Frequently Asked Questions

How can I make sure that my policy adequately covers my business and the appropriate assets?

One way to make sure you protect all your assets is to create a list of any business assets you would want to cover and check your policy for their inclusion. Make sure you have included cover for all your tools, fixtures and fittings, equipment, stock and any other important items. We can advise you on suitable levels of cover if you are in any doubt.

How will my claim history affect me?

Typically before an insurance company will provide you with a quote, they will look at all your previous claims including ones that were not paid. If the insurer notices several claims in the last few years they are likely to increase your premium.

How do I adjust my insurance policy to reflect a new asset I just purchased?

When you purchase a business asset, you should contact your insurance broker and determine how you can include it in your current cover. Your broker should be able to cover the extra item immediately. New documents will be issued as soon as possible and the extra cover will then be included as part of your policy when you come to renewal.

Types of Cover

The following insurances are common, highly practical and in some cases a legal requirement.

Employers liability insurance If you employ anyone outside your immediate family, you are required by law to purchase employer's liability insurance. This insurance offers you protection for any liability arising from injury or illness sustained by employees while they are working for you.

Motor insurance If you use a motor vehicle for your business, you have to insure at a minimum against third party liability by law. You should also strongly consider extending your protection to cover your motor vehicle from collision and theft.

Public liability This will protect you from any liabilities from a Third Party (other than your employees) bodily injury or damage to their property that may occur during the normal operation of your business.

Products liability This will protect you from any liabilities from a Third Party bodily injury (other than your employees) or damage to their property that may occur from products you sold or supplied.

Material damage insurance There are several different insurances that are designed to cover your various assets (building, computer equipment, stock, or contents) from loss or damage caused by various causes (fire, flood, theft or other disasters).

Business interruption insurance This covers you from the loss of turnover or trading profits from damage to your property that prevents the normal operation of your business.

Money insurance In specific circumstances this will reimburse you for money that is lost or stolen from the premises, your home or whilst you are moving it to another location.

Goods in transit insurance Covers you for accidental loss, destruction or damage to goods in transit and the cost of alternative transport if needed.

Other insurances for your business Other insurances may be considered a standard part of an insurance policy for your business. If so, our form will allow you to request the appropriate insurance or call us on 0845 345 1236 for advice from one of our consultants.

Things to Watch out for

Excess
An Excess is the first part of every claim that you are responsible for. Usually you can reduce the cost of your insurance by increasing the Excess amount.

Amounts insured
It is your responsibility, and vitally important, to supply accurate information to the insurance company as to the value of your assets. In some circumstances, incorrectly valuing the amount to be insured could affect your claim. If you cover your assets for more than they are worth (over-insure), you will pay a higher premium than necessary. If you cover your assets for less then they are worth (under-insure), you will not receive enough compensation to cover your losses. our advisors will be happy to discuss this with you. In some cases an insurer may wish to survey your premises before agreeing to cover the insurance requested.

Pre-set Conditions and Exclusions
Understanding how you are covered, is as important as understanding how much you are covered for. You should be aware of any pre-set conditions and exemptions that may exist with the cover. For example some cover is dependent on you having an alarm fitted or securing your equipment in a particular way. Full details of conditions can be found in the policy wording and are shown on your quote schedule. We will be happy to discuss these with you if you have any questions.

Know your insurance company
As part of your decision making process you should look beyond the numbers (cost of cover and amount you are covered for) and examine the potential insurance provider. It might be better to pay a little higher premium but deal with an insurer who has extensive knowledge about your industry or business insurance. You might want to also check the insurers financial history and claims process before you decide to take their policy.

Glossary

Asset
An item of economic value owned by you or your company

Claim
A notification to the insurer that a covered peril has occurred and compensation for loss or damage is required.

Claims history
Your history of insurance claims.

Insurer / Insurance Provider
The Company that provides the cover and will pay you for any claims.

Insurance Broker
An insurance professional able to provide independent advice on a wide rang of insurance matters.

Liability cover
Can include employers, personal and product liability. Refers to your legal liability to pay the compensation and costs awarded against you in respect of loss or damage sustained by a third party.

Loss Adjuster
An expert in processing claims from start to finish. A loss adjuster will be appointed by the Insurance company to negotiate a settlement, within the terms of the policy, which is fair to both you and the insurance company.

Premium
The amount you pay to receive cover under the terms of your policy.

Inception Date
The date on a policy for which cover begins. Any claims made before this date will not be honoured.