Get a quote for business insurance

Insurance solutions from Gallagher

Lloyds Bank business insurance services are arranged and administered by Arthur J. Gallagher Insurance Brokers Limited. When getting a quote online, you will be taken to Gallagher’s online site with a new privacy and cookie policy.

 

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.

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Why choose Lloyds Bank business insurance?

Tailored business insurance

Customise your cover to match your business needs. 

Specialist cover

Get cover for your tools and equipment. Take your pick of insurance options to protect tools vital to your work.

Dedicated support

Get support from a specialist team, including access to insurance advisors and legal support.

What is business insurance?

Business or commercial insurance can help protect your business from day-to-day risks. These risks can range from equipment damage to legal claims raised against your business or staff.

If someone makes a claim or takes legal action against you, a business insurance policy can help cover the costs.

There are several types for you to choose from. These are usually based on the services you offer, the tools and equipment you use and the sector you work in.

Find out more about business insurance

Keep in mind

Keep in mind that insurance covers are subject to the individual terms, conditions and exclusions of the insurer providing them. Always review the policy documentation supplied during the quote process to ensure you have the cover you need.

Talk to an insurance specialist

Call 0345 377 0002

Lines are open 9am-6pm Monday to Friday, excluding bank holidays.

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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.

How much does business insurance cost?

Costs can vary, based on the types of insurance you need and choose to have. The price you’ll pay can depend on factors such as:

  • The size of your business – this can include your annual turnover and the number of people that work for you. Your largest contracts can also play a key role in the cost of your business insurance. The more potential losses you could incur, the higher the premium you may have to pay. 
  • Industry – certain industries carry more risk than others, and so may need a greater level of cover.
  • History of claims – if you have made lots of claims in the past, your insurance may cost more.

Want to know how much your policy may cost? You can get a quick business insurance quote online today. 

Get a quote for business insurance with Lloyds Bank

Get a quote for business insurance with Lloyds Bank

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Frequently asked questions

Help and guidance

Get in touch

Learn how to get a business insurance quote online. Find contact numbers for all your queries, including details for making a claim. 

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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.

We adhere to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk.

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.