Category Archives: Business Insurance

What types of businesses need insurance?

When setting up a business, it will not be too long before you consider what insurance policies you need in order to comply with the law and protect yourself from insurance claims that could threaten the existence of your business and possibly put you at the risk of ruinous personal losses. But there are very few hard and fast rules about what insurance policies you need to get so keep reading if you want to find out more.

Employer’s liability

Employers liability insurance is the only insurance-policy that companies are 100% legally required to procure if they have any employees. This covers the cost of damages and legal fees incurred if employees are injured or are made ill through the fault of the employer and is compulsory to ensure employees do not miss out on their rightful compensation. NHS costs can also be recouped. The minimum level of EL must be £5million, while most policies provide cover up to £10million. You must display an up to date certificate and can be fined up to £2,500 for every day you are not covered.

What type of company is your business?

There are a few situations where a company does not require EL: if it is not a limited company and you or your close family members are the only employees it is not essential and limited companies with a sole employee who owns at least 50% of it are also exempt. But in many cases these businesses do invest in a policy because the cost otherwise can be ruinous. If your business is not a limited company then you can be held liable for any damages, so insurance is even more critical.

Public liability

If you own premises or work in close proximity to the public then you should definitely get public liability insurance. This covers and damage or loss suffered by a member of the public caused and will mean your insurer pays expenses, legal fees, damages and medical fees. Your premium will depend on the type of business you are, so construction companies can expect to pay more than a marketing company, while horse riding companies are required by law to be covered. If you sell or give away any physical items that causes damage or loss and is considered not ‘fit for purpose’, product liability will cover you. The normal amount of cover is £2million.

Professional Indemnity

If it isn’t products you sell but, instead, your knowledge or skills you should find the best deal on professional indemnity insurance. PI protects you if a client makes a claim for a loss or damage that came about as a result of your negligence, and also covers legal costs of fighting the claim. There are a number of professions where PI is compulsory, including solicitors, accountants, architects, mortgage brokers, financial advisers and charters surveyors while most designers, PR agencies and advertising firms are covered too.

Specialist policies

There are a number of industries which require their own special insurance policies – like commercial property owners should have Landlords-insurance – and it is best to seek the advice of a specialist federation or a broker specialising in business insurance.

Salon Insurance Costs

There is no set policy, no matter what the salon insurance costs, that provides the entire cover as standard. For a start, there are so many different types of salons, ranging from hair salons, hair extension salons, salons specialising in beauty treatments, nail salons, slimming salons, massage salons and tanning salons. Most however, have one thing in common, and that is they specialise in female beauty. Not that men keep away from salons; the modern man certainly goes out of his way to keep trim, tints to hide any grey hair and professionally manicures his nails. Beauty products now go all out to attract male buyers, and many men thoroughly enjoy having a facial or a massage.

With all this on the go, it is definitely essential to weigh up salon insurance costs. The two most important items of insurance for consideration are

• Public Liability insurance to cover your business in case of customer injury or else their property damaged through your business. The claim for these costs could be large, and without insurance, your business stands a chance of being crippled financially.

• Employer’s liability insurance to cover staff in your employ for illness through the business, or any injury on the premises, and legal expenses, should they occur. Employer’s liability insurance is a requirement by law.

There, are several optional cover types for salon insurance worth looking into as protection for the business, when you are considering buying insurance and are weighing up all the costs involved.

• Professional indemnity,
• Your business equipment
• Cover for your stock
• Cover for employee theft
• Revenue protection
• Fixtures and fittings
• The glass front of your premises

Starting a business is not just a case of opening the doors for the type of business or salon that you want to be in; there are licences, insurance and other cost factors that you have to take into account as well. Even if your salon is a home run business, you have to think about insurance and other costs carefully before you start. You stand the same chance of things going wrong at a home salon as you do in a salon situated inside a commercial building.

Look up salon insurance costs and get quotes at specialistrisks

Is your restaurant covered for all eventualities?

When running a business you need to be absolutely certain that you have thought about all possible things that could go wrong and cause a potential loss of earnings. The main ones of these are usually things that stop you from opening up; such as a fire, floor, or damage that could be caused by criminals and vandals. These are some things that can often not be avoided, but may still happen. For things like this; you can get specialist insurance to cover it. One of the businesses that you may run could be a restaurant. And so you will need the specific restaurant insurance to cover it. The restaurant insurance can cover many different things (lots of information available at Restaurant These include public liability, employers liability, potential stock in transit problems, and business interruption.

Insurance is a very important thing to take into account when starting a business up. This is because you can not foresee what will happen in the future, and accidents always happen. Employers liability insurance is set up so that you can protect your members of staff in the event of any accidents happening to them. For instance, if someone spills a drink in a comment pathway that people have to walk down to serve food to customers, and someone slips on this drink because it was not properly dealt with, they are liable to claim for any compensation they may require. This could be anything from simply injury compensation all the way up to compensation because they are no longer able to work.

Public liability insurance covers your business in the event of any member of the public inside the service area of your restaurant getting injured through any accidents that may happen. For example, if a member of staff trips over and drops a scalding hot dish onto a customer, then they are likely to claim for their injuries and potential damages to possessions as well. This is where you need your public liability insurance as if they do claim, your insurance pays out all of the expenses. If you did not have the public liability insurance and this proceeded to happen, then you would have to pay out of your own pocket for any claim that the customer may wish to bring upon you. This can often lead to the closure of the business entirely, as it may be seen as an unsafe workplace, which means it should not be open.

Stock in transit insurance is designed to cover you from any accidents that may happen when your stock is being transported to you. For example, should the transport system stop for any reason, such as a crash, you may not be able to open your restaurant as you would have liked to; which will lead to a loss of earnings. This is what the insurance is designed to cover as it is no fault of your own that this has happened, and sometimes it is not possible to avoid these situations as they are accidents, people do not mean to crash after all!

Do You Need Business Indemnity Insurance?

Every business needs protection against claims for any loss or damage made by either a client or other third party. By taking out a Professional Business Insurance policy, you then have cover for a mistake, or if found to have been negligent with a service that you have provided. This way, you have peace of mind, knowing that you are able to claim from your insurance and not having to pay legal costs from your own pocket or from that of your business.

It is however, a regulation for many professions to have to take out a business indemnity insurance cover as a registered member of a professional association. Among these are accountants, architects, solicitors, mortgage brokers and financial advisors. There are also many other professionals who make a point of covering themselves with insurance. Most consultants in advertising, designing or else in PR, feel that this type of cover is necessary for them as well.

Essentially, business indemnity insurance is sensible for anyone that is dealing with ‘intelligent’ services rather than a physical product.

Important to note:

Do remember that you can only make a claim on your policy if premiums are up to date. Should a policy lapse and for any reason you have not paid up to date, or if you have cancelled the policy, claims against it, will not be acknowledged, and you will have to bear the costs yourself.

Should you close your business or retire and cancel your policy, it is necessary for you to arrange with your insurers to have a ‘run-off’ period of cover afterwards, in order to pay for claims against you when your business was operational.

The same run-off period is applicable if you should decide to change your insurers, unless you can arrange with the new insurance company to accept any previous claims.

Make sure that all contracts with clients have sufficient information attached at the time of signing; with easy reference and well filed, should there be any claims against them at a future date.

Business indemnity insurance is a specialised area of insurance. Before taking out and signing for a policy, consult with an insurance expert to give you advice for the best particular needs of your business.

Found out more and get quotes for business indemnity insurance at specialistrisks

What to ask about insurance for a salon

As more and more salons extend beyond just hairdressing to providing nail and beauty services, insurance has become even more relevant. Insurance for a salon is as vital to the business as the skills of the hairdresser, the tools of the trade and the premises in which the business operates. It is essential therefore, that you ask and get an answer to the main questions about of salon insurance. Here are some key questions that any hairdresser with their own salon should ask when it comes to insurance.

What happens if a customer is hurt on my premises?

Public liability is standard cover included in insurance for a salon. Public liability covers anyone injured or hurt on your premises. The level of cover is variable and you can generally choose from £1, 2, 3 or 5 million. What however, public liability insurance does not cover is injury sustained through treatment. For this, Treatment Risks cover is required and this can be added to your salon insurance policy. Treatment Risks generally covers you and your employees for up to £1 million per incident.

What happens when I can’t open the salon?

Obviously when the salon isn’t open you are losing money. It might be because of a flood or other natural disaster, equipment breakdown, power cuts, property damage or even community issues such as riots. There is insurance available for business interruption/interference which applies when the salon closure will result in a loss of profit. The level of cover and terms under which is payable will vary amongst insurance providers so these will need to be checked.

What about accidental damage?

If you get an insurance policy based on ‘all risks’, losses through accidental damage should be covered as well as damage that occurs through the usual perils covered like storm, flood, fire and theft.

Are my employees covered by my salon insurance?

Anyone who employees people in the UK is required to have, by law, employee liability insurance. This will provide cover, usually up to 10 million, for claims made against you as the salon owner by employees hurt in the course of business.

Above all, ask any question and make sure it is answered before you choose your salon insurance.

Get more information about and quotes for insurance for a salon at Specialistrisks

Why Trades People Need Public liability insurance Cover

Insuring a business is not optional or dependent on the company type, its size or the annual financial turnover; all UK businesses and trades people need to have adequate Public liability insurance cover.

Trades peoples’ policies offer additional comprehensive cover for events that are inapplicable in most business sectors whilst offering a standard safety net against claims against the company.

It is much more likely that a trades person will at some point have a claim brought against them, especially if suppliers, customers or sub-contractors visit their workplace. It would be so easy for a visitor to slip on a wet floor or sustain injuries caused by a member of the team’s misuse of equipment.

Similarly, if work needs to be carried out work on premises belonging to a customer or a in a public place, there are literally dozens of potential risks which UK Public liability insurance will provide cover for. These obviously include personal harm to individuals but also any damage to their property and belongings.

Public liability insurance cover also looks after tools, equipment and supplies whilst they are your responsibility and are being transported. These items would not only be very expensive to replace if they were damaged or stolen but could also impact negatively on the trades person’s current contract or job.

The construction industry and its associated trades employ a huge percentage of the UK workforce and due to the type of work carried out; it isn’t surprising that a large number of accidents occur within this sector. It is important to note that not all accidents happen as a result of non-compliance with health and safety legislation or are caused by negligence. However, due to the very nature of the work and the inherent danger associated with the tools and materials used within the industry mean that incidents are simply more likely to occur.

As with all types of insurance, the precise public liability cover will vary between policies so it is vital to check exactly what is included in your policy and ensure that you purchase adequate cover.

Quotes for Public Liability Insurance Cover can be obtained at Specialist Risks

The Subject of Professional Indemnity Insurance

Individuals who make major decisions on a regular basis, such as solicitors, accountants, and mortgage brokers, are putting themselves at risk of sustaining a legal claim for giving out incorrect advice to both individuals and companies. Although the risks are not particularly high, the claims which do occur might be considerable as larger companies can and do pursue these issues through the legal system.

Professional Indemnity Insurance

Professional indemnity insurance is usually a requirement for the previously listed professions as the industry standard because claims can have such a catastrophic effect on both individuals and businesses. Usually, it is easy to acquire protection against such an event as a professional indemnity insurance online quote can easily be found and then acted upon.

But what’s wrong?

Basic professional indemnity insurance is not usually sufficient enough cover because legal cases which come from large companies can quickly wipe out your insurance limits, and then you have absolutely no protection at all so any further costs will have to come out of your own pocket.

What Can I Do?

By all means consider looking at a professional indemnity insurance online quote just to check the prices, but take into account some of the other factors which come into play in order to protect yourself against the most expensive claims which could be made against you.

Your potential insurance provider will look at the following when considering the level of cover in your professional indemnity insurance package:

• The client base which you are dealing with is critical because if you are dealing with high profile clients then mistakes can be much more costly, which means you will need a larger amount of cover than if you were purely dealing with small businesses.

• The type of work you do is also very important because the history of legal cases can also be looked at so your insurance company can accurately assess the risk you are at should you make any mistakes.

• Your business status is relevant. If you are a limited or public limited company it is the entity being insured but if you a sole trader or in a partnership it is you as the individual that is the insured party. In this case getting the right amount of cover is essential as being under insured can result in the loss of personal assets as well as those belonging to the business.

A professional indemnity insurance online quote is available from Specialist Risks

Can a small business still offer health insurance to employees?

When a small business is in operation it really needs to get some kind of insurance to cover itself for any kind of liability. Some companies though will want to take out small business health insurance so that the employer and the staff are all adequately covered. In fact, for those taking up employment with this company, this is the added incentive that they probably need.

Small business health insurance holds a form of security for the company since it will cover any losses if the employee cannot work. There are several types of this kind of insurance though so these should be compared to see which one fits the bill.

Privately medical insurance will pay for treatment that needs to be done in a hurry. It is all very well waiting for the NHS but the company could suffer as a consequence with its workers being off for long periods just waiting for a small procedure to be done. This one does cost more, but it is well worth it in the end and the employee appreciates it very much too.

There is also a cover for income which pays the workers when they are unable to work. If they get ill or suffer an injury, many workers will need their regular wage for sure and this is how to give it to them without penalizing the company.

Critical illness cover is also available, and if this is combined with a life insurance policy, the employee is covered from all sides. Again, this is an expensive cover, but considering that a business is only as good as its workers, then it may be wise to get this kind of insurance.

Some covers, like employer’s liability insurance, are useful but not absolutely necessary. This holds true if the employee is a family member. However, limited companies do not need this cover if there is just one employee and that person owns fifty percent or more of the shares in said company.

So the answer to the opening question about offering cover, the answer is yes, as long as the company is prepared to spend money!

Brought to you by Specialist Risks. Why not visit us to get quotes for health insurance for small businesses from a range of top providers.

Shop and Retail Premises Insurance

Looks like Target signage.  Whaa?
Creative Commons License photo credit: Andypiper

If you are thinking of opening up your place of work to the public, whereby you are displaying your goods for the purposes of retail, then you need shop insurance.
As well as the standard cover that Employers and Public Liability Insurance provides, you also need to protect your stock and premises – if you were to lose either, it would be disastrous for the business into which you have ploughed your time, effort and capital if you weren’t easily able to replace anything lost in this manner.
As there is so much to consider when opting for such a policy, there being so many variations of type of shop that you may be considering opening, it is imperative to ensure that whoever you choose to cover you, actually does.

Many providers will provide a list of basic items that are must haves for any retail outlet in the event of unforeseen circumstances.
This list of essentials will normally always include protection against some, or all, of the following: accidental loss or damage (incl. theft), malicious damage or riot, fire, lightning, explosion, burst water pipes (underground areas may not be covered by your buildings policy), storms and floods, window-frame and glass replacement and lock replacement following theft.

Add-ons that you may want to consider would be freezer cover, stock in transit, removal of debris, ‘attractive commodities’ if you are selling tools, spirits and tobacco. These add-ons can be decided by using a calculation of the value of the stock to cover versus the likelihood of you needing that aspect against the cost of addition of these extra clauses. Be wary of taking out policies for services that your business is unlikely to utilise.
Another extra you should consider, as well as protection against the tangible goods that can be replaced from a warehouse or distribution outlet, is protection against your livelihood.

Most insurance firms will offer you insurance against interruptions to your business in the event that you have to make a claim against any of the afore-mentioned circumstances. The fact that you may have a warehouse full of undamaged stock is of little use if your premises are unsafe for the public or provide an unfit environment for your staff.

Business interruption cover is a basic shop policy extension, which provides cover for loss of income due to inability to trade in the event of any claim under your Shop Buildings and Contents policy, including additional expenses necessary to keep your shop in business whilst repairs are carried out.
One last point – most policies are index-linked. If the value of your goods insured was valued at £500 when you bought them, but you know their nett value has risen, be sure to press home this fact when making a claim. This is a double-edged sword. If the value of that commodity has depreciated, you are unlikely to get back the sum originally insured.

Living the Life of a Taxi Driver

Mr. Cab Driver [Explored]
Creative Commons License photo credit:
The life of a taxi driver can indeed be testing. Working all hours of the day, far beyond the normal 9-5 most days, can be draining, especially if you are by nature, a friendly, outgoing character, as most taxi drivers seem to be, by the end of the day you can really feel the strain of driving around all day doing the best to make every customers experience a pleasant one. Engaging in conversation with each and every customer can be tiresome, yet most taxi drivers manage it as they want to add a personal touch to each journey.

In some of the biggest and best cities in the world, namely London and New York, our taxi drivers have built a reputation of being polite, courteous, friendly, and very welcoming. It is a testament to them that they have built, and sustained, such a reputation.

However, in order to maintain this reputation, each and every taxi driver must ensure they are able to still get out there and perform their role as well as they always have. By insuring their taxi with a suitable taxi-insurance-policy, they will be protected against a number of unfortunate circumstances that can befall them.

As aforementioned, being a taxi driver can be tiring work. Working late shifts, driving around at the dead of night, can be monotonous and so it is extremely important make sure you are wide awake at all times. Driving can be hazardous when you are feeling sleepy, and without wanting to sound too much like the governments health and safety adverts, it is important to pull over and grab a coffee if you are feeling the strain of a long day and all you want to do is nod off! Do not let nodding off be the last thing you do!

Health and safety lecture over, it is also vital that you protect your taxi. In the event of an unfortunate accident there are added insurance extras that can protect you so that you will be provided with a replacement vehicle whilst your taxi is being fixed. You wouldn’t want one accident to ruin your weekly income by putting you out of work, bills still need paying after all.

There are several forms of private hire insurance you can purchase, such as third party, third party fire and theft, and fully comprehensive cover. It is important to think about such things like the value of your vehicle, the level of security it has and any other risks that you may want to cover. Added extras are normally only included with fully comprehensive cover, so if you need extras, then investigate with the insurer about what level of cover you desire and require.

Hunt around for the best deal also, and make sure you find the right cover for your taxi!