Many covers can be included in a package of insurance but there are often aspects that are overlooked or cover may not be sufficient. We are living in an increasingly litigious society and the cost of claims is increasing year on year which means that some levels of cover you currently have may not be sufficient. Below are some of the additional covers you may wish to consider along with covers that may already be included in your existing package of insurance but may be below the level of cover that would be sufficient for your needs.
If you come into contact with the general public or third parties either at your premises or working at a client's site, you should consider having public liability cover in place. There is no legal requirement to have public liability insurance but it will protect you from claims that could be made against you for accidental injury or accidental damage where you may be deemed negligent. We commonly see proof of a certain level of public liability insurance needed before contracts can be awarded, for example, if you are working on a government contract, you will usually require a minimum of £5million or £10million in public liability insurance.
A combination of an increasingly litigious culture and the increasing sums of money that is being awarded in personal injury cases means that your limits of indemnity may not be enough to cover a claim. As we are seeing some Employers Liability claims creep ever higher and sometimes over the legal minimum limit of £10million that companies are required to buy, we would recommend increasing your limits by arranging an additional layer of insurance.
Underinsurance is a huge issue in the UK with an estimated 80% of properties not being insured for the correct amount. In the event of a claim, if your property is underinsured, your insurer could reduce the amount they pay out in proportion with the percentage you are underinsured – claims big and small. An RICS survey usually costs about £500 but we are able to offer you and RICS report at significantly less and you will not have to make time to see a surveyor either!
“With great power comes great responsibility” – Ben Parker
Management Liability Insurance protects company directors, officers and senior staff against claims arising from their decisions and actions taken whilst managing their business. It is a little known fact that if a claim arises, the Director’s personal assets are at risk, which is why we would recommend this cover for every business.
Most businesses rely on digital systems which means that if they were to be breached, it could massively interrupt your day to day trading. Not only can a cyber breach cost you money due to being unable to trade, but the cost of getting you back up and running along with any reputational damage can also be catastrophic. We have seen a huge increase in the number of our own clients suffering cyber-attacks and to assess your businesses exposure, we have our own calculator to help decide what cyber insurance product is right for you.
Travel as part of business operations is becoming more frequent so it is important that no matter which country you or your employees are in, they will get rapid assistance for any eventuality which may occur. One of the key benefits of this insurance is that it provides multi-trip cover for directors, their partners and children on personal leisure trips. This means that you’ll receive travel insurance through the business and you won’t need to arrange cover for your personal holidays.
If you suffer a loss, you want to ensure a fast and fair settlement is made. A Loss Recovery policy will cover the cost of the fees for an independent Chartered Loss Adjuster to prepare and negotiate your material damage and business interruption claims.
A Legal Expenses policy is designed to assist your business by providing legal advice and assistance with common issues including contract, property, tax and compliance disputes. In addition, this policy can help you with employment law problems you may be facing with your staff as well as debt recovery.
If your business provides advice and guidance to others, you should consider including Professional Indemnity Insurance cover in your programme of insurance. This would cover the cost of defending your business against allegations of professional negligence, such as giving poor or incorrect advice to a user of your services.
For example, if a client accuses you of giving poor advice and as a result, they suffer a personal injury, property damage or financial loss as a result of the incorrect advice you gave, they could pursue a claim against you for compensation. Having this insurance in place will cover any payout awarded to them if the claim is successful. The policy can also include associated legal costs.
If you would like to discuss one or more of these insurance policies then please complete the form below and we will be in touch as soon as possible.