Insurance Policies

Business Interruption Insurance

Business Interruption Insurance is also known as Loss of Profit or Consequential Loss cover and is pivotal to the future of a business if serious physical damage occurs which is covered by the underlying material damage perils.

It is almost impossible to over estimate how vitally important this form of cover is to the future of your business: it is an important component of your future and should be carefully thought about and planned.

The cover is concerned with paying for the consequences of the physical damage loss and enables the insured to recover loss of gross profit due to a reduction in turnover and reasonable additional expenditure incurred in minimising a reduction in turnover – like overtime, for example. Read More on Business Interruption Insurance

Business Travel Insurance

Business Travel policies should be arranged in those cases where any Director/Partner/Employees are travelling on behalf of the business. It’s often the case that the travellers are decision makers or key personnel and the impact on the business could be quite severe should anything happen to them.

BENEFITS WOULD INCLUDE

Medical & Emergency Travel Expenses & Hospitalisation. responsible continues to grow.

Cover would be provided in the event of any medical treatment / hospital bills whilst travelling abroad. Pregnancy and Childbirth are automatically excluded and if there are any pre-existing medical conditions these should be referred to Insurers for their consideration. Find out more about Business Travel Insurance

Commercial Property Insurance

PHYSICAL DAMAGE COVERS

A commercial combined insurance policy will routinely include some or all of the following perils:

Fire & Perils

Fire, Lightning, Explosion, Aircraft, Riot and Civil Commotion, Malicious Damage, Earthquake, Storm, Tempest and Flood, Burst Pipes, Sprinkler Leakage, Impact, Subsidence, Subterranean Fire, Spontaneous Combustion, Theft (Forcible Entry). In addition to these covers, you can choose to extend your policy to include Accidental Damage and this would be included in one of two ways.

Accidental Damage Extension

Sometimes erroneously known as ‘all-risks’ cover, accidental damage can be added as a standard peril. Read more about Commercial Property Insurance

Cyber and Commercial Crime

We have grouped these two distinct insurance products together as they are closely aligned.

Whereas ‘cyber’ crime policies are mostly to do with the consequences of a cyber attack from a technology viewpoint, ‘commercial’ crime deals with the wider subject of the consequences of all manner of fraud, both cyber fraud and other terms of fraud, like impersonation or identity fraud quite often emanating from the same underlying cause – the theft of data.

Typical Cyber Attack Cover

Data leaks and data losses can lead to regulatory fines and PR nightmares, shut down servers and loss of both confidence and future profits. Most

insurers strive for an ‘end to end’ approach; diagnosing the issue, fixing it and getting the business back on track and preventing ‘the domino effect’. Read more on Cybercrime and Commercial Crime

Directors and Officers Insurance

A company’s Articles of Association delegate the management of the company to its directors who, in practice, make policy decisions on behalf of the company. They also enter into contracts and transactions as agents of the company and assume the role of trustees in controlling the assets of the company.

Executive directors normally have a contract of service and so also have the status of employee. Any director or officer holds a position of trust and responsibility and may be liable to the company, the shareholders, creditors or employees.

Recent incidents involving railway, road transport and chemical industries highlight the need for this cover as the trend towards holding company directors personally responsible continues to grow. Read more on Directors and Officers Insurance

Employers Liability Insurance

Employers Liability Insurance is a statutory requirement and failure to have this cover is liable to a fine, up to £2,500 per day. As an employer, you are liable for injuries to your staff where there is a breach of duty at common law or under statute. You are also required to display your certificate in a prominent position and they must also be retained for future reference.

You must take reasonable care to ensure the safety of your employees. You must also have:

  • Safe premises and place of work
  • Adequate plant and machinery
  • Safe system of work
  • Competent fellow employees.

Read more on Employers Liability Insurance

Engineering Insurance

For nearly 150 years, Engineering insurers have been providing a range of inspection services and insurance covers. Initially activity was limited to inspection services but it has developed over the years to include insurance cover, ranging from breakdown cover on a single item of machinery to complex covers on an ‘all risks’ basis for large building contracts.

In fact Engineering Insurance covers anything which involves the construction of buildings and structures, movement or in service operation of plant and machinery or the use of computers and other electronic equipment; from the humble air receiver to the sophisticated computer.

Engineering covers can also be extended to resultant loss of profit or revenue following loss or damage. For the most part, risks insured in the engineering and property departments complement each other, although there are occasionally areas where they may overlap. Read More on Engineering Insurance

Marine Cargo Insurance

A contract of Marine Insurance is a contract whereby the Insurer undertakes to indemnify the assured against losses incident to Marine Cargo adventure. There are a number of different policies available and it would depend upon the nature and frequency of shipments as to which was most suitable for you and your business.

ANNUAL POLICIES

Cover is continuous for all shipments/transits within the agreed scope of the policy. A ‘minimum and deposit is calculated and charged at inception based upon the estimated sendings provided by the client. On expiry of the policy, the actual sending’s are declared premium is adjusted accordingly. The advantages of an annual policy include reduced administration, which can result in cheaper premiums and cover is tailor made for the client with no requirement to declare prior to shipment unless goods are outside the agreed parameters. Read more on Marine Cargo Insurance

Motor Fleet Insurance

The Business Insurance Bureau does not specialise in domestic motor insurance, but does arrange motor fleet covers for clients company vehicles, be that cars, commercial vehicles or coaches. Motor fleet is simply the grouping of a number of vehicles together under one policy document, with a single renewal date for administrative convenience. The basic underwriting criteria is similar to that for motor insurance generally: the premium charged will vary with the types of vehicles and the drivers.

Driver information required will routinely be:

  • Name
  • Date of Birth
  • Length of Driving Experience
  • Motoring Convictions and
  • Claims Experience
  • Vehicle Information required will routinely be:
  • Type
  • Make and Model
  • Engine Capacity/Gross Vehicle Wight
  • Registration Number
  • Value and Age

Read More on Motor Fleet Insurance

Product Liability Insurance

The Insured is indemnified against legal liability to pay damages and claimants costs, in respect of accidental bodily injury and accidental damage to material property, occurring during the period of insurance and caused by or arising out of Products supplied in connection with the business. This means not only goods but also packaging, containers and labels.

The supply situation embraces: sale, supply, delivery, alteration, testing and storage. The Business Description in the policy should take account of any discontinued goods, for which a run-off liability may exist.
Cover is for injury or damage, (failure to perform is not included).
No defect in the product is required, so the harmful effect can come about in a number of ways, (e.g. misleading instructions as to use). Read More on Product Liability Insurance

Business Protection Insurance

Also called Income Protection and designed to provide income during periods of long term incapacity. Cover can be arranged on an individual basis or employers can arrange a group policy to benefit their employees.

Benefits are paid monthly and limited to an agreed percentage of annual salary. Any salary continuing to be paid and state benefits are deducted from these payments.

The policy would come into effect following a ‘deferred period’ chosen by the policyholder at inception, usually 4, 13, 26 or 52 weeks. Payments would continue until the individual/employees full return to work, death or expected retirement date. The definition of disability can vary from being totally unable, through sickness or accident, to follow their stated occupation to being totally unable to follow any remunerative occupation whatsoever and care should be taken when choosing a contract and all implications must be fully considered. Read More about Business Protection Insurance

Professional Indemnity Insurance

Claims are increasingly made against persons or firms engaged in professional duties or the provision of such services for alleged negligence, omission or error. Consequently insurance protection is sought by two groups:

  • Those exposed to the risk of causing bodily injury (doctors, surgeons, dentists, pharmacists, etc)
  • Those who may cause financial loss (architects, solicitors, IT professionals, etc)

The term Errors and Omissions (E & O) is sometimes used for policies issued to those who may not necessarily be qualified by a trade or recognized examination.

Some occupations (e.g. insurance brokers, solicitors, chartered surveyors) are required by law to have this cover and over time leading insurers have developed specialist policies particular to certain trades. Read More on Professional Indemnity Insurance

Public Liability Insurance

A public liability policy covers the insured’s legal liability to compensate third parties for personal injury, loss of or damage to property. Primarily, the policy covers risks damage to property. Primarily, the policy covers risks relating to the premises and activities of the business. Unlike Employers Liability, this type of cover is not compulsory but is well advised. It is often a pre-requisite in trading with other organisations.

LIMIT OF INDEMNITY

This is normally expressed as an amount for any one occurrence but unlimited in any one period of insurance. The limit of indemnity would be inclusive of claimant’s The limit of indemnity would be inclusive of claimant’s costs (incurred with insurers consent) and legal expenses.

TERRITORIAL LIMITS

Great Britain, Northern Ireland, the Channel Islands, the Isle of Man. Non–manual workers are covered for offshore installations in territorial waters around Great Britain and its continental shelf. Cover is also provided for elsewhere in the world for non-manual activities whilst the employee is on a temporary visit or journey.  Insurers may insist upon a UK jurisdiction clause in these circumstances and any action be brought in the UK. Read More on Public Liability Insurance

Terrorism Insurance

Acts of terrorism can take many different forms, but typically include bombing, assassination, hijacking or random killings.  They are carried out by organisations for political rather than military purposes and by groups generally too weak to mount an open assault on a government or state.

Although the roots for terrorism lie in ancient Greece, it is now regarded as a modern tool, sometimes utilised to devastating effect by individuals who feel alienated and possibly unrepresented by the society in which they live. Governments find terrorism very difficult to prevent and all the while its psychological impact on the public is increasing because of extensive coverage by the press and international media. read More on Terrorism Insurance

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