đź’Ľ What Is Business Insurance?
Business insurance is a broad term covering various types of cover designed to protect you, your income, and your business from the unexpected.
Depending on your setup, this might include cover for:
- Loss of income
- Legal claims
- Illness or injury
- Damage to equipment
- Liability to clients or the public
Whether you're a sole trader, contractor, or limited company director, business insurance can help keep your finances stable and your business protected—no matter what life throws your way.
⚖️ Why It Matters (Even If You’re Just One Person)
Running your own business often means:
- No employer sick pay
- No death-in-service benefit
- No automatic protection if you’re unable to work
That means you are your own safety net—and if you were unable to work due to illness or injury, or if you faced legal or financial challenges, your personal finances could take the hit.
That’s why business insurance exists—to protect you, your income, and your family from those risks.
🧾 Types of Business Insurance to Consider
Here are some common types of cover, and how they can help:
1. Income Protection (Self-Employed or Director Income)
Replaces a portion of your income monthly if you're off work due to illness or injury. Ideal for anyone who relies on themselves to generate income.
2. Critical Illness Cover
Provides a lump sum if you're diagnosed with a serious condition (like cancer or stroke). That money can help cover personal expenses or business running costs.
3. Key Person Insurance
Protects your business financially if a key employee or director is unable to work due to serious illness or death.
4. Relevant Life Insurance
A tax-efficient way for businesses to offer life cover to directors and employees. It’s set up and paid for by the business—but benefits the employee’s family.
5. Public Liability / Professional Indemnity
Covers legal claims or damages if something goes wrong with your service or someone is injured because of your work.
đź•’ When Should You Take It Out?
If any of the below sound familiar, it’s time to consider business insurance:
- You rely on your income to pay the mortgage or household bills
- You're starting or scaling a business
- You don’t have sick pay from an employer
- You’ve taken on staff or started dealing with clients directly
- You want to offer protection benefits to yourself or your team
The earlier you sort your cover, the more options you’ll have—and the better the cost.
đź‘Ą How We Can Help
At Go2Mortgages, we don’t just arrange mortgages—we help our clients protect what they’re building.
Whether you're a sole trader, limited company director, or setting up a new venture, we’ll guide you through:
✅ What protection you need (and what you don’t)
âś… The most tax-efficient way to set it up
âś… Keeping everything affordable and tailored to you
📲 Let’s Talk
Want to explore how business insurance could support your setup?
Reach out for a no-pressure chat with our team.
Your business. Your future. Protected.
Related blogs you might like:
đź”— [Mortgage Protection: What It Is & Why You Need It]
🔗 [Securing Your Child’s Future with Life Insurance]
The information contained within was correct at the time of publication but is subject to change.
