Are you covered? by UIB

Matthew Hazzard Head of Business Insurance

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

As 2021 draws to a close, it seems to have thrown everything imaginable at us from personal health concerns to steering business through the heavily mined waters that include furloughing of staff, government enforced shut down´s of kbb retailers, short supply of raw materials which has in turn, helped lead to a lack of stock and therefore long lead times to receive products. More latterly it´s been the energy crisis that have caused delays to deliveries, a desperate skills shortage affecting industry, especially the 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.

KBB market and now looming increased taxation. All this and a pandemic still affecting our daily lives. If someone had said all this would happen three years ago, no one would have believed it! So if the last two years has taught us anything, it´s that the future is impossible to predict and therefore, never a better time to protect your own personal and business wellbeing, both health-wise and financial.

The good news is that there are easy solutions for KBB installers to protect themselves from some of these possible future threats and its imperative to consider your current insurance status, for instance, when did you last look at your policy and check if your cover will suffice in these difficult times? 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 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.

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

'If assistance is needed, it may be best to contact an insurance broker and get a ‘business health check’. time for change?

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