Knowledgebase

From The Knowledgebase: Insurance

A Cargo or Marine insurance policy is a product designed to insure goods should they be lost or damaged whilst in transit worldwide or in the UK for storage. The cover against loss or damage can be whilst travelling by road, rail sea or air. As well as worldwide travel, policies also includes transport within…

It is easier than ever for people to set up their own businesses. With the internet, having a physical presence such as a shop or office is no longer necessary in order to run a successful business. However, the insurance market hasn’t moved on as quick when it comes to insuring those businesses, particularly an…

Directors & Officers Liability insurance is probably one of the least well understood types of insurance available to organisations. Directors & Officers liability insurance is designed to cover the cost of compensation claims made against your business’s directors and key employees/managers (officers) for alleged wrongful acts. Some reasons as to why you may need the…

Landlords insurance provides protection for property owners who are renting to tenants, that regular  Home insurance just wouldn’t cover. Landlord insurance can protect the property owner from financial losses connected to the rental income, damage caused to the building such as fire or weather damage and can be extended to include coverage for things like…

Tradespeople face many risks when they operate in their business on a day to day basis. They risk someone tripping over tools and suffering an injury, they risk causing accidental damage during a construction or alteration to property, they risk tools and machinery being stolen or damaged. Running a business is already stressful, without having…

If you’re an independent retailer in the UK, we can provide you with shop insurance provision tailored to your needs. Making sure you are correctly covered is a very sensible thing to do as saving money now could cost you thousands if you’re mis-insured. So what cover should your shop insurance provision have? You’ll be…

There are 3 key areas you should insure under your office policy Your premises and equipment Your staff and any customers who visit your office Protection of costs should you be unable to trade for a period of time Office insurance packages are designed to take into account your specific industry risks. Covering the above…

If you are looking at extending property , you need to take note…… Once the Christmas period is over, thoughts can move to thinking about how to make improvements to the home or, perhaps, looking at an extension to an existing dwelling. However, what many homeowners don’t realise is that, depending on the work being…

GAP insurance can protect against a financial shortfall in the event a vehicle is written off. It’s not just the dealerships who provide GAP insurance…… GAP insurance can be offered to new and used vehicles and can protect against a financial shortfall in the event a vehicle is written off. The motor insurer’s total loss settlement figure…

It could be a costly exercise if you try to save money on the sum you insure for! Research carried out by the Building Cost Information Service, part of the Royal Institution of Chartered Surveyors underlined the fact that 80% of Commercial Properties were underinsured and that the property market in general was shown to…

As you probably already know, Airbnb can be a way to make a little extra money by turning your home into a mini hotel by putting up guests for a night or two. However, you should be aware that in doing so you could actually risk invalidating your home insurance policy or if you haven’t…

Holiday time is upon us and for those travelling abroad it is worth remembering why travel insurance can be vitally important. Accidents and incidents happen all the time, even when we are enjoying a well-earned break abroad. Travel insurance is there to provide cover for Cancellation Medical Expenses Personal Accident Curtailment Lost passport or tickets…

Equipment liabilities Businesses of all sizes will periodically need to have their equipment  inspected to comply with the various health and safety laws that exist. This can range from simple office equipment PAT testing to large engineering plant and machinery testing. If laws are not complied with, large fines could be levied and, in extreme…

Employers’ Liability and Health and Safety   I have mentioned in previous blogs that the majority of businesses who have employees are legally required to have Employers’ Liability insurance. Should an employee become injured or ill due to the work they carry out for you, they can claim compensation from you. This is why it is…

Depending on what business your company carries out, the Business Interruption section of your insurance policy could, perhaps, be the most important. It could take months following, say a fire, before a damaged property is rebuilt. Then there is the stock to be replaced as well as machinery or equipment being repaired or replaced. Without…

BIBA launched a commercial insurance scheme 12 months ago, which includes flood cover to cater for risks in flood hit areas. Even for some areas of the country that haven’t flooded, it is becoming more and more difficult for businesses to insure themselves if they are unlucky enough to be in an area that is…

Can installing the latest home technology reduce your home insurance premiums? There are so many gadgets flooding the market to make running your home easier and more comfortable. But this smart home technology may have another advantage – saving you money on your home insurance premiums. You can control your home’s lights and curtains from…

Why trying to save money on your sums insured can be a costly exercise.. Underinsurance in the property market was underlined by research carried out by the Building Cost Information Service, part of the Royal Institution of Chartered Surveyors in 2012. It found that 80% of commercial properties are underinsured. Similarly, the Chartered Institute of…

There are many homes that don’t fit into the standard box when it comes to insurance. It may be that they are listed or have a thatched roof. Homes such as this are best insured through the non-standard home insurance route, which although not always available via the internet, are easily insured via a broker….

As the law doesn’t provide a definition, it can be difficult to determine sub-contractor status to ensure you have the correct insurance for your business. If a sub-contractor is a labour-only sub-contractor (LOSC), Employers’ Liability Insurance is required. If they are a bona-fide sub-contractor (BFSC), you do not need this cover. Labour-only sub-contractors, hired people…

You are probably aware, there has recently been a number of ‘ransomware’ type of computer viruses called WannaCry, affecting users in many countries around the world. They caused disruption to many firms such as FedEx and many NHS trusts. It is believed to have led to 57,000 infections in 99 countries. Ransomware is a form…

Holiday time is upon us and for those travelling abroad it is worth remembering why travel insurance can be vitally important. Accidents and incidents happen all the time, even when we are enjoying a well-earned break abroad. Travel insurance is there to provide cover for Cancellation Medical Expenses Personal Accident Curtailment Lost passport or tickets…

At the end of February this year, the Lord Chancellor made an announcement regarding the Discount Rate, known as the Ogden Rate, which is used as part of a calculation when assessing compensation awards to individuals who become seriously injured. Claim settlements are made up from a number of key components. When calculating future loss…

When there isn’t a safety net – this policy could be yours…… Employees are your businesses most valuable asset. Group personal accident policies can be purchased to protect against the financial impact of losing an employees services. It can help pay wages to an employee who has been insured or it can be used to…

Some of the large losses connected with unoccupied property insurance are a result of the insured not meeting conditions specified in their policy wordings. Turn off the gas and electricity; drain the water system Even if the property is only insured for the basic level of cover of Fire, Lightning, Explosion and Aircraft perils, it…

New insurance scheme offers hope for flood-hit businesses BIBA have recently launched a commercial insurance scheme including flood to cater for risks in flood hit areas. Quotations will also be available, in most cases, for those that have previously suffered from flood damage. There are 3 specific products available:- Commercial Combined for manufacturing and distribution…

Don’t let the USA ‘Trump’ you on your Professional Indemnity Cover! Although digital technology can drive us all mad at the best of times, one of the great things about it is geographical limits are eliminated. Insurance has kept up with this and many Professional Indemnity insurance policies provide cover for work carried out all…

Are you properly insured? Underinsurance in the property market was underlined by research carried out by the Building Cost Information Service, part of the Royal Institution of Chartered Surveyors. It found that 80% of commercial properties are underinsured. Similarly, the Chartered Institute of Loss Adjusters found that 40% of business interruption policies are underinsured with…

The Insurance Act 2015 comes into force on 12th August 2016. Its aim is to introduce greater clarity around what information a client has to provide the insurer. This should lead to a fairer position should the client fail to provide the information. This Act will make sure all parties clearly understand what each needs…

The Competition and Markets Authority (CMA) has published a final order, which sets out how changes resulting from its investigation into private motor insurance will be introduced and monitored. The CMA has banned agreements from 19th April 2016 between price comparison websites and insurers. This now means insurers can make their products available more cheaply…