INSURANCE MATTERS

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

ENSURE YOU ARE PROTECTED IN THESE TOUGH TIMES

In the autumn issue of The Installer magazine, insurance expert Christopher Bates of strategic BiKBBI partner UIB Insurance, gives his advice on how to choose a business insurance policy …

2020 has thrown just about everything it could at us and as we reach autumn and approach the year end, it’s almost impossible to predict what 2021 will bring. We all hope it will improve greatly but sadly, uncertainty prevails.

It has to improve surely! But what if it doesn’t? What if it’s more of the same or worse? Its therefore never a more important time for small businesses, especially small ones like KBB installers to protect themselves from what the future may bring.

Which brings me to insurance, when did you last look at your policy and check if your cover will suffice in these difficult times?

Insurance is a serious business and should be regarded as a fundamental part of protecting your company, covering you against a variety of risks ranging from accidental damage to angry customers. Importantly, installers need to understand that some insurance cover is required by law whereas some come as an optional safeguard against threats to you or your business and are designed to give you peace of mind whilst you go about your everyday business.

Understanding what you need and defining which is which policy, and where to find the right ones for you, is part and parcel of choosing the best small business insurance policy for you. 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, do consider:

• The amount covered. Most policies provide cover for £10 million as standard.

• The assistance offered. Some policies include access to legal advice in some circumstances.

• The extras. Certain policies can cover temporary employees, for example.

Protecting property

Buildings insurance will often cover damage to property that you own, but if you’re in an office or retail unit, you could look for specialist office or shop insurance cover. These specialist products protect against things like damage to your computers, stock etc.

Almost all KBB installer businesses rely on a van. A dedicated business vehicle policy could help you stay on the road in the event of things like breakdown, damage and theft, for example, something we’ve covered in this magazine a lot recently

Covering your back

Any public-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 know what you need, a clear search can yield the perfect policy.

If assistance is needed, it may be best to contact an insurance broker and get a ‘business health check’. UIB Is the only insurance broker recommended by the BiKBBI and can be contacted via