|
Business Insurance -
You can find more in depth advice about all types of insurance relating to business and employment, including your statutory requirements, on the Business Link site - click here
A practical guide to commercial insurance.
All professional businesses need a quality insurance and risk management programme to ensure the business has financial protection against the potentially terminal economic effects of the sudden and the unforeseen.
Too often the best business plans fail but not because of any lack of vision, ideas, quality products, management commitment or sales. More often it is because financially under resourced, usually young and fast growing companies, suffer a loss and simply do not have effective, adequate and up to date insurance in place.
Value for Money is one thing, buying cheap or inadequate cover is quite another - the future of your business is not something to gamble with.
So, three basic things to bear in mind;
- While there are some insurances which are legally required, such as Liability to your Employees, professionally managed businesses buy protection for their:
- people
- assets
- ideas
- future profits
- liabilities to their employees and others
- Use a professional advisor or broker who:
- Can demonstrate expertise and experience in your business sector so you can trust the advice you receive.
- Takes the time to get a thorough understanding of your individual business and its insurance needs so you buy what you need and no more.
- Has real buying power with a wide panel of reputable insurers to ensure you have choice and value for money.
- Will be there for you when you really need help - when you need to make a claim.
- Make the effort to ensure you understand what you are buying, what you are covered for and equally importantly what you are not covered for, and does not rely on impenetrable jargon.
- Ensure regular communication with your adviser or broker to ensure your insurance programme grows as fast as you do. Long term relationships with both broker and insurer can pay dividends.
What should consider insuring against?
The following list is not intended to be exhaustive but is simply an indication of some of the risks which you may wish to review periodically or to obtain quotations:
- Material Damage
- Computer
- Money
- Dishonesty of Employees
- Goods In Transit
- Marine Transit
- Business Interruption
- Debtors Records
- Employers Liability - STATUTORY REQUIREMENT TO INSURE
- Public Liability
- Products Liability
- Professional Indemnity
- Director's and Officer's Liability
- Contractors All Risks
- Legal Expenses
- Credit
- Loss of Licence
- Personal Accident/Illness
- Travel
- Private Health
- Permanent Health
- Engineering Inspection - STATUTORY REQUIREMENT
- Engineering Insurance
- Loss Assessors Fees
- Terrorism
- Cyber Liability / E Commerce Risks
- Motor Fleet / Commercial Vehicle - STATUTORY REQUIREMNET TO INSURE
For further information contact your insurance broker
-------------------------------------------------------------------
No information on this website or in this document constitutes investment, tax, legal or any other advice.
If you are unsure about the meaning of any of the information provided please contact your Business Link Client Manager, your financial advisor or another professional adviser for advice.
|
