Insurance for small business – what you actually need
Insurance is one of those things most business owners don’t think about at the start.
Everything is going well, clients are paying, work is flowing — and it’s easy to assume nothing will go wrong.
Until something does. A small issue — a mistake — can quickly turn into a real cost.
When should you start thinking about insurance?
You don’t need every type of insurance from day one. But you should start thinking about it when you:
- work directly with clients
- provide services or advice
- operate on someone else’s property
- hire employees
- sell products
If your work involves responsibility or risk, insurance matters.
Main types of insurance
Public liability
Covers injury or property damage to others. For example, a client gets injured during a visit to your premises.
Professional indemnity
Covers mistakes or advice. For example, your service leads to a client’s financial loss.
Workers compensation
Required if you employ staff. Covers work-related injuries or illness.
Product liability
Applies if you sell physical goods. Covers damage caused by your product.
What insurance can cover
Depending on the policy, insurance can cover:
- injury claims
- property damage
- financial loss
- legal costs
Where business owners go wrong
- assuming they don’t need insurance yet
- choosing the cheapest option without understanding coverage
- not updating their policy as the business grows
Our recommendation
Start simple:
- choose the cover relevant to your activity
- compare policies carefully
- review it as your business evolves