Posted on: 28 August 2019
Do you have the right insurance covers?
Business insurance can be a difficult subject to navigate. You may make assumptions about what you are and are not covered for, but when it comes to your livelihood; you can’t afford to be making mistakes that could cost you time, money or even business.
We have taken a look at some of the things that people frequently get wrong about business insurance and busted the myths in the below infographic.
Common misconceptions infographic
Share this infographic
<p><a href="https://www.premierline.co.uk/knowledge-centre/5-common-misconceptions-about-business-insurance.html"><img src="https://www.premierline.co.uk/content/dam/premierline/knowledge-centre/5-common-misconceptions-about-business-insurance.png" alt="5 Common misconceptions about business insurance infographic by Premierline"></a><br /><br/><a href="https://www.premierline.co.uk/knowledge-centre/5-common-misconceptions-about-business-insurance.html">5 Common misconceptions about business insurance</a> by <a href="https://www.premierline.co.uk">Premierline</a></p>
Common misconceptions summary
#1 – My home insurance covers my home based business
If you have a home insurance policy to cover your “place of residence”, this won’t automatically cover your house as a place of business.
You will need to get in touch with your insurance broker or insurer to discuss your business insurance requirements if you run your business from home.
#2 – My business is covered anywhere
Just because you have business insurance in the UK, doesn’t mean that you are covered for business activities elsewhere.
For example, if you were a builder who had been asked to go to France to build something, you would need to review your policy wording or speak to your insurer to make sure that you are protected should the worst happen.
#3 – Business Interruption covers a cyber-attack
Your Business Interruption cover won’t protect you if you have to close for a period of time due to a cyber-attack.
Get in touch with your broker or insurer to talk about how cyber insurance can protect your business.
#4 – Tools kept in my van overnight are insured
If you leave your tools in your commercial vehicle overnight and they are stolen, it is unlikely that they will be covered by your insurance.
Tools or goods in transit insurance may cover your tools from overnight vehicle theft, but there is usually a policy condition in relation to the vehicle being kept in a secure location.
#5 – £1 million is enough cover for your Public Liability insurance
When it comes to public liability claims, £1m can often be insufficient to cover the compensation claim. There have been many examples of claims being settled for more than £1m.
Public liability claim settlements for injury and damage continue to rise, so it is important to explore higher indemnity limits. Depending on who you provide services to, you may be required to have a higher indemnity limit than £1m.
Business insurance with Premierline
Finding the right business insurance to protect your business can be a minefield to navigate, with a huge range of insurance covers available that you might not fully understand. That’s where Premierline come in, as our insurance experts are trained to assess your business and find an insurance policy designed to protect your business.
Get in touch with one of our insurance advisors to discuss your business’ insurance needs and compare quotes.
Compare business insurance



Protect your business against the unexpected
We specialise in sourcing the right business insurance solutions for businesses and understand that every business requires different cover to protect against the unique risks it faces. Compare quotes online or for insurance advice, speak to our knowledgeable insurance specialists today. Call: .
The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.