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Business Insurance

Business Insurance Quotes, Affordable Business Insurance Directory

UK insurance directory listing affordable business insurance companies, under multiple keywords, search our website for insurance brokers and insurance companies

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Business Insurance


General insurance for all businesses is essential to meeting legal and employer/employee/temporary worker requirements. If you have a professional insurance broker it is vital that the broker provides commercial insurance quotes for the type of business you currently running or planning to run. Insurance can be a costly business expenditure if you get it wrong. Your accountant can also be consulted and have your budgets balanced.


What is general liability insurance?

Insurance that is available from the general insurance market in order to protect business owners from a number of liability exposures claims.

The law requires that almost all businesses have insurance in place but there may be some businesses which may be exempt. Again your insurance broker or accountant should be able to help. Business insurance is vital to cover the business owners of losses in the case of unknown liability and cases of negligence. If you are not covered you may go out of business with further losses that you may not be able to recover just by insurance alone. The main benefit of business insurance is to keep the business functioning while the risk has been transferred to the insurance company. There is also the insurance excess to consider, if you can self insure a higher excess, the insurance premiums may be lower. In the end business insurance is a fail safe mechanism of protection the business failing and all those people involved losing their livelihood. The main reason of insurance is that the insurance company provides protection against outstanding debt and liabilities.

Business insurance covers for example the following categories of insurance by insurance companies:
• All risks contractors insurance
• Business liability interruption/loss of income
• Commercial auto insurance, car insurance, automobile insurance or van, truck, motocycle
• Commercial liability insurance
• Commercial property insurance or commercial building insurance – flood, theft
• Consequential loss
• Contractor’s plant insurance
• Corporate insurance
• Defects liability
• Director and officers
• Employers’ liability
• Employment Practices Liability – claims by employees
• Fire insurance
• General liability insurance coverage
• Group insurance
• Health insurance
• Legal expenses – third party liabilities
• Life insurance
• Marine insurance
• Office contents and computers
• Portable equipment
• Product liability insurance
• Professional indemnity or professional liability insurance
• Property insurance
• Public liability
• Restaurant insurance
• Retail insurance
• Travel
• Workers compensation insurance

An insurance agency or insurance broker can obtain reasonable premiums from insurance companies, also obtain general liability insurance quotes and compare the market for the best quotations. Discounts are available from insurance companies who offer twelve months insurance for the price of ten months. The insurance broker can also prepare specialist insurance to cover special business risks and provide a business owners policy. You may also need cover for your office or obtain separate car insurance quotes. Instead of using a specialist broker you could go direct online and compare the market yourself. You can also obtain vehicle insurance directly from auto insurance companies. This self help way will ensure that you obtain the cover you need. So, if you are self-employed or run a small company, business or partnership; you can comfortably compare business insurance quotes, excess, cover, exclusions, conditions and the like.

Some online insurance companies offer insurance cover for public liability insurance, van insurance, tradesmen insurance, commercial insurance, shop insurance and other related insurances; cutting out the broker and their commission. But do bear in mind that obtaining the right insurance coverage policy is time consuming and specialist work which you may not be able to optimise.

It does not matter what type of company you are, there are general and specialist business insurance available for limited companies, sole traders and partnerships. Businesses can be covered for up to twenty employees including employer’s liability and indemnity. If you purchase online, the premiums are normally discounted. Also, bear in mind that there is normally a fourteen day cooling off period just in case you change your mind and you may be able to obtain your money back if the insurance policy does not meet your circumstances.

Insurance is essential as the pay out by the business can be enormous and not many businesses have sufficient funds to self insure. The money involved in self insurance is too great even to think about.  Your business needs your hard earned cash and there should not be any money set aside for problems which are not in your control. If you are a small business, the money for insurance premiums can be high in comparison to turnover. Business insurance is also available to protect payments and short or long term loans. You may also be able to insure your debt just in case the business has some unforeseen events, major problems and accidents.

Business insurance is like having a guarantee for unforeseeable events that can ruin your well established business and protects the business owners from claims due to loss of property and injury. Some businesses will also need to think about professional indemnity insurance for protection against professional negligence and reasonable conduct. If you are a director of a company then you should consider taking into account Directors and Officers liability cover.

What does your commercial insurance broker or insurance company need to know:
• Tell the broker of all your activities.
• Make sure you do not invalidate your insurance.
• Tell the broker of your past, current and future turnover.
• Ensure that your buildings are covered whether freehold or leasehold.
• Obtain cover for all your equipment, furniture, fixtures and fittings including any landlord’s fittings not covered by the landlord.
• Ensure you are covered for claims by third parties to your buildings and in case of personal injury. Cover will be needed for the cost of damages and legal expenses.
• Having a waiver or disclaimer may still result in legal liabilities which you should be covered for.
• If you work in your home as a limited company, you may need employer’s and public liability insurance. You may also need to inform your home building insurance company.
• Consider also cover for business interruption, leased equipment and hired equipment.
• There is also product liability insurance required if you make or sell a product.
• For negligent or wrong information or design, ensure that your have professional indemnity insurance.
• Ask the broker if you are covered for defective workmanship, in most cases, you may be not.

Business insurance tips:
• Make sure your employees know about your safety procedure and have an employees contract which set out what they should do.
• If employees are carrying out manual work make sure that they are fully trained in health and safety matters.
• Carry out regular fire drills and ensure the fire inspector has audited the premises.
• Have one or two people who have attended a recognised first aid course.
• Keep two sets of proper extensive records for insurance purposes one on site and one off site in fire proof safe.
• Cash should be minimised and the rest deposited at the bank.
• Make sure the premises or property is in good repair, has adequate lighting and well maintained.
• Notify both the insurance broker and company immediately even if it is a false alarm, normally within twenty four hours.
• The professional services of a recognised surveyor should be used annually to establish the insurable value of the property and its contents.
• Eliminate or minimise any form of self insurance.
• Ask you broker to obtain three competitive insurance quotations for comparative purposes and minimise any insurance double counting.
• Lastly, give full disclosure to your insurance broker and do not hold any documents or factual information back.

 Note

The opinions expressed in this article are those of the individual writers and are not representative of Insurur.co.uk.


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The Business of Insurance by A. J. Wilson (Paperback - 13 Nov 2008)


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