Best Business Insurance UK | What Every SME Actually Needs

Best Business Insurance UK 2026 — What Every SME Actually Needs

Business insurance isn't optional for most UK companies — but paying over the odds is. We compare the best business insurance providers for 2026, covering public liability, professional indemnity, employers' liability and more.

Chandraketu Tripathi

Finance Editor, Kaeltripton

Published 22 Mar 2026

Last reviewed 25 Apr 2026

✓ Fact-checked

Hiscox Business Insurance Review 2026

Hiscox is one of the most recognised business insurance providers in the UK, specialising in professional indemnity, public liability, and cyber insurance for small businesses, freelancers, and contractors.

Cover Type	Starting From	Best For
Professional Indemnity	£8.40/month	Consultants, IT contractors, creatives
Public Liability	£5.89/month	Tradespeople, therapists, personal trainers
Employers Liability	£5.89/month	Any business with employees
Cyber Insurance	£9.21/month	Businesses handling customer data

Prices are indicative. Always get a quote directly from Hiscox as premiums vary by trade, turnover, and cover level.

Simply Business Insurance Review 2026

Simply Business is a UK insurance broker that compares quotes from multiple insurers including Hiscox, AXA, and Zurich. Rather than being an insurer itself, it finds you the best deal from a panel of providers. Particularly useful for sole traders, landlords, tradespeople, and small retail businesses.

Business Insurance by Trade: What You Need

Trade	Essential Cover	Recommended Add-ons
Personal Trainer	Public Liability, Professional Indemnity	Equipment cover, income protection
Beauty Therapist	Public Liability, Treatment Risk	Professional Indemnity, stock cover
Electrician	Public Liability, Employers Liability	Tools cover, contract works
Cleaner	Public Liability	Key cover, employers liability
Photographer	Public Liability, Equipment	Professional Indemnity, travel cover
Consultant	Professional Indemnity	Public Liability, cyber cover
Builder	Public Liability, Employers Liability	Contract works, tools cover
Gardener	Public Liability	Tools cover, vehicle cover

Do I need business insurance as a sole trader?

You are not legally required to have business insurance as a sole trader unless you employ staff — which requires employers liability insurance by law. However, public liability insurance is strongly recommended as you are personally liable for any claims against your business.

What is professional indemnity insurance?

Professional indemnity insurance covers you if a client claims your advice, designs, or professional services caused them financial loss. It is essential for consultants, accountants, architects, IT contractors, and anyone providing professional advice for a fee.

How much does business insurance cost in the UK?

Basic public liability insurance for a sole trader starts from around £5–£10 per month. Professional indemnity cover starts from around £8–£15 per month. Total cost depends on your trade, turnover, number of employees, and cover level required.

Is Hiscox good for small business insurance?

Hiscox is consistently rated highly for small business insurance in the UK. They specialise in professional services businesses and offer flexible cover. Particularly recommended for freelancers, IT contractors, and consultants needing professional indemnity cover.

What insurance does a personal trainer need?

A personal trainer needs at minimum public liability insurance (covering injury to clients or damage to property) and professional indemnity insurance (covering claims arising from advice or training programmes). Equipment cover is also recommended if you own significant fitness equipment.

This article is for informational purposes only and does not constitute financial advice. Always verify rates with official sources before making any financial decision.