Top 10 Business Insurance Companies
The presence of the current national lockdown has left many businesses unable to unlock their doors. As the UK economy continues to struggle amidst the presence of a global pandemic, the search for good business insurance companies continues to grow as many businesses fight to stay alive. While business insurance companies claims have provided financial aid to some businesses, reports suggest that many business owners refrained from investing in adequate cover and are now suffering the backlash.
With the potential of a fourth lockdown in the coming years, businesses are encouraged more than ever to invest in adequate business insurance to remain protected against any further drawbacks. To find the best insurance companies its important to take price, product selections and customer satisfaction scores into account. Companies that are committed to meeting their customers claims remain some of the best business insurance companies in the industry.
Business Insurance Companies
Short in name but great in service, ACE is an insurance company that specialises in business insurance coverage against public, employers’ and product liability. Helping businesses mitigate the potential risks and costs associated with liability claims, ACE offers insurance policies that are tailored to the needs of a client. Hosting a quick assessment meeting with a client, ACE tailors its insurance policies to accommodate the need of commercial property owners, landlords, and shops.
Additionally, ACE serves as one of the few insurance providers to offer specialised insurance policies tailored towards taxi businesses. Due to the substantial risk associated with taxi drivers, it can often prove quite costly for businesses to find adequate coverage for an affordable price. The presence of ACE serves as a great avenue for business owners that are more focused on protecting themselves against potential business liabilities.
9. Lloyds Bank
What may come as a surprise to a few of you is that Lloyds Bank offers business insurance products alongside its banking responsibilities. Like its advertisement of public banking, Lloyds Bank offers a variety of business insurance products designed to make protection simple and easy. Giving its clients the freedom to tailor a policy that meets their needs, Lloyds Bank offers both standalone and combined insurance packages.
Combined insurance packages are designed to offer a broad range of coverage for businesses that operate in a specific industry. Standalone products are relatively cheaper and offer more choice on the specific type of coverage a client wants to pay for. Additionally, Lloyds Bank offers tradesman insurance geared towards clients who operate service businesses with potentially high work liability.
8. NFU Mutual
NFU Mutual is an insurance company that specialises in developing business insurance products for specialised business sectors. Operating in specialised business sectors, NFU Mutual offers a variety of products that cater to hospitality, food and drink manufacturers, estates, wholesalers, estates, property owners and landlords. Tailoring its products to the needs of a client’s industry, NFU Mutual offer insurance packages that provide a range of protection against potential incidents associated with an industry.
Due to the nature of some of these business sectors, NFU Mutual also offers its clients business protection insurance. This policy provides its client with the necessary financial support to survive the challenging business period associated with the death of a key figure.
7. Liberty Mutual
One of the oldest insurance companies on this list, Liberty Mutual can be considered the most experienced provider in the market. With over 100 years of experience, Liberty Mutual offers great service and coverage at an affordable price suitable for any business size. Time spent providing insurance cover to different business industries have enabled Liberty Mutual to develop a financial standing that can cover any claim made by clients.
Differing from other insurance providers, Liberty Mutual provides access to its speciality and group insurance program. The speciality insurance program was designed to provide coverage to high-risk businesses, including scrap metal dealers, fishermen and fitness entities. Juxtaposing this, the group insurance program was designed to provide coverage to similar businesses that want to band together to get one large insurance plan for an area.
Though normally operating as a life insurance provider, LV= is one of the few companies to offer award winning key person cover and shareholder protection. Their key person cover provides financial aid to a business if a key figure is diagnosed with a critical disease or dies. This insurance policy can be applied to multiple owners of a business to help reduce the adverse impact the loss of a key individual can have on a business’s performance and profits.
The shareholder and partnership protection policy they offer provides the necessary financial support a business owner needs to buy another owner’s share in the event of them dying or being diagnosed as critically ill. This policy was developed to allow business ownership to stay in house and to minimise the impact change can have on a business’s operation.
5. The Hartford
Arguably one of the best insurance providers for small businesses, Hartford offers great coverage for small businesses. By making use of its small team of commercial line specialists, Hartford has been able to establish itself as one of the business insurance companies that caters to needs of its clients with great service and claim support. Developing their very own version of a business owner policy (BOP), Hartford offers broad protection with its Spectrum package.
This package combines coverage features offered by business owner, general liability, and commercial property insurance policies into a single product. Adopting this approach, Hartford’s Spectrum package offers additional coverage features that would normally cost extra if bought at a different provider. For this reason, the decision to make use of Hartford’s services is considered one of the best choices available to small start-up businesses that want all-round business protection.
Arguably one of the largest companies in the market, Allianz is a global insurance company that operates across multiple insurance markets. Operating across multiple fields has allowed Allianz to offer a wide range of insurance products that cater to the needs of different business industries and sizes. The insurance products Allianz offers can be split into two levels – small business insurance and large business insurance. Each level offers tailormade solutions that can be made applicable to their client’s needs.
Differing from other insurance providers, Allianz often offers combined insurance packages to its clients. Using data and insight gathered from operating across multiple industries, Allianz combines a selection of suitable insurance products to make one complete insurance package that best meets the needs of a specific business sector or group. Additionally, to support niche market industries, Allianz also offers specific insurance products that cater to motor trade and cargo businesses. With the current pandemic, these insurance products are growing in popularity.
Ideal for small businesses, Hiscox is an insurance company that specialises in liability coverage for businesses that operate with five or fewer employees. Committed to helping the “little guys”, Hiscox offers public and professional liability policies for over 180 professions across nine industries. For an affordable price suitable for small businesses, Hiscox’s public liability insurance policy ensures coverage against claims of illness and injury made by the public.
In the event a claim makes its to legal court, Hiscox promises to provide the necessary financial support to cover any legal costs, medical bills, and compensation payments. Additionally, Hiscox provides a business owner policy (BOP) package that can be tailored to the needs of the client. For clients that choose to explore this policy package, Hiscox offers the option to customize the policy through endorsements for electronic data loss and employee crime.
The American International Group (AIG) is a global insurance company that operates across Europe, North America, Asia, and regions of Africa. At AIG customers have access to a range of different insurance products tailored to meet their needs. Insurance products at AIG are showcased as standalone products or combined policy packages depending on the business industry a client operates in. Standalone products include general liability and employer’s liability insurance.
Employer’s liability insurance provides cover that protects a business against compensation claims made by employees that report any work-related injury or illness. Protecting its clients from events they could be held liable for; AIG strives to offer a service that guarantees customer satisfaction at an affordable price. Furthermore, AIG offers insurance packages for industries that could be considered high-risk, including aerospace and marine.
Aviva is the largest insurance company in the U.K. Owning a large portion of the business insurance companies market share, Aviva offers a wide variety of products, including public liability insurance, professional indemnity insurance and self-employed insurance. For businesses that offer a service, the professional indemnity insurance plan provides protection against claims of professional negligence or mistake by a customer. This insurance plan offers financial support to the cost of any legal defence or compensation costs associated with a customer’s claim.
With reports suggesting a 16% increase in the number of start-up businesses in the U.K., self-employment insurance provides coverage for individuals who operate as contractors, freelancers, or sole traders. Tailormade to fit the flexible nature of self-employed policyholders, this insurance package offers the necessary financial support to cover damaged equipment and the legal costs if an incident occurs.