FREQUENTLY ASKED QUESTIONS

Public liability insurance is a key consideration if your business comes into contact with members of the public, whether that’s at your premises or elsewhere. It can protect you against compensation claims for injury or damage made by clients, customers, suppliers, or other third parties. Most shops, restaurants, hairdressers, builders, and tradesmen take out this insurance. Check your client contracts to see if a particular level of public liability insurance is required.

If your business employs staff, you’re legally required to have an employers’ liability insurance policy. This covers compensation claims made by a member of staff because they’ve suffered injury, illness or damage as a result of their work. Certain companies are exempt from the legislation, including some businesses that only employ close family members. To see if you’re exempt, check the Health and Safety Executive (HSE) guidelines or seek advice.

There are now more legal responsibilities heaped on company directors and staff in positions of responsibility than ever before and the need for a policy which provides indemnity aimed at protecting the personal assets of directors and key personnel has never been greater. A personal suit against someone dragged into legal proceedings by a litigant has no limitation and all their assets could be at risk should the case go against them.

Clearly, an insurance policy isn’t designed to support illegal acts but the cost of defending any action in many instances can be enormous. D&O is there for this purpose

If you are responsible for the whole building or just a part of it. Whether you work from home or have separate business premises such as a shop, office, or pub, business, the buildings insurance should be your priority. If you rent the premises, make sure to check with your landlord to see what’s already covered.

You can protect the contents of your business premises, your business equipment and tools. If these are damaged, destroyed, lost or stolen, this cover will pay the cost of replacements or repairs.

If you hold any stock, whether on your premises or in storage, stock insurance will cover the cost of replacing it if it’s damaged, destroyed or stolen.

Deterioration of stock insurance covers damage to goods stored in specified cold storage spaces, which occurs as a result of a change in temperature caused by a breakdown of the refrigeration equipment or accidental damage to it.

A customer would also be covered in the event of a result of a failure in the public electricity supply, and as a result of the escape of refrigerant gases.

a) Any act or preparation in respect of action or threat of action designed to influence the government de jure or defacto of any nation or any political division of any nation, or in pursuit of political, religious, ideological, or similar purposes to intimidate the public or a section of the public of any nation by any person or group of persons whether acting alone or on behalf of or in connection with any organisation or government de jure or de facto and which:
i) involves violence against one or more persons
ii) involves damage to property
iii) endangers life other than that of the person committing the action
iv) creates a risk to health or safety of the public or a section of the public
v) is designed to interfere with or to disrupt an electronic system
b) any action in controlling, preventing, suppressing, retaliating against or responding to any act or preparation in respect of action or threat of action described in a) above.

 

Loss of licence or loss of liquor licence insurance is designed to protect the policy against the negative effects upon their business arising from a removal or suspension of their liquor licence.

If your business is disrupted by material damage caused by an event such as a flood or fire, business interruption insurance provides you with the financial cover you need to get back on your feet. For example, if a fire destroyed the contents of your business premises, business interruption insurance would cover your the consequential loss of revenue, as long as your contents are also insured.

Commercial legal protection insurance – also known as business legal expenses insurance – covers your commercial legal expenses and provides protection against the potential costs of legal action brought by or against your business.

Goods in transit insurance helps to protect the goods you are transporting. Insurance for the tools you are carrying in your van protects the equipment that is vital for getting your work done. Combine both goods in transit insurance and our special tools insurance package and you are safeguarding everything you need whilst staying on the move

A tradesman’s van and the goods and tools within it are favourite targets for thieves.

Tradesman relies on the tools of their trade, along with the equipment, materials and supplies to get the job done.

When these essential items are being transported from one site to another, from one job to another and backwards and forwards to your home or depot, they are vulnerable to a range of different risks and perils. They run the chance of being lost, damaged or stolen.

Whether the loss or damage is to the goods you are carrying or the tools you need for your next job, they are not only going to be expensive to replace, but the inconvenience and the time lost may have a severe impact on your business – not to mention the goodwill and reputation you owe it to your customers to maintain.

Any outstanding debit balances which can’t be collected as the records have been damaged or destroyed can be accounted for with Book Debts Cover.

Cyber risks include a range of first and third party exposures relating to the use of Information Technology. In addition, liability arising out of loss of data (whether electronic or otherwise) has also been specifically incorporated in to some policies.

Today, cover is available for first party exposures such as loss or damage to digital assets (such as data or software), network failure, threats of extortion, reputational harm and related matters; and third party exposures such as breach of third party privacy rights, transmission of malicious code such as a virus or breach of confidentiality, which can all mean an expensive lawsuit and expensive defence costs.

In the world of IT, many businesses simply cannot afford not to consider such cover.

A Fidelity Insurance policy covers losses sustained by the employer as a result of an act of forgery, fraud or dishonesty from an employee. The loss can be of money or goods, for the duration of the policy. The cover may be required in respect of a single employee or a group of employees.

If your rental property is empty as a result of accidental fire, flooding or damage, you may be able to claim back the loss of rent. It does not cover loss of income if your tenants don’t pay their rent.

Public liability insurance is a key consideration if your business comes into contact with members of the public, whether that’s at your premises or elsewhere. It can protect you against compensation claims for injury or damage made by clients, customers, suppliers, or other third parties. Most shops, restaurants, hairdressers, builders, and tradesmen take out this insurance. Check your client contracts to see if a particular level of public liability insurance is required.

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