Choose the right insurance for a small business

Use this guide if you are starting a business, taking on your first staff or renewing your cover as a sole trader or small company. Have a description of what you do, your annual turnover, any staff numbers and the value of your tools, stock and equipment ready. Insurance needs vary by trade, so a broker can help if your work is unusual or higher risk.

Step by step

1. Check what is legally required

   If you employ staff, you will usually need employers' liability insurance from an authorised insurer, and the certificate must be made available to your employees; there are limited exemptions, such as some family businesses, so check the GOV.UK guidance. If you use a vehicle for business, your motor insurance must cover business use. Some professions and regulators require professional indemnity insurance as a condition of practising. Make a list of anything that is compulsory for you.