What is business insurance?
Business insurance is a policy that protects your business from claims of various kinds - everything from accidentally injury, contents and property damage, or employee injury and illness. It protects businesses against losses by safeguarding your work, your people, your reputation, and ultimately, your future.
Typically, a business insurance policy is made up of a combination of different covers. These covers are:
- Public liability insurance
- Employers' liability insurance
- Professional indemnity insurance
- Contents insurance
With AXA, you can tailor your business insurance policy to get the right combination of covers that suit your needs. Not every business will need every type of cover, so make sure you choose the ones that work best for you to protect yourself from unexpected claims.
Who needs business insurance?
Nearly every buiness needs insurance. So, whether you’re just starting out, or you’ve been your own boss for years – we‘ve got the cover you need.
We cover a variety of different business types and sizes. Currently, we can offer cover to:
- Micro businesses (0-12 employees)
- Sole traders
- Self-employed people
Not sure what insurance your business needs?
If you're not sure what kind of cover you might need, we can help. We offer several different covers and optional extras, and to find out which ones work best for you, simply click below.
Public liability insurance
Public liability insurance protects you if a third party makes a claim against you because they were accidentally injured, or their property was damaged. Most policies cover you whether the injury or damage happened at your premises or off-site.
Although it’s not a legal requirement, most local and public authorities (such as local councils, schools etc) may also ask that you have it in place as part of a business agreement.
Our cover ranges from a minimum cover level of £1 million, and a maximum cover level of £5 million. Please note, some clients (such as local authorities) might have a level of cover they require you to have before they'll work woth you.
Employers’ liability insurance
Employers’ liability insurance is a cover that is a legal requirement for any business that has people working for it. This includes:
- Full-time and part-time employees
- Self-employed contractors you hire
- Temporary staff, apprentices and volunteers
- People taking part in work experience or training schemes
It protects your employees if they get accidentally injured, or fall ill, as while working for. You must have this cover if you're not working alone - and if you don't, you face being fined £2500 by HMRC for every day you're uninsured.
By law, you must have at least £5 million cover. But with AXA, we’ll give you £10 million as standard.
Professional indemnity insurance
Professional indemnity insurance covers you if a client of yours loses money as a result of following your advice or because you've provided negligent services. Like public liability, professional indemnity is also not a legal requirement, however it is highly recommended, particularly if you regularly handle client accounts and give financial advice. We also have specialist policies available for professions like accountants.
Our policies start off at a standard level of £1 million, though you can increase this level anywhere up to £5 million of cover. As with public liability, some clients may require you to have a certain level of cover.
Contents insurance
With contents insurance, you're able to insure the things that make your business yours. This covers a wide array of things - such as the fixtures and fittings (salon chairs, mirrors, washing stations etc) in a hairdressers’, the toys and equipment you might need as a childminder, or even the stock you have ready to sell.
The level of cover you need will depend on what you are covering, and the value of the contents being insured. So, make sure you’re always accurately estimating the value of the items you want to cover, as underinsurance will result in a compensation figure lower than you might need.
Public liability insurance
Public liability protects you if a third party makes a claim against you because they were accidentally injured, or their property was damaged. Most policies cover you whether the injury or damage happened at your premises or off-site.
Although it’s not a legal requirement, most local and public authorities (such as local councils, schools etc) may also ask that you have it in place as part of a business agreement.
Our cover ranges from a minimum cover level of £1 million, and a maximum cover level of £5 million. Please note, some clients (such as local authorities) might have a level of cover they require you to have before they'll work woth you.
Professional indemnity insurance
Professional indemnity covers you if a client of yours loses money as a result of following your advice or because you've provided negligent services. Like public liability, professional indemnity is also not a legal requirement, however it is highly recommended, particularly if you regularly handle client accounts and give financial advice. We also have specialist policies available for professions like accountants.
Our policies start off at a standard level of £1 million, though you can increase this level anywhere up to £5 million of cover. As with public liability, some clients may require you to have a certain level of cover.
Employers’ liability insurance
Employers’ liability is a cover that is a legal requirement for any business that has people working for it. This includes:
- Full-time and part-time employees
- Self-employed contractors you hire
- Temporary staff, apprentices and volunteers
- People taking part in work experience or training schemes
It protects your employees if they get accidentally injured, or fall ill, as while working for. You must have this cover if you're not working alone - and if you don't, you face being fined £2500 by HMRC for every day you're uninsured.
By law, you must have at least £5 million cover. But with AXA, we’ll give you £10 million as standard.
Contents cover
With contents insurance, you're able to insure the things that make your business yours. This covers a wide array of things - such as the fixtures and fittings (salon chairs, mirrors, washing stations etc) in a hairdressers’, the toys and equipment you might need as a childminder, or even the stock you have ready to sell.
The level of cover you need will depend on what you are covering, and the value of the contents being insured. So, make sure you’re always accurately estimating the value of the items you want to cover, as underinsurance will result in a compensation figure lower than you might need.
What level of business insurance do I need?
Knowing how much cover you need is important – nobody wants to be paying for more than they need. Thankfully, our covers come at various levels, so you can choose the right amount for your needs.
You’ll be covered for the same thing regardless of what level of cover you choose. The main difference will be how much compensation you’ll be covered for in the event of a claim.
Public liability insurance
Our public liability insurance ranges in levels up to a maximum of £10 million*. Please note, some clients or contracts might require you to have a certain level of cover before working with you. For example, if you’re working with a large organisation or a council authority, they’ll likely require you have a higher level of cover.
Professional indemnity insurance
Our professional indemnity insurance starts off at a standard level of £1 million, though you can increase this level anywhere up to £5 million of cover. As above, some clients may require you to have a certain level of cover.
Employers’ liability insurance
By law, business with employers’ liability insurance are required to have a minimum of £5 million cover. But with AXA, we’ll give you £10 million as standard, so you can rest assured your business is in good hands.
Contents insurance
With our business contents insurance, the level of cover you have will depend on the value of the contents being insured. So, make sure you’re always accurately estimating the value of the items you want to cover.
And remember, you can increase your level of cover at any time on your online AXA account.
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Is business insurance a legal requirement?
In some cases, it can be. For example, if your business has staff – even if they’re volunteers, apprentices, contractors or temporary – then employers’ liability insurance is a legal requirement under the Employers’ Liability Act 1969. The law doesn’t apply if you only employ family members - but even then, it’s better to be safe than sorry.
On the other hand, public liability isn't a legal requirement, but it is one that will be a requirement for several types of businesses that work with, or require approval from, a local authority. For example, when working with schools or local councils, or running a business the requires permission from local authorities, such as childminding.
Similarly, many professional regulatory bodies will require you to have professional indemnity insurance to join. We’ll ask you to tell us if you’re a member of a professional body when you get a quote, if it’s relevant to what your business does. Then we’ll provide you with the right proof in your documentation.
How much does business insurance cost?
No two businesses are exactly the same, which means that no two business’ prices will be the exact same, either. The cost of your policy will depend on several factors, such as what your business does, the size of your business and what you do.
The quickest and easiest way to find out what your policy is likely to cost is to get a quote online.
Ready to get started?
Not sure what type of cover your need?
Can I get business insurance before registering my business?
Yes, you can. You can get business insurance before you’ve started trading – and before you have even registered your business with HMRC and/or Companies House.
We don’t need your company registration number or any business registration information. All we need are details on your business address, trade type and your actual/projected turnover.
Why choose AXA Business Insurance?
859k
We protect over 859,000 businesses like yours1
4.6/5 stars
Rated by 16,964 customers on Feefo2
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About us
Keep your company up-and-running no matter what with AXA’s business insurance. We offer flexible, tailored cover to help sole traders, self-employed people and small and medium-sized businesses grow.
Landlord? We’ll protect your commercial or residential property. Use a van? Stay on the road with our comprehensive van insurance.
Running a business is hard work. That’s why we keep insuring one simple.
*10% of our customers paid from £6.81 for ten months between July and September 2024 after an initial deposit. Interest applicable. For more details see our terms & conditions.
1Based on the number of businesses insured by AXA across the UK and Ireland as of February 15th, 2024.
2Rated 4.6/5 based on 18,226 total reviews. Figure accurate as of 08/01/2025.
Underwritten by AXA Insurance UK plc. Terms, conditions, limitations, eligibility and exclusions apply.