Ins articles

Protect your new venture with small business insurance

Property damage, lawsuits and lost business income.

 

As a small business owner, there are a lot of risks that your company and your workforce are exposed to.

 

Obtaining the right level of insurance cover is of paramount importance, with data suggesting that as many as 80% of businesses across England and Wales have some element of underinsurance on their commercial properties, with sums insured regularly falling short of valuations by at least 20%.*

 

Whilst some aspects of business insurance are legally required, such as vehicle insurance and employers' liability, there are others that will be more bespoke to your niche industry and work practices.

 

Relying on the expert advice from a professional broker will ensure that you have the right policies and are neither under or over-insured.

 

 

What cover can I get for my small business?

 

- Public liability: this will cover you if someone is injured, or their property is damaged, whilst on your business premises.

 

- Professional indemnity: applies in cases where your advice or guidance leads to a financial loss to your customer. It is particularly important for consultative sectors.

 

- Business interruption: aims to cover you for loss of income during periods when you cannot carry out business as usual due to an unexpected event.

 

- Equipment and tools: covers any essential tools or equipment for damage or theft.

 

- Stock: if your business stores stock on the premises, it may be a good idea to have stock insurance. This covers you for lost, stolen or damaged stock.

 

- Business contents: any property on the business premises should be insured. Business contents insurance generally covers items like furniture and basic office equipment. It will not usually cover business-related tools.

 

 

Does my small business need any specific insurance policies?

 

Bespoke insurance packages should be sought-out for specific types of small businesses, e.g. shops, construction companies and hotels.

  

Even if you run your business from home, it's likely that you will still need some forms of business protection.

 

For example, it is likely you will still have certain office equipment, so you may need a contents and cyber insurance policy in place.

 

 

If you'd like to review any existing policies or speak to our team about your insurance coverage, contact us today.

 

 

 

 

 

*Royal Institute of Chartered Surveyors and the Building Cost Information Service

 

The forgotten truth about home insurance

The topic of home insurance is one that is regularly glossed over or undervalued; however, it is an essential part of homeownership.

 

Are you exposed to risks?

 

When using online comparison sites, 50% will make 'rough calculations', whist one in ten opt for a blind guess as to the value of their property and belongings.*

 

Not having the necessary home insurance can leave your home under-protected, which could be the catalyst for further problems down the line.**

 

Whilst there's a lower cost initially from underestimating the value for your policy, this leaves policyholders exposed in the event that they ever need to make a claim and the policy does not match the actual value for a rebuild, replacement or renovation of their property and assets.

 

In the process of moving in 2021?

 

If you're in the process of moving homes, it is vital that insurance arrangements are made well in advance to ensure that you do not under-insure yourself by taking the cheapest deal or making a quick, hasty decision.

 

It is advised that home movers firstly identify exactly how much cover they require, ranging from flooring to the kitchen sink and the contents of your garage for buildings and contents cover.

 

In addition to this, there is a wide misconception that insurance is only relevant after someone has physically moved homes, when in reality insurance ideally needs to start as soon as contracts have been exchanged, which in most cases occurs well before you actually move into your new property.

 

This is where your insurer can be of great assistance, making sure any transfer of insurance from one property to another is completed correctly.

 

Some insurers do not cover contents in transit, but there are ways to make sure all your contents are protected when it comes to the moving day itself.

 

- Notify your insurer that you have items in transit that need to be covered in advance, as most do not cover them as standard.

 

- Use an authorised removals service, as your insurer may demand that the transporter is a ‘registered company’ if cover is to be provided.

 

If you're in need of our guidance, please contact us today.

 

 

 

*Association of British Insurers

**Moveable