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Business and Commercial Insurance

Many types of insurance cover are identical. Certain types of business may need certain types of cover or there may be certain information which a particular type of business may need to provide. The following links take you through to a separate page which aims to provide more information to you on the particular type of insurance cover.

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Business insurance is a factor that every business must consider. If you trade as a sole trader without employees you will need business insurance. If you have employees you will need business insurance, in particular employers liability insurance which is required by United Kingdom law. When purchasing business insurance you should consider factors such as the level of excess payable, that the correct amounts are insured, that you are aware of any pre-set conditions or exclusions, whether your insurance company has any helplines in the event of a claim outside of business hours. The best way to consider all of these factors is to call an independent business insurance broker to discuss your insurance requirements in detail.

Business insurance or commercial insurance is something that Businessinsure specialise in. We are independent business insurance brokers who can help you find business insurance quotes, commercial insurance quotes, office insurance quotes, shop insurance quotes, hotel insurance quotes and restaurant insurance quotes, takeaway insurance quotes, public house insurance quotes, surgery insurance quotes as well as many other types of business insurance. One of the best ways to find out whether you have a requirement for business insurance or commercial insurance and what type of business insurance is available for your type of business is to call us to discuss us as we are independent business insurance and commercial insurance brokers.

Businessinsure aim to provide business insurance quotes for UK domiciled businesses. Where we cannot provide business insurance quotes we will usually try and provide you with the name of a broker that may be able to provide a business insurance quote for your particular trade, for FREE.

If you trade as an office, whether a solicitor, accountant, computer software or any other clerical office based business, you will normally be able to purchase an office insurance package policy. Most business insurers offer a packaged office insurance policy which includes most of the business insurance covers that an office may require. Some business insurance covers will be included as standard and others will be optional in an office insurance package policy. The best way to find out what your office insurance requirements are is to discuss with a business insurance broker that is independent. You can call Businessinsure for a FREE office insurance quotation and for free advice on the office insurance cover that you require. Alternatively, you can complete our online office insurance enquiry form and we will contact you. Where required, we can also provide a professional indemnity insurance quotation.

If you trade as a pub or other licensed trade premises such as a wine bar, pub with restaurant or gastropub, you will normally be able to purchase a public house insurance, pub insurance or licensed trade insurance package policy. Most business insurers offer a packaged pub insurance or licensed trade insurance policy which includes most of the business insurance covers that a pub or licensed trade premises may require. Some business insurance covers will be included as standard and others will be optional in a pub insurance package policy. The best way to find out what your pub insurance or licensed trade insurance requirements are is to discuss with an independent business insurance broker. You can call Businessinsure for FREE advice on the pub insurance, public house insurance, wine bar insurance or licensed trade insurance cover that you require. All our quotations are provided free of charge. Alternatively, you can complete our online pub insurance enquiry form and we will contact you.

If you trade as a restaurant, takeaway or fast food establishment you will normally be able to purchase a business insurance package policy. Most business insurers offer a packaged restaurant insurance, takeaway insurance or fast food insurance policy which includes most of the business insurance covers that you will require. Some business insurance covers will be included as standard and others will be optional in a restaurant insurance package policy. The best way to find out what your restaurant or takeaway insurance requirements are is to discuss with an independent business insurance broker that can seek insurance quotations from a number of business insurers. You can call Businessinsure for FREE advice and a free business insurance quotation. Alternatively, you can complete our online restaurant insurance enquiry form and we will contact you.

If you trade as a hotel or guest house you will normally be able to purchase a hotel insurance package policy. Most business insurers offer a packaged hotel insurance policy which includes most of the business insurance covers that a hotel may require. Some business insurance covers will be included as standard and others will be optional in a hotelt insurance package policy. The best way to find out what your hotel insurance requirements are is to discuss with an independent business insurance broker that can obtain alternative quotations from a number of insurers. You can call Businessinsure for FREE advice and a free insurance quotation on the hotel insurance cover that you require. Alternatively, you can complete our online hotel insurance enquiry form and we will contact you.

If you trade as a shop or a retailer you will normally be able to purchase a shop insurance or retailers insurance package policy. Most business insurers companies offer a packaged business insurance policy which includes most of the business insurance covers that a shop may require. Some business insurance covers will be included as standard and others will be optional in a shop insurance or retailer insurance package policy. The best way to find out what your shop insurance or retail insurance requirements are is to discuss with an independent business insurance broker that can obtain insurance quotes from a number of insurers. You can call Businessinsure for FREE business insurance advice and for a free business insurance quote. Alternatively, you can complete our online shop insurance enquiry form and we will contact you.

Some business insurance is required by law - some by prudence.

With all the other expenses involved in setting up a business, it's tempting to have the minimum business insurance required by law, such as employers liability insurance or third party motor insurance. However, it makes sense to get adequate business insurance to avoid the potential risk of losing the whole business. This could happen if there was a serious fire and there was no business insurance in place or if someone claimed against the business for liability and there was no business insurance in force. Many insurers offer package policies which include the usual covers required by a business. For larger businesses a commercial combined insurance policy is another option which allows you to purchase different sections of business insurance cover.

Business insurance is usually divided into four main areas:

1 - Liability insurance (public liabilityinsurance, products liability insurance and employers liability insurance)
2 - Property insurance and buildings insurance
3 - Business assets insurance and business equipment insurance (contents cover)
4 - Motor insurance (van insurance and business car insurance)

Liability insurance (public liability, products liability and employers liability)

Once one employee is taken on it is required by law that the company takes out employers liability insurance. The prescribed legal minimum is currently a limit of indemnity of £5,000,000 of cover against bodily injury, illness or disease sustained in the course of employment. However, most business insurance quotes will provide for a minimum limit of indemnity of £10,000,000. Increased limits of indemnity are usually available.

Public Liability is a business or individuals legal liability to pay damages for bodily injury, illness or disease contracted by any other person, other than employees, or loss of or damage to their property caused by the insured. There has to be proof of negligence against the company or individual. Most public liability insurance policies will include costs to defend a claim.

The public liability insurance limit of indemnity is the maximum amount the insurance company will pay in the event of a claim being made. The limits are usually up to £5,000,000 but when working for another company, cover of £10,000,000 or more can be demanded. Some public liability insurance limits are any one accident whereas other covers may be in the aggregate. In the aggregate means that the limit of indemnity is the sum total of all the claims in one period of insurance. This is an extremely important difference and your business insurance broker should outline this difference to you.

Product liability insurance is your legal liability to pay damages consequent upon a defective product being used in the contract. Or where damage is caused to a person or third party by a product you have supplied. You do not have to be the manufacturer of the product for a liability risk to be effective. If you are the supplier of the product then legally you are usually responsible. Your business insurance company may choose to pursue a claim against the original equipment manufacturer but you will be liable in the first instance as the product has been purchased from you.

Products liability insurance is a little more specialist. Businesses that supply products to other businesses or the public, from software to machine tools, are at risk if a faulty product causes damage or injury. Manufacturers of a product are usually at risk if things go wrong, but the liability can fall on a supplier if the maker of the product goes bust.

Professional Indemnity Insurance - Unfortunately, we live in litigious times. Businesses can be sued, rightly or wrongly, for vast damages over a range of complaints.Professional indemnity insurance provides protection against any action by clients who believe they received bad or negligent services, and incurred a loss as a result. Most professional bodies have professional indemnity insurance cover - in some cases it is compulsory. Anyone who supplies advice or services such as consultancy should consider professional indemnity insurance.

Business Interruption Insurance - Even minor damage to your property could seriously disrupt your business leading to loss of income and extra expenses. Business interruption insurance will compensate for the short-fall in gross profit together with paying any increased working costs and extra accountants’ fees incurred.

Goods in Transit Insurance - Goods in transit insurance covers goods against loss or damage while in your vehicle or when sent by carrier.

Property Insurance and Buildings Insurance - Buildings and contents can be insured against the following events, or perils. Fire, lightning, explosion of gas and boilers used for domestic purposes without the addition of special perils such as explosion, riot, malicious damage, storm, flood, impact by aircraft, road and rail vehicles, escape of water from tanks or pipes and sprinkler leakage.

'All risks' insurance gives wider cover including any accidental damage or loss not specifically excluded. However 'all risks' will not cover wear and tear, electrical or mechanical breakdown and gradual deterioration which will be specifically stated in the policy document.

The business premises should be insured for their full rebuilding cost (including professional fees and the cost of site clearance) and not just for their market value. You may need expert advice to calculate the rebuilding cost, which often differs significantly from market value.

Business assets and equipment (contents cover) - Your stock should be insured for its cost price without profit. Alternatively, the amount you should insure your stock for is the replacement cost to you. Plant and business equipment can be insured on either a 'replacement as new' or an 'indemnity' basis. If indemnity is chosen, wear and tear will be taken into account when settling any claims.

Engineering insurance provides cover against electrical or mechanical breakdown for most machinery, including computers. By law, many items of plant such as boilers, lifts and lifting machinery must be inspected regularly by a qualified person either every six months or annually. Insurers can arrange to provide this service.

Contents are usually covered against theft providing there has been forcible and violent entry to or exit from the premises. Damage to the building resulting from theft or attempted theft will also normally be covered. Theft by employees is usually not covered – cover against employee dishonesty can be arranged by a sepatate policy.

Money insurance is on an 'all risks' basis and covers cash, cheques, postage stamps and certain other negotiable documents. Different limits will apply to money on the premises in and out of business hours, in safes, at the homes of directors or employees and in transit. There may be requirements in the policy relating to safe keys and the method of transit.

Personal assault cover may be included, which will provide compensation for you or your employees following injury during theft or attempted theft of money.

There are many other types of insurance that businesses or individuals may require. For example professional indemnity insurance may be required where you provide or receive a fee for advice. Public liability insurance may be a requirement for businesses that sub-contract their work. Engineering inspection may also be a legal requirement for certain businesses who have items of plant which under Health and Safety regulations must be inspected either once or twice a year.

Businessinsure will advise you of your business insurance requirements. There may be no legal requirement for you to arrange business insurance but usually it is a sensible and prudent measure for a business to take. You may be able to send through your current business insurance schedule and we can use this as the basis for our quotations. Where necessary, Businessinsure will advise you of your business insurance legal requirements and in addition the other business insurance options that are available to you. You can call Businessinsure on 08456 024 589 to discuss your business insurance requirements for free.