Please click on the links below to view the answer to your question:
Policy
Product
ANSWERS:
Q. What is Business Insurance?
A. Business insurance protects your property such as buildings, contents and stock and income. It also covers your legal liabilities to your employees, your customers and the public.
Back to Top
Q. Why do I need Insurance?
A. Firstly, it is vital to protect your property and income and of course your business continuity may depend on it. Secondly, you have legal responsibilities to your employees, your customers and the public. These are vicarious liabilities. If an employee or a member of the public is injured and it is your businesses fault you could be held legally liable and risk being sued. Employer's Liability is a compulsary insurance by Law.
Back to Top
Q. Do I have to have employers Liability Insurance?
A. Legally, the definition of an employee is very wide. It includes voluntary, work experience, cash, sub-contractors and part time or self employed workers.
Back to Top
Q. Im self employed and a sole a trader, do I need insurance?
A. You will have property, income and liabilities that need insurance cover. Even as a sole trader working from home, you will have legal liabilities towards your customers and the public. Most importantly don't forget to protect yourself personally from illness- accident, sickness and life cover.
Back to Top
Q. What does Public Liability insurance cover and what indemnity level is right?
A. If a member of the public is injured or their property damaged by you or your business, you could be legally liable and risk being sued. Public liability insurance covers the costs of compensation or damages and also covers the legal fees, costs and expenses you may face when dealing with a claim. Indemnity levels range from £1 million to £10 million, however £2 million is usual for the majority of firms.
Back to Top
Q. How do I know that my Business Interruption cover of £250,000 is enough?
A. As an approximation, the amount of cover you need is your turnover minus your fixed costs. Many policies, however, cover £250,000 as standard irrespective of your turnover.
Back to Top
Q. What happens if I am underinsured?
A. It is important to insure yourself for the full value of your assets and liabilities. If you are found to be underinsured your insurer may not pay out the full amount of a claim even if that claim is not for the maximum level of your insurance. This is because they will not have collected a premium that is commensurate with the risk posed.
Back to Top
Q. What happens if my business changes?
A. Contact us immediately. Your insurance cover is based on the information we hold and your and Policy Schedule being correct. Your policy may be invalid if you have not notified us of changes in your business.
Back to Top
Q. How can I make changes to my policy?
A. Contact us and we will be happy to talk about any changes you would like to make. We will be able to tell you whether a particular change is possible, how it will be carried out, and what effect it will have on your premium.
Back to Top
Q. What happens if I change my address?
A. Again, contact us immediately. If you do not notify us of a change of address it could invalidate your insurance.
Back to Top
Q. I am not up to speed with all the Health and Safety requirements needed today, I don't know where to obtain advice and I don't have the time. What should I do?
A. Insurers expect you to comply with the legal requirements for Health and Safety. Failure to do so may result in your claim being void and in the worst case prosecution should they discover you do not have the correct procedures in place. We can provide you with a Health and Safety policy and an expert who will do the hard work in preparing a report and implementing the correct procedures meaning peace of mind for you. It is worth noting that for those with such policies insurers look very favourably on liability premiums.
Back to Top
Q. If I need legal advice, get taken to court regarding a claim, have a dispute with an employee, or have tax issues, would my policy cover me?
A. Unless you have a legal expenses policy, then most likely not. Some policies do extend cover to include legal expenses, but the cover is limited. Please contact us to extend cover in this way.
Back to Top
Q. I carry out design work or provide advice to companies with regard to products or management. What happens should they sue me for giving negligent advice?
A. Unless you have Professional Indemnity policy there will be no cover should another firm be unhappy with your work, or act on your advice which later proves to be incorrect. Any company being placed in a position where they are providing advice, even if it is a small element of a bigger contract, should have a Professional Indemnity policy in force.
Back to Top
Q. I am a Director or a Senior employee of a limited company therefore the company will be always held responsible not me. Is that true or are there circumstances where I may be held personally liable for a claim?
A. It is not true. It is not always in the best interests of the company to protect its Directors, and legally there are occasions where as a separate legal entity it cannot. We see more claims now against Directors or those in management who are held responsible for not running the company properly. Did you know there are over 250 statutes governing Directors duties? In 2004-5, 1,240 Directors were disqualified and there were 12,818 insolvencies. However, we can provide you with a Directors and Officers policy which will protect against such claims.
Back to Top
Q. I have cover on my computers, but what happens if they break down?
A. If you have computer cover it will most likely cover you for Fire, Theft and Accidental Damage under the contents section of your policy. While some insurers cover breakdown also, it is unlikely that your current policy has this included. Please contact us for this cover.
Back to Top
Q. Am I covered should I suffer loss through an act of Terrorism?
A. On Household policies, yes. But not as standard on commercial policies. With the threat of more terrorist atrocities, even in isolated areas, terrorism cover is becoming more vital. Remember that you need not be the direct target of terrorism; you may suffer as a result of a terrorist attack elsewhere. We can extend your policy to cover terrorism, or indeed provide you with separate cover.
Back to Top
Q. I have many items of Plant, what are my legal duties?
A. Certain items of Plant should be inspected annually to ensure safety under LOWLER and PUWER. This is a statutory requirement. To ensure your compliance we can provide you with an Engineering Inspection policy where an engineer ensures you meet the requirements.
Back to Top
Q. I am a self-employed person, Im worried that if I am ill I won't be able to work and therefore won't be paid?
A. All self-employed people should have a Personal Accident and Sickness policy to ensure that they have money coming in if they fall ill or are seriously injured. We would urge you to take a policy today.
Back to Top
