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What types of business insurance can I get?
Covers the cost of claims and legal fees if a third party gets injured or has their property damaged. It can be an ideal choice for tradespeople and those who are self-employed.
Property can be a sound way to invest, but things can go wrong. Landlord insurance offers landlords or property managers protection from financial losses resulting from damage to rental properties.
Covers you if a client makes a claim on the service or advice your business has provided to them. This may be due to financial loss or reputational damage.
Protects shop owners and retail businesses in case of financial loss from theft or damage of stock and equipment. It can also help with claims for employee injury or illness as a result of their work.
Covers you in the event of damage to your premises and equipment, if caused by an insured event. It can also help cover the cost of employee claims as a result of a work-related injury or illness.
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.
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.
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.
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.
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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.