Commercial Insurance FAQs
This FAQs page is designed to provide information based on the potential services offered by Planet Protection, a digital-first insurance provider. It covers general insurance concepts and specific Planet Protection offerings.
I. General Business Insurance Questions
What is business insurance?
Business insurance protects your company from financial losses due to various risks, such as accidents, injuries, property damage, legal claims, and cyberattacks. It’s a way to manage your risk and ensure your business can recover from unexpected events. You can find a full glossary of terms here
Why do I need business insurance?
While some types of insurance (like Employers’ Liability) may be legally required, business insurance is crucial for:
- Protecting your assets (buildings, equipment, stock)
- Covering legal, regulatory and compensation costs if someone makes a claim against you
- Maintaining business continuity if an unexpected event disrupts your business operations
- Meeting contractual requirements (clients or partners may require it)
- Providing peace of mind
- Helping your business manage its risks overall
What types of business insurance are there?
There are a variety of insurance that cover different aspects of risks to a business. These covers include:
- Public Liability Insurance
- Employers’ Liability Insurance
- Professional Indemnity Insurance
- Cyber Insurance
- Contents Insurance
- Tools Insurance
How much does business insurance cost?
The cost varies depending on several factors, including:
- The type of cover and the limits you choose
- The nature of your business and its associated risks
- Your business’s size (turnover, number of employees)
- Your location
- Your claims history
How do I get a quote?
You can get a quote online through Planet Protection’s website or by contacting our team directly. You’ll need to provide certain information about your business, such as its activities, turnover, and number of employees.
How do I make a claim?
Where you have a claim please refer in the first instance to your documentation and specifically the Policy Wording/Terms & Conditions of your Insurance policy. If you cannot locate these documents, please contact us at the details given below:
- Online through their customer portal
- By email: claims@planetprotection.co.uk
- By phone: 0203 856 8174
For more information please read our claims procedure here.
What is an excess?
The excess is the amount you pay towards any claim. The level of excess varies depending on the policy you have in place and the type of claim you are making.
What is a “claims-made” policy?
A claims-made policy covers claims that are made and reported during the active policy period, regardless of when the incident actually occurred. This is common for Professional Indemnity.
What is “wear and tear”?
Wear and tear is the natural deterioration of an item or property over time due to normal use. This is typically not covered by insurance policies.
What is an “endorsement”?
An endorsement is a written amendment or addition to your insurance policy that modifies the coverages in place.
What is a “jurisdictional limit”?
This defines the geographic area or legal jurisdiction where the insurance policy will cover claims. For example, it might cover claims brought only in UK courts or exclude claims from certain continents (like the USA and Canada).
What is a “geographical limit”?
Geographical limits, also known as territorial limits, refers to the location the policy covers.
What is a “limit of liability”?
This is the maximum amount the insurer will pay for a covered claim or series of claims within the policy term or period.
What does “run-off cover” mean?
Run-off cover is insurance that protects you against claims made after you’ve stopped trading, relating to work done while the policy was active.
What is an “allowable expense”?
This is a business cost that can be deducted from your taxable profit. Business insurance is an allowable expense.
What is “subrogation”?
This is the insurer’s right to pursue a third party that caused an insurance loss to occur, in order to recover funds paid out in a claim.
What is the difference between an Intermediary and an Insurer?
An Intermediary (like Planet Protection) arranges and negotiates insurance policies on behalf of its clients (the businesses). The Insurer (or Underwriter) is the company that actually provides the insurance coverage and pays out claims.
II. Specific Types of Business Insurance
Public Liability Insurance
- Covers claims for accidental injury or property damage to members of the public (not employees) caused by your business activities
- Planet Protection offers product options up to £10 million in cover
Employers’ Liability Insurance
- Covers legal and compensation costs for claims made by employees for work-related illness or injury
- Legally required for most UK businesses with employees (even temporary or part-time)
- Planet Protection offers product options of £10 million of cover as standard
Professional Indemnity Insurance (PI) / Errors & Omissions (E&O)
- Covers claims arising from mistakes, negligence, or omissions in professional services or advice
- Important for businesses that provide advice, consultancy, designs, or other professional services
- Can also include coverage for intellectual property disputes and media liability (e.g., accidental copyright infringement)
Cyber Insurance
- Protects against financial and reputational damage from data breaches, system downtime, cybercrime, ransomware attacks, and other cyber threats
- May include coverage for GDPR fines, data restoration, and breach response services
- Can provide cover for both first and third party losses
Directors’ and Officers’ Liability Insurance (D&O)
- Protects company directors and officers from personal liability for claims arising from their management decisions
- Covers legal defense costs and awards made against them
Business Equipment Insurance
- Covers loss, theft, or damage to essential business equipment (laptops, phones, tools, etc.)
- Planet Protection can offer worldwide cover
Office Contents Insurance
Covers items within your office, such as furniture, computers, and documents.
Goods in Transit Insurance
Covers products, stock, and materials while they are being transported.
Commercial Legal Protection
Provides access to legal expertise and covers legal costs associated with a range of legal disputes.
Accident and Sickness Cover
Provides financial support for up to 50 weeks if you or an employee goes on long-term sick leave, is hospitalised, or suffers a serious injury or dies.
Landlord Insurance
- Specifically designed for landlords, covering risks associated with rental properties (buildings, contents, liability)
- Planet Protection products offer policies for both residential and commercial landlords
- Optional extras like rent guarantee insurance may be available
III. Planet Protection-Specific Information
Digital-First Approach
Planet Protection emphasises its digital platform for quotes, policy management, and claims.
Flexibility
Policies can be adjusted (without fees) to match changing business needs.
B Corp Certification
Planet Protection is a Certified B Corporation, indicating a commitment to social and environmental responsibility.
Partnerships
Planet Protection partners with various organisations, including Ecologi (tree planting).
Customer Service
Planet Protection emphasises its 5-star customer service.
Complaints
In the unlikely event of a complaint, you can read our procedure here.
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