Insurance Matters
Christopher Bates, Divisional Director, Corporate and Commercial Division, UIB Group
With the onset of a new year and all that it might bring with it, we asked insurance expert Christopher Bates of strategic BiKBBI partner UIB Insurance to give us his advice on how to choose a business insurance policy … Understanding what you need and defining which is which policy, and where to find the right ones for you, is essential when choosing the best small business insurance. Business insurance is to be taken seriously and should be a fundamental part of protecting your company, covering you against a variety of risks ranging from accidental damage to angry customers. Critically, installers need to understand that some insurance cover is required by law whereas some are 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 essential when choosing the best small business insurance.
LEGAL ESSENTIALS
COVERING YOUR BACK
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:
Any public-facing business should also consider the risk of injuring or badly advising their clients. There are two key protections against this:
• 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.
• 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.
• The extras. Certain policies can cover temporary employees, for example.
• 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.
PROTECTING PROPERTY
COVERING YOUR CONCERNS
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.
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.
Many businesses also rely on a trusty 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
Ultimately, you need to ensure that the protections you choose are the right ones for your own business and this will come from understanding what you need.
If you feel that need guidance, then contact an insurance broker who will be competent in accessing your specific needs. To be certain, UIB Is the only insurance broker recommended by the BiKBBI and can be contacted via: www.uibdirect.co.uk
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