Business insurance is Insurance coverage that protects the Business Property and Assets from losses such as Fire, Theft, Storm & Water Damage and much more plus the consequential losses brought about by the Business Interruption that will be incurred as a result of these perils. Aside of Asset cover the Businesses Insurance would normally include coverage for legal liability and employee liability related risks.
Mechanic was working on customer’s vehicle while it was on a hoist and the vehicle caught fire in the mechanic’s garage causing damage to the mechanic’s property.
A hotel caught fire from a heater causing damage to 7 rooms resulting in a property damage claim of £250,000.
A worker cut finger on the job and was treated and released from the emergency room with a few stitches. The worker later got a staph infection and had to be hospitalized. The bodily injury on this minor accident ultimately resulted in a workers’ compensation claim of £50,000.
If you employ anyone, insurance is a legal requirement. Employers’ Liability cover protects your staff and labour only sub-contractors in the event of an accident or injury at work for which you are legally liable. By law, if you have employees, you must Insure for a minimum£5 million Indemnity.
In a business-to-business setting, an insurance policy acts almost like a credential. By having a high level of cover you are demonstrating that you are a respectable business which takes health and safety very seriously, and that you fully understand your own responsibilities.
The chances of your business being hit by a flood or destroyed by a fire might seem low, but disruption to your work can have serious consequences. Road works, police cordons and criminal acts could incur huge costs to your business and cash flow. However, all of this could be prevented with the right insurance cover and a business continuity plan.
Just give our expert advisors a call. We will go through the information required by our insurers, and answer any questions you may have about your cover. We may ask you to complete a short proposal form if necessary.
Once we have the information from you we will approach our partner insurers to obtain the most competitive quotation with the widest cover. Each of our clients have different requirements in terms of time so however urgent it is we will work with you to meet deadlines.