BUSINESS INSURANCE GUIDE

What is covered – A Simple Guide

Below are some of the most common business insurance policies available and what they actually mean.

In order to keep things simple, we have kept this guide to the main policies available only. If you have any queries or would like to discuss a policy not listed, contact us.

What is Office Insurance / Office Package Insurance

Suitable for Office or home based Businesses

Includes wide range of covers all under the one policy including

• Property/Computer – loss damage or theft
• Business Interruption
• Employers Liability
• Public Liability
• Products Liability  

What is Property / Computers / Stock Insurance

Covers for damage or loss of your business property

• Theft cover included, but usually excluding
  • theft from unattended vehicles
  • Stock and property left in the open
• Accidental Damage
• Fire / Flood Etc
• Can include property/goods not owned by you and Goods In Trust Insurance (eg. customer property/stock etc)

What is Employers Liability Insurance

Covers you where you are responsible for

• injury to employees whilst they are carrying out their work.

This cover is a legal requirement in the UK – there are few exceptions (Please contact us if you are unsure if you are exempt – we can help)

What is Public Liability Insurance

Covers you where you are responsible for:

• Loss or damage you have caused to someone elses property
• Injury you have caused to other people

What is Products Liability Insurance

Covers you where you are responsible for:

• Loss or damage  to someone elses property caused by your product
• Injury to other people caused by your product

What is Business Interruption Insurance

This provides cover where your business has been affected resulting in either

• Loss in revenue
• Loss in Gross Profit
• Incurring additional, unexpected costs

In most cases cover will apply following loss or damage to your property.  However some insurers offer wider cover including:

• Denial of access to your premises
• Loss or damage at your customers or suppliers premises (eg. where this results cancellation of or reduction in orders)
• Loss of power & Utilities (gas, Electric, Water)
• Loss of Internet connection

What is Professional Indemnity Insurance

This type of policy is suitable for businesses that are providing a professional and/or skilled service to customers for a fee – usually not providing a physical product.

The policy provides cover where a customer has “suffered a financial loss” – in simple terms this means your customer is out of pocket or lost money as a result of a failure or error in the advice or the professional service/skills you provided for them.

This type of insurance can get complex.  As a result and to help your business, we have a dedicated team to deal with Professional Indemnity Insurance

What is Tradesman Insurance

This policy is usually suitable for small independent tradesmen who do not have their own premises.

The policy provides a wide range of covers including:

• Employers Liability
• Public Liability
• Products Liability
• Property / Tools/ Stock Etc

What is Commercial Combined Insurance

This is the name given to policies that provide a wide range of covers all under the one policy, including all those listed in this guide.

What is Cyber Insurance / Hacker Insurance

This policy provides cover if you have suffered as a result of a cyber attack, hack to your IT System.

Cover can include

• Immediate 24/7 response to any incident
• Costs of managing an incident
• Loss of revenue
• Data Breach
• PR/Public Relations Expenses

Some Insurance companies can extend cover to include fraud cover.

What is Contractors All Risks Insurance / Contract Works

This cover is suitable for contracting trades and includes cover for

• Loss or damage to own property (including on site)
• Loss or damage to hired in equipment and plant (including on site)
• Loss or damage to the works being carried out and yet to be completed/signed off
• Employers Liability
• Public Liability
• Products Liability
• Goods In Transit to/from site

What is Directors Liability Insurance / Management Liability Insurance

This policy protects individuals within the business from claims made against them personally as a result of their actions as a Director or officer of the company.

Cover also extends to Employees and Managers etc, that are decision makers within the business.

This includes claims against individuals in relation to:

• Employment issues (Inc Tribunals etc)
• Breach of any duty
• Breach of trust
• Breach of warranty

These policies can usually be extended to also include claims made against the company