I am starting up a new business, what sort of insurance will I need?
The insurance you will require will depend on the type of business you are starting up. You will probably require cover for your premises and business assets, employer’s liability and possibly public or products liability. If you are offering any type of consultancy or advice, you may also require professional indemnity insurance, and if your business will involve a lot of travelling, then group travel insurance would also be useful.
I am self-employed and work from home, do I still need insurance?
You household insurance can be amended to include your business assets and public liability cover. Most household insurers will need to know that you are working from home and should be able to assist. Working from home may change the nature of the risk an insurer takes and it would be a good idea to check with them.
What is the difference between bona-fide sub-contractors and labour only sub-contractors?
A bona-fide sub-contractor, also known as a ‘Supply and Fit contractor’, has current insurance in place, whereas a labour only sub-contractor does not. Any Employers and Public Liability you take out would act as a contingency against the failure of the bona-fide sub-contractor’s policy as well as protecting the labour only sub-contractor under your auspices.
What level of public liability insurance do I need?``
The likelihood of injuring a third party or their property depends on the activities you are involved in on a day-to-day basis. The greater your turnover, the greater the likelihood of a claim occurring. Public liability insurance is usually sold for a limit of £1,000,000 or £2,000,000 any one occurrence. This is usually perfectly adequate to cover the liabilities companies are exposed to. A limit of £5,000,000 is usually taken by companies that are working on government contracts as this the the limit local authorities, government and the public sector require.
Do I need to take out Employers Liability insurance?
If any of your employees, including temporary employees and volunteers, are normally based in the United Kingdom (including offshore installations or associated structures), you must, by law, have employers’ liability insurance.
You are responsible for the health and safety of your employees while they are at work. Your employees may be injured at work, or they or your former employees may become ill as a result of their work whilst in your employ. They might try to claim compensation from you if they believe you or your company are responsible. The Employers’ Liability (Compulsory Insurance) Act 1969 stipulations that you must have at least a minimum level of insurance cover against any such claims. Employers’ liability insurance will enable you to meet the cost of compensation for your employees’ injuries or illness. You can find more information about this law on the HSE webpage under Employers’ Liability(Compulsory Insurance) Act 1969
Why do I need Professional Indemnity Insurance?
Any organisation that derives any of its income from consultancy advice given needs to consider the risks of such advice causing third parties’ injury, damage and/or distress, financially or physically. Advice can often be taken from publications, whether written or electronic. For some example of claim scenarios, please refer to Professional Indemnity Cover Claim Scenarios.
How can I pay for my Insurance?
We can accept payment by cheque, direct debit, credit or debit card or direct bank transfer (BACS).
Please note that payment by direct debit incurs an interest fee and payment by credit card includes a maximum limit of £500 but no administration cost.
What is the role of a broker?
A broker is an intermediary whose primary function is to provide their clients with an insurance policy that meets their requirements and to provide constant aftersales service. The relationship between a broker and their client is an ongoing relationship of support and trust. For a more indepth reply to this query, please follow this link – The Role of the Broker.
How do I make a claim?
If you are unsure about the level of cover required, or about types of business insurance, please do not hesitate to call us directly on 01803 869775 or email us via our contact page for help and a quotation.