hurt at work.
If you’re a business that operates vehicles, you are also legally required to have commercial motor insurance in place.
Some clients or suppliers may also have their own requirements. For example, they may ask for proof that you have public liability insurance before agreeing to work with you.
Frequently asked questions
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Yes, you can get business insurance even before you’ve registered your business. You can still buy business insurance online without using your company registration number.
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While insurance is not a must for all freelancers, there are some types of cover that may be useful. Professional indemnity insurance can be a good option for freelancers. It can protect you if a client wants to make a claim or take legal action against you.
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It can depend on the type of business you have. If you don’t have employers’ liability insurance but have your own staff, you could get fined up to £2,500 a day. If you don’t have other types of business insurance, you may have to pay a fee or compensation if you lose your case. This could negatively impact your business financially.
Important Legal Information
Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.
The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group.
Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.