Setting up a business is exciting, but also very stressful. You want to make sure you have everything covered so that you’ve done everything legally required of you, made yourself secure and also protected yourself against any potential risks.
Do you own your own business?
If the answer is ‘yes’, then you need to ensure you have Public Liability Insurance. This is essential for any business cover, for just as you should have employers liability cover in place to protect your employees, having a public liability policy will protect your customers.
It provides cover for potential claims made against you by customers for injuries or damages which happened on your premises, or while working at a client’s workplace. If your business brings you into contact with members of the public or clients – no matter what line of business you’re in – you need Public Liability cover.
Being a business owner can be risky and expensive if customers make a claim against you
The cost of customers making claims against you for simple things; such as tripping over carpet or dropping something on a client’s property, can be extremely expensive. Even if you are self-employed it is advisable to have a Public Liability Insurance quote in place. Without it, large and small businesses alike can end up paying out for compensation and fees, which for a smaller business may be enough to make it fold.
The modern culture of compensation detrimental to businesses
These days, ‘no win, no fee’ claims are advertised everywhere and people are trained in the art of recognising any opportunity for liability, and claiming for it – even with the smallest mishap. So Public Liability Insurance is a defence against this modern worry.
Flint Insurance Public Liability Insurance is cost-efficient and simple
Flint Insurance recognises that you don’t have time to dissect different policies while running a business. So our specialist broker team will match your needs to the perfect policy for your budget and needs. All you need to do is apply for a quote online and one of the team will get back to you, advising on the amount you need to take out, typical policy exclusions, cover for specific risks relating to your business, and answering any questions you may have.
It doesn’t have to cost the earth – Flint’s relationships with key insurers means we can negotiate the best price for high quality cover. It’s a small price to pay for complete peace of mind that you won’t have to pay out thousands out of your own pocket for a claim against you, and your business is fully protected.
How does £1million of start-up funding and a route to cheaper commercial insurance sound? It seems 2013 could be a remarkable year for new ventures in the UK.
Northumberland start-ups will benefit from over £1million in funding, thanks to the North East European Regional Development Fund, Northumberland County Council and a development firm by the name of ‘Arch’.
The good news was revealed by local media outlets in the North East this month and will no doubt bring a warm wave of optimism across the region for budding entrepreneurs.
On top of that, these fresh businesses have the opportunity to get a tailored commercial insurance bundle from the outset, rather than settling on a generic policy. Such custom packages can come at a much cheaper rate, due to the omission of certain unnecessary features.
How to get cheaper commercial insurance
First off; business owners, MDs, CEOs – whoever is in charge of your organisation would be well advised to speak to a commercial insurance broker, before even comparing quotes online.
Why? Because the brokers specialise in tailoring policies. They can do so because of their position within the insurance sector; they’re strongly connected to multiple underwriters and through these relationships, can negotiate custom terms and (perhaps more importantly), custom quotes on your behalf.
All you need to do is have a chat over the phone about your new business or use an online form (most of the top commercial insurance brokers have this feature on their website).
Commercial Insurance in 2013
Nowadays, it doesn’t matter how niche your business may be – there’ll be a broker out there who can help mould a new policy around it for you.
Turn a few pages in the Insurance Times and you’ll likely find a report suggesting commercial rates are set to inflate during 2013 – largely owing to an increase in personal injury claims against established businesses.
There is a growing trend for former employees to file claims against ex-employers and so the market is paying out more than usual in compensation.
However, when you’re dealing with a broker, they’re operating on your ideal budget and will do everything in their power to get you a quality deal – despite premium increase patterns.
Final Thought for Start-Ups
Keep things simple. Get a broker to sort out your insurance needs and focus on the good stuff; planning the first two quarters, looking into budgets and predicting a time when you can start hiring new staff.
You’re the boss. Everything you do from this point on is related to making/saving you money. It’s that same attitude the brokers adopt – they want your business next year and the year after that; they’ll work around the clock to make sure you’re happy.
Sit down with some tea/coffee and fill out the commercial insurance form now (or call them up directly). You’ll have set the wheels in motion to get all the protection you need, for a quote you can afford, before you get to the bottom of your mug.
Investing in a property is an exciting thing to do; it brings new challenges, potential and a deep sense of satisfaction in buying and planning all your renovation work. The possibilities are endless and your brain will be in whirl over what you can do once it’s yours.
However, that is the easy bit. The hard bit comes when you officially own it, and are therefore are risk of a million things. When you start renting it out to tenants, things start to become even riskier.
Make sure your property and finances are safe and secure
That’s exactly why Commercial Property Insurance is every property owner’s best friend. It protects against a range of risks, and there are different types of cover depending on your specific needs. But every property owner needs it, and should have it if they are to remain financially secure and protect their asset. Risks can involve not only the building itself, but its contents and its tenants.
It has been said that the survival of a business is based on how quickly it bounces back after a disaster, and that could be anything from a tenant not paying their rent to a natural disaster, such as a storm. The length of time the property remains unprotected, uninhabited or without any financial cover will determine its profit or loss. So Commercial Property Insurance can help get you back on your feet quickly in the event of any disaster that could in any likelihood crop up.
The who, what, when and where
So now you understand how incredibly important Commercial Property Insurance is for your success in the business, you are probably wondering what exactly it offers.
Well, a policy will protect against the following:
malicious or accidental damage
loss of rent
property owners liability cover
inhabitancy of the property
It will also cover many types of property, including:
blocks of flats
properties with mixed uses
Commercial Property Insurance can also protect against fire, storm and flooding. Also, if your property has a basic level of security then you should also be able to insure contents against theft.
Getting what you need from your cover
A good idea to make sure you get the exact cover you need, is to create a checklist of what you want your policy to include and refer to it when searching. It is advised to speak to a professional broker who specialises in Commercial Property Insurance, from a renowned company who have experience and key relationships with relevant insurers.
A bespoke policy can also offer added protection for you, your property and your tenants. Just outline your conditions to your broker, and they will be able to immediately flag up any common risks to your set of circumstances. They will then advise on the best policy to protect you against these risks, and act on your behalf to negotiate the most affordable deal.
If you want more information on Commercial Property Insurance or just want to speak to a broker or get a quick quote online, visit www.flintinsurance.co.uk
They say ‘it’s tough at the top’ and when you are a Director, this couldn’t be more true. You’re responsible, accountable and liable for legal claims, from employees, customers or shareholders. Therefore, making sure you have the right cover is crucial.
There are a range of situations which you could find yourself in, leading to a claim being made against you. Employees could be disgruntled, shareholders could be disappointed by the financial performance of their investments or creditors can be angry over defaults. These are just a few examples therefore for which you would need to ensure you had adequate Directors and Officers Insurance cover.
Probably the most crucial things you need to check your policy for include:
- Cover for harassment
- Cover for discrimination
- Breach of legislation (health and safety, data protection etc)
- Disputes as part of mergers or acquisitions
- Corporate manslaughter
In order to protect from liability within your role managing corporate entities, you will also need to check the following key conditions:
- The prior or pending litigation date – only covers claims which occurred after the policy retroactive date, pending or prior litigation date, and any are reported during the policy period
- Extended reporting period – this extends the time you can report claims in the period covered by the policy. This is usually 1-2 years of coverage, but it is important to consider the length of time which is important if you decide to cancel or to not renew your cover.
- Severability – to assure that protection continues for innocent parties who are covered in the event that directors and officers who completed the application whilst knowingly making erroneous statements or omitting crucial facts
- Subrogation – policies require the persons insured cooperate in recovering from third parties who were responsible for causing a claim to be made against the insured parties
- Personal Conduct Exclusions - these are intended to eliminate insurance protection for directors or officers who seek to profit through illegal acts, such as fraud.
Hearing some of the horror stories about action which has been made against directors or officers without adequate insurance, it emphasises the need to thoroughly check your policy when applying for all of the relevant types of cover. This will ensure that you don’t end up asking in an event ‘am I covered for this?’
It is the job of your Directors and Officers Insurance broker to strive to find you the requisite protection package for the best cover, at the best price for you. It can be a detailed and complicated type of cover, however, having a specialist broker on side will help you cut through the many different policies to find the most suitable for your business needs.