Public liability insurance is there to cover you if a member of the public sues your business for causing an injury or damaging their property.
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Protect the equipment your business relies on
Business contents insurance makes sure you’re covered if your kit gets lost, damaged or stolen.
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What is business contents insurance?
Business contents insurance is a type of insurance which can cover loss, damage or theft of equipment and other possessions.Â
Also called business assets or commercial contents insurance, this type of policy covers deliberate acts and accidents that can result in losses. With it in place you’re protected in the event of fire, vandalism and flooding among other events.
How does business contents insurance work?
Business content insurance provides compensation if you need to replace something that has been damaged or lost.Â
It works in a similar way to home insurance. When you apply for cover, you’ll need to work out exactly what needs to be protected and how much it is worth. If you aren’t accurate during the application process, you might find you aren’t covered when you need it most.Â
It’s a good idea to scrutinise the policy before signing up, as you’ll want to make sure it includes all the protection you need. Not every policy is the same, which is why a tailored business contents insurance policy works well to ensure maximum protection.Â
If you make a claim, you'll need to give details of what's happened and the impact on your business. Your insurance provider will then assess the claim and you'll find out what compensation can be offered.
SMEs that bought business insurance[1]
49%
What do some business contents insurance policies cover?
Covered
Disasters such as flooding or fires
Theft
Accidental damage
Not covered
Wear and tear
Some policies exclude damage caused by animals
Damage you or your employees cause through negligence
Should I get business contents insurance?
It’s not a legal requirement to have business contents insurance, but that doesn’t mean you shouldn’t take it into consideration.Â
If you aren’t sure whether to get business contents insurance, then a useful exercise is to calculate how much you could lose in stock or equipment if something went wrong. This exercise will highlight whether you can afford to replace it and get your business up and running again.Â
Business contents insurance normally covers items like your office equipment, furniture, tools and personal possessions on your premises. Some insurers may cover portable items like phones and laptops even if these are lost, stolen or damaged outside of the business premises.
How can I choose the right business contents insurance?
Before choosing your business contents insurance, consider the following steps...
Check the value of your assets
The first step is to establish what you want to cover and its value as this will mean you get adequate cover. If you undervalue your items, you could miss out on cover and there’s no point overpaying for insurance you don’t need.
Combine contents cover
Once you know what equipment to cover, it’s worth exploring which other types of insurance you need to make sure you can get a policy that protects you from all the different risks you face.
Compare policy terms
It’s important to compare policies to make sure you are getting the best insurance for your needs. Don’t just rely on the cheapest, as this might mean you are missing out on cover you could need in the future.
How much does business contents insurance cost?
The cost of business contents insurance will depend on which insurer, limit and excess you choose.
Your quote will also take into account the size of your business, the type of business you run, your annual turnover and claims history.Â
The table shows typical monthly premiums for business contents insurance.
| Business | From | To |
|---|---|---|
| Hair and Beauty | £2.67 | £10.18 |
| Healthcare | £2.49 | £17.68 |
| Media | £2.77 | £15.72 |
| Professional Services | £2.77 | £13.74 |
| Retail | £2.74 | £11.85 |
| Tech | £2.77 | £15.72 |
| Tradespeople | £2.67 | £10.39 |
- 10% of Superscript customers paid this much, or more, between April and June 2023
- 10% of Superscript customers paid this much, or less , between April and June 2023.
Other types of insurance to consider
Public liability insurance
Public liability insurance is there to cover you if a member of the public sues your business for causing an injury or damaging their property.
Professional indemnity insurance
Professional indemnity insurance is designed to protect businesses that offer services to others.
Employers’ liability insurance
Employers' liability insurance provides cover against legal liabilities and costs that arise if your employees become ill or injured due to their work.
Goods in transit insurance
Goods in transit or GIT insurance offers protection for goods that are being moved from one location to another.
Other types of insurance to consider
Public liability insurance
Professional indemnity insurance
Professional indemnity insurance is designed to protect businesses that offer services to others.
Employers’ liability insurance
Employers' liability insurance provides cover against legal liabilities and costs that arise if your employees become ill or injured due to their work.
Goods in transit insurance
Goods in transit or GIT insurance offers protection for goods that are being moved from one location to another.
Learn more about our business insurance partner
We qualify, quantify and offer insurance using data, analysis and technology, and we serve a wide range of business types — from dog walkers and dieticians, to landlords and locksmiths. Enro Ltd t/a Superscript is authorised and regulated by the Financial Conduct Authority.
Why Superscript?
We make it quick and easy to find, buy and manage your business insurance.
Customisable cover for 1000s of business types
Superscript will help you find the different types of cover that are right for your business.
Adjust your cover as you grow
Amend your cover with no admin fees, to address your evolving needs as your business grows.
Simple claims process
Our customer portal allows you to enter the details we need to get your claim processed.
FAQs
Is business contents insurance a legal requirement?
Business contents insurance isn’t a legal requirement. But not having it could prove a costly mistake if you experience loss or damage to your equipment and stock.
Do I need insurance if I work from home?
Some home insurance policies include cover for home office equipment up to a certain value. But even if they will protect your business kit, you’ll need to tell them you’re working from home.Â
Depending on your type of business you might need other insurance like public liability or employers’ liability. If you aren’t sure what cover you’ll need, have a chat with your provider to discuss the options.
Will business contents insurance cover stock and equipment in storage?
Business contents insurance probably won’t cover losses incurred to stock or equipment that’s stored at your business or home address. Check your policy details, and if you can’t add this benefit, consider buying standalone cover.
Can I get insurance if I’m a start-up?
It doesn’t matter how old or small your business is, you should be able to apply for insurance to protect your assets.
Is business contents insurance tax deductible?
Yes, any item bought and used purely for business purposes is tax deductible. This means you can subtract whatever you spend on this cover from your declared income.
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References
1. Money UK Business Insurance Statistics 2024 49% of UK SMEs having some level of business insurance