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Point 3: The cost and level of cover can vary widely. Premiums depend on the type of business you are in, whether you trade as an individual or as a company with staff and a host of other factors. So as usual it will pay to shop around. Plenty of brokers will aim to find good policies and you can get details of local firms from the British Insurance Brokers Association at www.biba.org.uk or the Institute of Insurance Brokers at www.iib-uk.com.

Before using any broker or intermediary you should check they are licensed to trade. Go to the Financial Services Authority’s Firm Checker facility at www.fsa.gov.uk to find out their status. It is also worth looking at the Member Search facility from the Association of British Insurers at www.abi.org.uk.

You can also go direct for a quote from big name insurers like More Than and the business arms of the banks. More Than, for example, says one of its selling points is offering retroactive cover for businesses that weren’t previously insured – see the next point for more information about switching provider and protecting historical risks.

Lloyds TSB meanwhile promises discounts on premiums if you buy more than one business policy. Specialist insurer Hiscox says it is set apart from many rival insurers in a different way. Its policy is designed so that it can in some cases pay you the amount you are owed if an unhappy customer refuses to pay its bill on the cynical understanding that if you sue for the money it will counter sue claiming negligence.