Why does my startup business need insurance?

At AXA, we know start ups - that’s why we’re the biggest insurer of startups in the UK.

When you choose startup business insurance with AXA, you know you’re getting an insurance partner who understands your unique startup business insurance needs. We’ll help guide and support you every step of the way to make sure you have the right protection in place.

AXA provide flexible insurance products, letting you tailor your insurance cover to suit your business, so that you only ever pay for what you need.

All our call centres are UK-based, meaning we’re here to support you as your startup business grows.

How much does it cost to insure a small business?

When it comes to the cost of your insurance, there’s no one size fits all. There are many factors that go into determining the price you pay – from the type of work you do, to the number of staff you have.

At AXA, we offer cover that’s tailored to your business’s needs, meaning you’ll only ever pay for the cover you need. The quickest way to find out your price? Get a quote online today. The process only takes a few minutes, and with our guided quote journey we’ll point you in the direction of the right products for you.

When is the best time to get business insurance?

We understand you’re eager to get your business on its feet, and we want to help you get there. As soon as your business start trading, you’ll need business insurance to make sure you’re covered from day 1.

What type of insurance will I need?

The types of cover your business needs will depend on your business activities. We offer four core covers that that can be included in your policy.

  • If you have any interaction with the general public, whether at a customer’s premises, at your premises, or possibly through the goods that you have supplied, public liability insurance can protect your business against claims to cover damages and legal costs.
  • Does your business provide advice or services to customers? If so, you’ll need professional indemnity insurance to protect you against claims if a customer feels your advice led them to a loss.
  • Whether full-time, part-time, voluntary or apprenticeship, if your business is responsible for staff in any capacity, then employer’s liability insurance is a legal requirement.
  • Contents insurance is there to make sure that if you have stock, it’s protected against the likes of accidental damage cover. Your content’s fixtures and fitting will also be covered.

As well as our core covers, we offer a range of optional covers to fit different business needs. Still not sure what to choose? Not to worry! Find the cover you need in four simple steps with AXA’s Business Insurance Wizard.

How long is my quote valid for?

Once you get a quote with us, it’ll remain valid for 30 days.

Can I change my cover if my business grows?

At AXA we want to see your business grow. That why you can tailor your policy to your needs when you buy from us and continue to update your cover as your business grows. Our dedicated account space allows you to update your cover 24/7.

So, whether you need add employees, increase your sums insured, or add extra coverage (such as protection for your business equipment), you can do it all online at your own convenience.

Can I add any extras to my policy?

Yes, you can. Exactly what you can add will depend on your business. If you’re still unsure what you can add, or might need, AXA’s Business Insurance Wizard can help guide you to the right cover in a matter of minutes.

Public liability insurance

Claims can come out of anywhere. Say you are visiting a client and you scratch or spill something on furnishings during a visit, or someone trips over tools or equipment you’ve left lying about – you could be faced with a costly compensation claim.

More about public liability insurance.

Professional indemnity insurance

If you belong to a professional body or industry association, for example you’re an accountant or an IT professional, then you may be required to have professional indemnity insurance. It’ll protect you from expensive claims if a client sues you because they think you have been negligent or that the advice you’ve given them has caused them financial loss.

More about professional indemnity insurance.

Employers' liability insurance

Your new venture has really taken off, and it looks like you’ll need to take on employees. That may include full and part time staff, freelancers or volunteers – so you’ll need to have at least £5 million employers' liability cover. And it’s a legal requirement.

If someone you’re directly responsible for is injured as a result of working for you, you need to make sure they are properly looked after – and ensure your business isn’t harmed either. With AXA, you’ll get £10 million cover as standard.

More about employers' liability insurance.

Take your idea from dream to reality with AXA

There’s a story behind every business. A big idea. A spark of inspiration that ignited a big ambition. Because it takes courage to start a business.

Our startup advice collects articles from Business Guardian Angel, inspirational guest posts from real entrepreneurs and practical guides on startup essentials.

“Every day I get up and think: I’m building something.”

Lantern is a branding startup that exists because of its founder's need to do his own thing.

Want to know more about Ryan Tym's startup business story?

Find more startup business advice on Startup Advice.

1 Based on an AXA survey of 500 micro SME business insurance product holders in May 2017.

2 Based on AXA business insurance policy holders in June 2017.

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