How much does it cost to insure a small business?
It is hard to predict the average cost of business insurance for a small business as there are many factors that come together to help calculate the cost of your premium. The size of the business, the area in which you operate, and the inherent risks associated with the type of business you run.
Small business costs will reflect the nature of your business, i.e., whether you operate heavy machinery, or have members of the public regularly visiting your premises.
Can I get business insurance before registering my business?
You can organise insurance before registering your business as a limited company or yourself as a sole trader. If you are doing the former, you will need to register your business with Companies House; you will then be given a company registration number.
You do not need to do this before you apply for insurance. However, your insurance broker will need to have information about the location, trade type, business structure, and projected turnover. You will not need to provide them with a company registration number at this stage.