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Commercial Combined
| As the name suggests, this form of policy is a combination
of different covers that would often be available as individual
policies. A business may need to cover the buildings and contents
of their premises, but also additional sections such as Public/Products
and Employers Liability, Business Interruption, Money, Goods
in Transit & All Risks cover on equipment used away from
the premises. |
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Public and Products Liability
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Public liability insurance covers your legal liability to
pay damages to members of the public for death, bodily injury
or damage to their property that occurs as a result of your
business activities. It also covers legal fees, costs and
expenses such as representation at any coroner's inquest,
fatal accident enquiry or other court hearing because of an
accident. When deciding on how much cover to buy, you should
carefully consider the maximum claim that could be made against
you. Awards for injury can exceed £1 million. Certain
businesses, where there is a spreading fire or possibility
of multiple personal injuries, could face claims for damages
far exceeding this figure. The limit of indemnity will apply
to claims arising from a single incident.
Products Liability - If you make, repair or sell products,
you could be held legally liable for damage or injury arising
from defects in their design or manufacture even if you have
not been negligent. Product liability insurance covers you
in these circumstances up to a maximum amount each year. The
Consumer Protection Act 1987 makes it a criminal offence to
supply unsafe consumer goods.
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Employers Liability
| By law, all employers must insure against their legal liability
for injury, disease or death to employees sustained by them
and arising from their employment. Employees will normally include,
in addition to those under a contract of employment, apprentices
and other trainees and those hired from another employer. The
only exception is where all your employees are close relatives
and you should check if you think that this may apply to you.
You are legally required to insure for at least £5 million
but in practice, most policies offer £10 million minimum
cover. The law also requires that you exhibit a certificate
of employers' liability insurance at each place of work. |
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Directors and Officers Liability
| The introduction of new legislation and changes to corporate
governance has increased the personal responsibilities of a
director. Under statute law there are an ever-increasing number
of duties and responsibilities imposed - a breach of which could
lead to an individual being personally prosecuted. For example
- The Companies Act, The Trade Descriptions Act 1968, The Health
& Safety at Work Act 1974, The Insolvency Act 1986, The
Environmental Protection Act 1995. The need for this cover has
never been more important for the protection of a company Director
or Officer. |
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Professional Indemnity
| Cover to protect your business from claims made against you
for your alleged professional negligence when the client has
suffered a financial loss. Cover can be obtained for a wide
range of professions including IT consultants, accountants,
consulting engineers, employment agencies, management consultants
plus many more, subject to the completion of a proposal form. |
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Offices/Surgeries
| Many insurance companies now offer an office or surgery "package"
policy that includes various sections of cover automatically
with no additional cost to the Insured. The rating of the premium
would mainly be based on the building and contents values with
automatic sections often including for example - Public and
Employers Liability, Money, book debts, business interruption
and All Risks cover on equipment used away from the office. |
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Shops
| As with office insurance many insurance companies now offer
a "Shop package" policy that includes various sections
of cover automatically with no additional cost to the Insured.
The rating of the premium would mainly be based on the building,
contents & stock values with automatic sections often including
e.g. - Public and Employers Liability, Money, book debts, business
interruption and stock in transit. There will often be a provision
for an automatic increase in the stock sum insured for busy
periods such as Easter and the Christmas season. |
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Public Houses, Inns, Wine Bars, Restaurants
and Cafes
| Package covers available to protect the business contents
& stock plus liability, loss of license, business interruption,
money, glass, and stock in transit. Additional sections can
be added for buildings and personal contents contained within
the living accommodation. Cover is also available for social
clubs and self-catering holiday establishments. |
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Hotels plus Guest and Boarding Houses
| Package covers available to protect the business contents
& stock plus liability, loss of license, business interruption,
money, glass, and stock in transit. Additional sections can
be added for buildings and personal contents contained within
the living accommodation. |
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Computer All Risks
| It is sometimes necessary for a company to have added insurance
protection for their computers and ancillary equipment, especially
if they are vital to the operation of their business. Although
cover can be included for the physical loss of the equipment
under a Combined or Office policy, it is often appropriate to
have cover for computer breakdown, loss of data and increased
costs of working. |
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Property Owners
| Cover is usually available for the buildings on all forms
of commercial or domestic property. Policies can now include
sections for loss of rent receivable and property owners' liability.
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Motor - Fleets
| Cover can usually be obtained for fleets of vehicles usually
starting at 5 vehicles and can be private cars, commercial vehicles
or HGV's. Usually rated either on a no claims bonus basis or
on the past three years claims experience. |
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Motor - Trade
| Cover usually available for all motor traders from the one
man trading from his home address, to the large dealerships.
Policies can be for Road Risks only, Liability or a combination
of these covers with the additional of machinery & plant,
hand tools and stock. |
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Commercial Vehicles
| The Road Traffic Act requires all motorists to be insured
against their liability for injuries to others (including passengers)
and for damage to other people's property resulting from use
of a vehicle on a road. It is an offence to drive it without
insurance. The three main cover options are Comprehensive, Third
Party Fire and Theft and Third Party only and cover can be provided
for vans, pick-ups and most types of commercial vehicle. |
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Company Group Healthcare
| Private medical insurance is designed to cover treatment for
curable, short-term illness or injury (commonly known as acute
conditions). It provides the reassurance of knowing that treatment
is available promptly. This can be particularly valuable to
small employers as it enables them to better manage employee
absence and illness. Different policies will cover different
optional treatments. However, some illnesses or treatments will
not be covered by any PMI policy. Private medical insurance
is arranged for one year at a time. |
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Company Group Personal Accident
& Illness
| This type of policy pays regular cash benefit to the company
if an employee is unable to work as a result of an accident
or sickness. This is usually taken out by the self-employed
as they would have no income if disabled or sick. Personal accident
policies are arranged for one year and are renewable at the
option of the insurer. If an employee is sick or injured, regular
payments are usually made on a weekly basis up to a maximum
number of weeks (usually 52 or 104). There will normally be
a deferred period (such as 14 days) before payments start. A
lump sum may also be payable on death or specified disabilities
such as loss of a limb or eye. |
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Company Group Travel
| Individual or group travel insurance policies can be arranged
providing cover during business journeys abroad which includes
medical and legal expenses, personal accident and loss of baggage.
Extensions can include Hi-jack and business equipment carried. |
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Commercial Legal Expenses
| The cost of taking or defending legal action could place a
considerable financial strain on your business. Legal expenses
insurance (LEI) covers legal costs such as solicitors' fees
and expenses, the cost of barristers and expert witnesses, court
costs and opponent's costs if awarded against you in civil cases.
Types of dispute normally covered include contractual and employment
matters, for example claims for unfair dismissal; racial or
sexual discrimination, the recovery of bad debts, and disputes
with a landlord other than those relating to rent or service
charge (particularly relevant for small businesses when dealing
with a large corporation or local authority landlord). |
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Credit Insurance
| Provides cover against the risk of debtors becoming insolvent
and unable to pay. |
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Solicitors Risks
| Quotations can be obtained subject to full details of each
risk for cover including Restrictive Covenant and Defective
Title. |
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