Archive for June, 2010

« Older Entries

Salon insurance – public liability cover at clients homes?

Wednesday, June 30th, 2010

Under a standard salon insurance policy, you will be covered for a range of “standard” perils or types of cover. These will include business contents (including stock), buildings, money, business interruption and liabilities.

Most business insurance companies that offer this cover, will have the option of extending the public liability insurance to cover injuries caused to customers receive hairdressing or beauty treatments. Usually, your public liability is at a limit of £1,000,000 or £2,000,000. The treatment extension you get under the policy will be for a lower limit any one loss, such as £50,000 or £100,000. Usually the claims do not exceed £10,000 and most of the cost of the claim is usually swallowed up with solicitors fees.

But, what happens if you are doing treatments are clients premises, say for a wedding or a special function?

Your standard policy would not cover you, unless you specify to the insurers what you are doing, ie working at clients premises.

The risks are slightly higher, because you can potentially damage third party property and you are also not using all of the equipment you have at the salon, when at someones house.

It shouldn’t cost a lot more for the additional cover, maybe an extra £50, but it is worth having it mentioned on your policy so you have the correct protection.

Posted in business insurance, salon insurance | No Comments »

Public liability insurance, including contract works cover.

Tuesday, June 29th, 2010

In years gone by, the cheapest public liability insurance quotes were those that you would receive under a tradesmens insurance policy. These are the policies that cover builders, plumbers, carpenters, decorators and electricians etc.

They provide the very basic cover for any damage that you may cause to third party property (ie buildings) and/or people. If the carpenter drops a piece of wood that damages a plaster wall, this is where the public liability kicks in.

But, we are seeing more and more requests nowadays for cover that also includes contract works. This is cover for the physical improvements that you as the contractor are making to a site or premises at which you will work.

The easiest example to think of, is a builder that is putting an extension on to a house. Until such time as the builder gains formal sign off from the householder that they are happy with the actual works, then the contractor is legally responsible for this. So, if the extension burns down (yes, these things do happen) ot part of it is damaged in a storm, then the contractor is reponsible.

The important point here, is that this is not public liability. The contractor has not damaged 3rd party property. Therefore, cover is required for this physical item (the extension) for such perils as theft, storm, fire etc. You used to have to purchase a separate contractors all risks insurance or contract works insurance cover.

But, most insurers nowadays allow this as an extension to a tradesmens type insurance policy. You pick a limit for contract works, at any one location (as you may be doing more than one job), which is usually in bands such as £50,000, £100,000 and upwards.

The reason we are seeing more and more requests is because appointed architects or civil engineers (working for the householder) are insisting on this cover. Also, the mortgage company that is financing or loaning the monies for the project, may insist on seeing valid proof of cover, from the contractor.

To get a suitable quote, you will need to discuss this with a business insurance broker. They have the skills and the knowledge that can help to get the best quote at the best price for you.

Tags:
Posted in business insurance, contractors all risks insurance, public liability insurance | No Comments »

Compare pub insurance quotes the easy way

Monday, June 28th, 2010

Given the option, what would you think is easier, speaking to someone about your business insurance, or visiting a website with dozens of click and choose drop down boxes?

As you can probably guess, our choice is always the first one. When we are told that a picture paints a thousand words, as far as getting to compare pub insurance, discussing with a human being is a thousand times easier than with a computer.

It may be, that if you choose to purchase you insurance at 3 am, then you will be hard pushed to find a human being at the end of the phone to give you a quote. But, go through the numerous form filling steps on a comparison website and the chances are that you’ll end up with a message that says it has been referred and someone will call you.

We are forward thinking enough to realise that not everyone wants to discuss their needs, wants and cover requirements between 9am and 5pm. Most brokers will, if you drop them an email or leave a message, call you back at a more convenient time.

The best thing of all is that, whilst is can take you 20 minutes to complete even the most basic of enquiry forms, you can knock half of this time off when speaking to someone.

The reason is that you are nto filling in boxes or reading through the “information” box. The broker wil ask you questions and you simply provide the answers. Then, they go away and do the comparisons for you, using their intellect to decide which is the best, and most suitable, insurer to provide you with a quote.

Tags:
Posted in business insurance, pub insurance | Comments Off

Restaurant insurance – damage to customers clothing

Monday, June 28th, 2010

In the UK, most business insurance companies will offer a whole range of products. Essentially, they follow the same basic format, with standard sections, or types, of cover included.

The way that the insurers differentiate between their products is, in the vast majority of cases, along different trades. So, you can get specialist policies for everything from plumbers, to shop keepers, to wholesalers to underwater drilling companies. Think of any trade, and an insurers somewhere will have though of, and created, a niche product suited for the individual risks associated with that business.

As far as restaurant insurance is concerned, there are risks associated with the type of work they do, which may not apply to other types of business. Restaurants, as well as hotels and pubs, need and rely on customers coming in to eat and drink and stay at their premises.

Therefore, one of the risks they face is if a customer is injured. This can be a slip on some spilled food or through consuming a product which makes them sick. Thankfully, these events are few and far between, but you need to make sure that that you have adequate cover in place to protect you from the dreaded solicitors letter following such an event.

The cover that needs to be in place is two-fold, products and public liability insurance. But what happens if a customers clothing is damaged. They have not been injured, so it is unlikely to be a large claim and they will not go to see a solicitor. Public liability will still cover this type of eventuality, but some insurers do have a separate section of cover which may limit this to, for example, £1,000 each and every claim.

If one of you waiters or waitresses spills soup on someones suit or clothing, you can almost guarantee that it is going to be the most expensive suit that they have ever bought. And of course, it is unlikely to be a cleanable item of clothing.

If you do have this cover and a customer complains, you really do need to notify your insurers or broker immediately. The quicker they are involved, the quicker they can get the claim resolved. Also, they may correspond with the third party to prevent this taking up too much of your valuable business time.

Posted in business insurance, restaurant insurance | No Comments »

Vets surgery insurance – where can I get a good quote?

Sunday, June 27th, 2010

The question that needs to be asked is, what do we mean by a good quote. If you think about the major changes in the UK high streets over the past few years, there have been two. As a result of the global recession, we have lost a lot of long established brand names. In addition, we have seen a growth in cheap retailers. Cheap clothing, cheap food, cheap electrical items, everything you could want is now available at a lower price if you look.

But, quality costs. We all know if we buy 3 t-shirts for a fiver, they are not going to last very long.

The blog post refers to vet surgery insurance, which is a relatively specialised area, and where can you get a good quote. Good in this case means two things, that it provides you with suitable cover and that the premium is affordable.

The one place to get your good quote, is to speak to a business insurance broker. You could spend hours and hours looking around for different quotes, but how can you tell if they are actually “good”?

This is where the broker steps in. They must go through a detailed, sensible, process to obtain information from you and to use this to obtain a suitable quotation that is tailored, or suited, to your business.

If you do it this way, you have a single point of contact for sales, administration, claims and payments – the broker. Search the net for a cheap policy and you may find the administrative costs and time involved in dealing with a slightly cheaper quote far outweighs the actual benefits to you of saving a few pounds at the outset.

Posted in business insurance, vet surgeries insurance, vets surgery insurance | Comments Off

If I set up a new company, do I legally require business insurance?

Saturday, June 26th, 2010

When setting up a new business, there are a whole range of questions you will ask youself. Many of these are associated with whether you need to do or buy something and whether the business can afford the cost.

One of these, which will more than likely be at the top of your list, is the requirement for business insurance. Surely, if you do not legally need to have this cover in place, then why should you do this?

The first thing we need to do is to consider whether it is an absolute requirement. Each country around the world has different laws, rules and regulations. In the UK, one of the many laws associated with business, is that if you employ anyone, even if part-time, receiving dividends only or even voluntary, you need to have employers liability insurance in force. This needs to be through an approved insurer, and the minimum limit of indemnity, or level of cover, is £5,000,000 any one claim.

As well as employers liability, you will need to have motor insurance in force, if you own, operate, hire or lease business cars or vans.

Apart from these two main cover types, to answer the posed question, no you do not legally require cover.

There is always a but though, and today’s one cover two points. Firstly, you need to consider whether you can afford to trade without, for example, pub insurance? What happens if someone slips on spilled bear, breaks their back and then six months later you get a solicitors letter demanding damages. You do not legally need cover for this, but without it your business could be ruined.

The second point relates to loans and mortgages. If you have received funding from any source, the chances are, within the terms and conditions, it will state that you will need to have insurance in place (including accidental damage). What you do not want is for the bank to pull the plug on your lending, because you do not have the proper cover in place.

Posted in business insurance, pub insurance | Comments Off

Internet retailers insurance

Friday, June 25th, 2010

Think back ten years, and if you wanted to buy most products you had a couple of main choices.

The first one is that you would go to a shop, usually in a high street or a purpose built shopping centre, and browse or view the goods and eventually, if you liked the product you bought it.

There was a second choice, which was mail order. Everyone knew someone who was an agent for one of the big catlogue companies. You had a look throuhg their 900 page book and chose your trainers, tv or toaster. A couple of weeks later it was delivered and you paid for it on the never-never at a few pounds a week for most of the year. You did not mind paying that bit extra because they had the products you wanted and you got it on credit.

Whilst both these options still exist in 2010, there is an altogether more exciting, easilay accessible option – internet shopping. Whilst is will never fully replace the physical shopping experience, it is a growing trend. Anyone with a bit of stokc can set up a website, with a shopping cart facility, for £50 and away they go.

If you are one of those companies, you may find that it is a bit of a struggle to get yourself adequate internet retail insurance cover. Why? The reason is that some business insurance companies still think because you do not trade from a high street, traditional style, shop then you present a vastly different risk to them.

However, there are some insurers that are a bit more forward thinking and who offer suitable, competitively priced, products to suit your trade. The slight difficulty is actually finding one of these companies that does not charge too much.

There is an easy way of doing this though. Don’t bother searching for individual quotes yourself, speak to a business insurance broker. The broker will know which, of the hundreds of insurers that exist, is more likely to offer you the better cover at the best price. They will do all the searching work, very quickly, for you.

Save yourself an awful lot of time and effort and get them to find the most suitable product for you.

Posted in business insurance, business insurance broker | Comments Off

Do I use a business insurance broker, or go direct?

Thursday, June 24th, 2010

When looking for a business insurance quote, you have a few options as to who will actually provide this for you.

The two main ones are, to go to an intermediary or go direct to the insurer. We have spent a few years reading in the press and on the internet that by going direct, you can save money.

This really only applies to a physical product. For example, Tv’s, settees etc. But, when you are looking at a service, you can still receive a comparable, if not better quote, by using an intermediary.

This may appear to be confusing logic, but every intermediary earns either commission or a fee for products or services they sell. For example, a business insurance broker that sells you a policy for £1,000, will typically earn between 15 and 20% of that amount as comission.

So, they can afford to reduce their commission to make their price better than the market norm. In addition, whilst insurers do like to deal direct, they also prefer the fact that a broker does all of the selection and question answering work for them. Theoretically, the broker sorts the wheat from the chaff for the insurers and they are sometimes happier to offer better prices for this workload.

It is similar with travel agents, certainly you can get yourself a better deal by booking the flight, and the accommodation and the transfer separately. But, what happens if something goes wrong, or you need to make changes? It is when this happens (ie an insurance claim) that you want to have one main point of contact, your broker, to deal with everything on your behalf.

So, use a broker or go direct? Our advice now and for always is, use a broker. Get yourself some professional, first class advice from someone that is independent.

Posted in business insurance, business insurance broker | Comments Off

Getting an online business insurance quote

Wednesday, June 23rd, 2010

If you’re just about to start your own business, or have been trading for a while, one of the many questions you must ask yourself is, do I have the right policy in place?

Business insurance is very important, for two reasons.

Firstly, there are certain types of cover, such as employers liability insurance, that you must have by law. Whilst we sometimes moan in the UK about too much bureaucracy and too many laws, the vast majority are there for a reason. EL cover is laid down in statute to ensure that if employees are injured, and cannot work, that they are fairly recompensed if their employer can be proven negligent.

Secondly, your business, in most cases, is your livelihood. If you do not look after it, then you can find yourself in a sticky situation. You will of course do all you can, day in, day out, to make your business safe and to aim for the Holy Grail of profitable growth.

But, there are some things that you cannot legislate for and cannot protect yourself from. A hurricane storm that destroys your building, or a fire in a neighbouring property that spreads to yours, is nothing that you can control.

For these type of events, you need to have business insurance in place. It may not be a legal requirement, but it is a sensible and prudent step to take.

We have seen the Conservative and Liberal Democrat coalition emergency budget and whilst there is a lot of pain to come, at its core is to increase the entrepreneurial spirit in the UK.

Hopefully, over the coming years more and more businesses will be formed and will prosper. All of them need to have a policy in place that protects them against the unexpected, unplanned and uncontrollable events.

To get yourself a quote, the first and only step you should take is to speak to an independent professional, a business insurance broker. You do not have to see them, a telephone call or contact and correspondence online is sufficient. But make sure that they are able to obtain quotes from more than one insurer, otherwise how do you know you are getting a good deal?

Posted in business insurance, business insurance broker, employers liability insurance | Comments Off

Salon insurance – stock insurance

Tuesday, June 22nd, 2010

When looking for any form of business insurance, there are certain steps or processes that you will need to go through before getting a quote. When looking for cover for your car or house, it is easy to give the information the insurers need as you use your car regularly and live in your house.

However, when getting cover for your business, things are slightly different, particularly if it is a new venture. If you are one of the thousands of people who decide every year to start their own hairdressing, barbers or beauty business each year, some of the information the insurers need will be at best, a “guestimate”.

For salon insurance, the major business assets, such as contents, flooring and even the buildings will form part of your policy. But, you also need to give consideration to the stock insurance. Gone are the days when a hairdressers simply had a few pounds worth of shampoo and hair cream on their shelves. Nowadays, even the shampoo and hair products can cost hundreds of pounds and that is before you consider items such as straighteners.

There is some good news, you may receive stock from a supplier on a promotional basis, they are obviously looking for you to sell their products and may, as part of the deal, agree to insure the stock themselves. But, in most cases, you are responsible for the stock that is sitting on your shelves. As a result, you need to make sure that you have a suitable sum insured.

Break in’s to salons do happen and the theft attractive, easy to move contents, are the ones that are taken. Money is obviously the first on the list, but the boxed up electric items and stock are second on the theft list. Speak to a business insurance broker to make sure that you get the best possible price for the widest cover in the market.

Posted in business insurance, salon insurance | Comments Off

« Older Entries