INSURANCE MATTERS - UIB

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

WHY KBB INSTALLERS NEED TO PROTECT THEMSELVES IN 2020

It’s incredible to think that the year 2020 is upon us as it only seems like yesterday that we celebrated the new Millenium! However, for business people and especially those who are self-employed, the turn of any New Year gives business people a chance to reflect on the previous 12 months and plan and look ahead to the year ahead.

This year seems a little different though, with Brexit imminent there is a heck of a lot of uncertainty and I think it is making all of us rightly cautious to some degree.

Being cautious is what attracts many installers to our business as anything that gives you a bit of extra peace

of mind is welcome. To adequately cover yourself and your business insurance-wise is an absolute must or risk leaving you and your business exposed to risks like accidental damage and the dangers of legal challenges from angry customers.

So how do you best choose a business insurance policy, one that’s right for you?

Knowing which is which, and where to find them, is part and parcel of choosing the right small business insurance policy. KBB installers should be aware that some cover is required by law and some are available as an optional safeguard against threats to you or your business. 

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 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.

required by law and some

are available as an optional

safeguard against threats

to you or your business.

Protecting property

Buildings insurance will often cover damage to property 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.

Most installer businesses rely on a van. A dedicated business vehicle policy could help you stay on the road in the event of things like theft, damage and breakdown, for example.

Being cautious is what attracts many installers to our business as anything that gives you a bit of extra peace of mind is welcome.

Covering your back (absolutely essential for kbb installer businesses)

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. BiBKKI’s sole recommended insurance broker is UIB.

www.uibdirect.co.uk

GET YOUR COMPLETELY FREE OF CHARGE COPY OF THE INSTALLER MAGAZINE EACH AND EVERY ISSUE BY SUBSCRIBING AT:

www.bikbbi.org.uk/contact/magazine/

ARE YOU COVERED?

BiKBBI Insurance Services by United Insurance Brokers Ltd

TAILOR-MADE INSURANCE SERVICES FOR BiKBBI MEMBERS:

● Public liability insurance ● Van & fl eet insurance ● Breakdown cover ● Own plant, tools & equipment ● Employers’ liability ● Personal accident & sickness ● Contract works ● Hired-in-plant ● Professional indemnity

● Shop insurance ● Commercial property insurance ● Directors & Offi cers indemnity ● Private household ● Private motor ● Travel insurance ● Private healthcare ● Life assurance / keyman ● Residential & commercial landlord insurance

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