Insurance matters

Christopher Bates, Divisional Director, Corporate and Commercial Division, UIB Group.

HOW TO CHOOSE A SMALL BUSINESS INSURANCE POLICY

Insurance is an essential part of protecting your business, covering you against risks ranging from natural disasters to angry customers.

Some cover is required by law, some you are contractually obliged to have and some comes as an optional safeguard against threats to your business.

Knowing which is which and where to find them, is part and parcel of choosing the right small business insurance policy. 

Legal essentials

Employers’ liability insurance is generally required by law for everyone with employees in the UK. It covers you against claims for compensation if an employee is injured or becomes ill as a result of negligence in the workplace. When deciding on a policy, consider:

• The amount covered. Most insurers will provide up to £10 million as standard. • The assistance offered. Some policies include access to legal advice in some circumstances. • The extras. Some policies can cover temporary employees, for example.

In addition to the above and as we all know, Motor insurance falls into the same category. Although uninsured drivers are all around us, insuring your van, car or other vehicle is a legal requirement.

Again, you need to ask similar questions when deciding on a policy:

• The cover required. Third Party only; Third Party, Fire and Theft; or Fully Comprehensive. • The assistance offered. Some policies include access to legal advice in some circumstances. • The extras. Some policies can cover vehicle breakdown and recovery, amongst other options.

Protecting property

Buildings insurance will often cover damage to property you own, but if you’re in retail location or industrial unit you could look for specialist insurance cover. This protects against things like damage to your stock, although you may need to seek out specific protection for high-value items. Tenant’s improvement; contents; rent payable; and loss of profits to name just a few.

Covering your back

Any customer-facing business should also consider the risk of injuring or badly advising their clients. There are two key protections against this:

Public liability insurance, which covers your legal costs and business losses resulting from accidents that happen to anyone at your premises or as a result of negligence in your work environment.

Professional indemnity is designed for advisers and professionals. It protects you if your client feels they have suffered financial losses because of negligence or mistakes in your advice or services.

Covering your concerns

You can tailor most policies to include the things that are relevant to your business, but sometimes you’ll need to buy separate insurance. For example, you may need to insure company smartphones against theft or damage, or plan for separate healthcare cover if illness and absenteeism are a worry.

Ultimately, it comes down to the protections that are right for your own business. If you wish to discuss any insurance related worries or concerns, or you know what you require and require a quotation, please contact:

www.uibgroup.com | t: +44 (0)2072 641 609

SPEAK TO AN ADVISOR TODAY! Business Insurance: Call 0330 159 6212 and quote BiKBBI Van Insurance: Call 0330 159 6212 and quote BiKBBIV Buy online: www.uibdirect.co.uk/bikbbi/ Email: direct@uib.co.uk

UIB Direct is a trading name of United Insurance Brokers Ltd. Registered offi ce is 69 Mansell Street, London, E1 8AN, UK (company registration no. 2034497) The company are regulated by the Financial Conduct Authority (registration number 307812)