All about Insurance for SMALL BUSINESSES

When working with a business, many clients will require that business to be covered by insurance before they will award the work. It’s also essential for the peace of mind of the business owner. But what type of insurance does a business need, what does it cover, and what does it cost? Read on to find out more, and about the support we can offer when it comes to finding the best insurance.

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Why do BUSINESES need insurance?

To get the WORK

Many clients will not sign a contract with a business unless they are insured – having the appropriate insurance cover in place can be essential to win that work.

To cover mistakes

If a mistake is made in the work carried out by a business and it costs the client financially, they could claim against the business. This could be because of a technical error, advice that didn’t turn out to be the best, or an accident resulting in damage to property.

In case of HMRC investigation

Peace of mind in case of a tax investigation. Each year thousands of businesses are randomly chosen to check by HMRC. Fee Protection Insurance can provide surety that the cost of tax advisors fees are covered in dealing with.

What type of insurance SHOULD BUSINESSES CONSIDER?

There are a various types of insurance cover that protect against different things. It’s generally agreed that the following are the best for most businesses, and a bundle that includes these covers all eventualities:

Professional Indemnity

Professional indemnity insurance can help protect a business if a client claims there’s a problem with the work that’s been done. It can cover the costs of compensation to correct a mistake or settle a claim, and covers the cost of the legal defence.

Professional indemnity insurance can provide invaluable cover to businesses providing professional advice or services to clients which could be challenged.

Public Liability

Covers a business if someone else is injured, or property is damaged as a result of its actions for example, a piece of pricey IT kit is dropped.

Public liability insurance protects against the cost of any claims from third parties, such as compensation payouts and legal costs.

Employer’s Liability

Covers a business against claims from employees. All employers are required by law to have this in place at a minimum level of cover of £5,000,000.


Peace of mind in case of a tax investigation. Each year thousands of businesses are randomly chosen to check by HMRC.

Fee Protection Cover protects a company from additional costs incurred on professional fees in dealing with an HMRC enquiry (including IR35 enquiries).

Preferential Insurance Rates

When you sign up with Aardvark Accounting, you’ll get preferential rates with a choice of insurance partners offering specific and general packages. This could be Professional Indemnity, Public Liability, Employers Liability, cyber cover or even general office insurance.

Use our bespoke links for a 10% Aardvark Accounting discount with:

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