Business Insurance Users

Business Insurance FAQs

Why does a business require insurance?

Business insurance protects corporations, shops, restaurants, independent tradesmen and many other commercial entities against financial losses. Business insurance protects your employees, your financial assets, your premises and the goods, tools or equipment that allow you to earn revenue. In addition, business insurance learning centre may protect your revenue itself in the event of an interruption.

Which types of insurance are required by law for all businesses?

All businesses in the UK that employ at least 1 person must carry employer's liability insurance to cover claims made by employees who suffer physical injuries or illness due to conditions in the work place. Only health services organisations, local authorities, publicly financed agencies and businesses that employ only immediate family members are exempt. In addition, commercial vehicle insurance is legally required if your business operates cars, vans, scooters or other motor vehicles in the course of its operations.

How can I insure my business against customer claims?

Public liability insurance protects businesses against claims made by customers, vendors or visitors who declare that they were injured or suffered losses due to your company's actions or conditions on your premises. Many public liability claims are made by customers who are injured as a result of an accident, such as slipping on spilled liquids. In the event of a claim, a public liability policy pays out to protect your company against damages and legal expenses.

Which type of insurance protects doctors, attorneys and other professionals?

Professional indemnity cover insures highly trained professionals, such as physicians, attorneys, architects, accountants and engineers, against claims of negligence. Professionals who provide advice to patients or clients for a living are required to carry this form of business insurance. A professional indemnity policy covers legal expenses and damages to clients who claim they suffered injuries or losses as a result of advice you provided or failed to provide, or design solutions that proved to be faulty.

Which type of business insurance should restaurants, pubs and bars carry?

Restaurants, pubs, nightclubs and other establishments with a high volume of customer traffic should consider dedicated liability policies that address the risks these businesses face. Public liability protection is essential for businesses that serve alcoholic beverages to customers, as the use of alcohol can impair judgment and increase the risk of injuries or property damage. Liquor licence protection, stock protection, coverage for signage and awnings may also be included in a tailored policy for public houses.

Which type of business insurance do shopkeepers need?

Shops, boutiques and other businesses that sell goods to the public require public liability policies to insure their assets. Business building insurance protects the shop itself against damages. Optional cover to protect stock, shop displays, goods in transit and other aspects of operating a shop or market can provide additional financial security.

Which type of insurance do independent tradesmen require?

Independent tradesmen, including construction workers, plumbers and electricians, may benefit from a tailored policy that addresses the liabilities they face on job sites and in the course of their work. Public liability protection is a must to cover the potential injuries or losses that may occur on a construction site or in the course of a residential repair. Optional tool and equipment cover protects a tradesman's valuable sources of revenue.

How can I insure my company's building and its contents?

Business building insurance protects the premises that your company owns against fire, vandalism, water escape, forced-entry theft or other common hazards. The structural elements of your building, including walls and floors, are covered by a building policy, whilst the furnishings, equipment, computers and other movable assets are covered by business contents protection. A company that rents its premises may require only business contents insurance.

How can I insure the vehicles my company operates?

Commercial vehicle insurance is legally required by all businesses that use motorised vehicles in the course of their operations. For businesses that operate a fleet of vans or cars, business fleet insurance policy may increase the value of commercial vehicle cover by including comprehensive protection against accidental damages, fire or theft. Breakdown assistance and courtesy cars are optional add-ons to a business fleet insurance policy.

How can I insure my company against the cost of interruptions?

Business interruption insurance protects your revenue in circumstances that prevent your company from continuing its normal operations. A disaster such as a flood or fire, an interruption in the supply chain, loss of key personnel or a breach of electronic security can halt your daily work processes. Business interruption insurance ensures that your company won't suffer debilitating financial losses as the result of an interruption.

How much does business insurance cost?

The cost of insuring a business depends on a number of factors, including the size of your staff, the nature of your work, the risks you encounter in your daily operations and the location of your premises. In general, larger companies and businesses that involve a high risk of injury or property loss have higher rates than small companies that encounter few risks during their daily routines. For instance, a large machine shop would have higher rates than a small designer boutique.

How can my business reduce the cost of insurance?

Preventing claims is one of the most effective ways to minimise the cost of business insurance. Maintaining basic safety and security precautions, implementing safety training for new employees and installing high performance locks and alarms on the doors and windows of your building will help you avoid incidents and claims. Insurance companies may reduce your premiums if your company has a comprehensive business continuity plan in place. Combining several necessary covers in a single, tailored policy -- such as public liability protection, building insurance and stock cover -- may lower the cost of business insurance considerably.

What is a business continuity plan?

A business continuity plan describes your company's strategies for coping with a disaster, the loss of a key employee, an interruption in the supply chain or another occurrence that could interrupt your operations. A continuity plan gives management and staff the necessary guidelines for responding to an emergency, so that interruptions and losses will be minimised. A business insurance company may help its clients develop a business continuity plan or offer a discount if the company has an up-to-date plan in place.

How can my company apply for business insurance?

Consult a broker or insurance provider that is authorised by the Financial Services Authority, or FSA, an independent agency that protects consumers against fraud. Many companies allow you to apply for business insurance online. Before you select a policy, compare quotes from several trusted, FSA-regulated providers on a tailored policy that addresses the unique needs and risks of your business.

Business Ideas

Q: How Can I Find my Niche?

A: As a business owner, entrepreneur or ideas man, finding the niche market in a business sense is going to be the most important full answer...

Q: How Can I Get Investors on Board?

A: When you are only just starting up a new business, getting investors on board, and other folks interested in your ideas behind full answer...

Q: How Can I Get the Most Out of My Employees?

A: How to get the most out of your employees should be something that you should be thinking about before you even begin to full answer...

Q: What are the Advantages of Being Self-employed?

A: There are many advantages of being self-employed, many of which you will only become evident and familiar with when you are full answer...

Coverage

Q: How Can I Determine the Level of Cover I Need?

A: You can usually determine approximately how much cover you need to take out for your business by judging whether or not your full answer...

Q: How Can I Increase my Coverage in an Affordable Way?

A: Insuring your business means that you're covered if something unexpected were to happen and is as required as paying business full answer...

Q: How Will my Cover Affect the Price?

A: The cover that you choose to take out to protect your business, as well as the business insurance quote provider that you full answer...

Q: Is Restaurant Insurance Expensive?

A: Although restaurant insurance may be a little more expensive in general, the price of the business insurance policies depends full answer...

Q: Is there a Legal Minimum Level of Cover?

A: There is a legal minimum level of cover that you will have to take out, and it is a level of business cover policy that most full answer...

Q: What Cover Will I Need for my Equipment?

A: Depending on the nature of your business, you will need to take out different kinds of equipment and contents business insurance, full answer...

Q: What is Professionals Insurance?

A: Professionals insurance, which is sometimes called liability or indemnity insurance, is a kind of insurance policy that you full answer...

Q: What is Tradesmen Insurance?

A: Tradesmen insurance policies are crucial for anyone who works as a builder, electrician, plumber, or some other type of tradesman, full answer...

Q: What Kind of Coverage is Best for my Business?

A: The best kind of coverage for your business can depend on the type of organisation that you run. For example, if you are full answer...

Q: What Sums of Money Will be Covered?

A: When you are dealing with large sums of money, and transferring money on a regular basis, it makes sense to get most of that full answer...

Q: Will I Need to Get Coverage for a Company Car?

A: A company car is classified by HMRC as a benefit in kind and constitutes a form of taxable income. If you are a part of a full answer...

Q: Will my Clients Want a Certain Level of Insurance?

A: Your clients will legally be obligated to an employer's liability insurance cover policy, though you will probably find that full answer...

Employees

Q: Handling Employee Conflicts

A: Handling employee conflicts is always a tricky matter in the office environment, so make sure that you do all you can to full answer...

Q: How Can I Find the Best Staff for my Company?

A: When you are hunting for staff to join your company, it is important to acknowledge that there are plenty of excellent websites full answer...

Q: Is it Okay For Employees to Socialise Outside the Workplace?

A: Socialising with employees outside the workplace is considerably important if you wish to create a flourishing, enjoyable full answer...

Q: Resume Screening Tips

A: Resume screening tips should be gathered through websites and professional business sites, as well as through meetings with full answer...

Q: What is the Best Way to Negotiate Pay?

A: When you are negotiating pay with a client of whom works for you it is important that you are both fair and reasonable, so full answer...

Q: Where Can I Get Guidance on Firing an Employee?

A: Guidance on firing an employee should be sought before you have to actually fire an employee, because otherwise things may full answer...

Financial Matters

Q: Comparing Business Insurance?

A: If you are wondering how exactly the best way to compare business insurance packages practically is to be done, then you full answer...

Q: How Can I Find Affordable Insurance Companies?

A: You can find insurance companies that fit within your budget when you are on the look out for insurance deals, by basically full answer...

Q: How Can I Keep a Business' Accounts Balanced?

A: You can keep your business' accounts balanced when you are dealing and trading in the financial world, by consistently checking full answer...

Q: How Little Can I Spend Whilst Getting Good Cover?

A: How little you can spend comes down to the subjective nature of the business that you operate, and of course the subjective full answer...

Q: How Will Getting Insurance Help a Business Financially?

A: Business insurance is intended to provide cover against many of the risks faced by a commercial company, from covering large full answer...

Q: What Does It Mean to Make a Loss?

A: Making a loss can happen in different areas of the business with different affects, depending on how severe the loss is, full answer...

Q: What is a Business Insurance Quote?

A: A business insurance quote is something that you will find online at various company websites and comparison sites, though full answer...

Q: What is the Best Way to Save Money on Cover?

A: The best way to save money on your business insurance cover policies is to make sure that you do all you can on your side full answer...

Q: What is the Cheapest Form of Business Insurance?

A: This can depend on the nature of your business, and whether or not you own certain items applicable to certain policies, full answer...

Q: What is the Cheapest Type of Cover for my Business?

A: The cheapest kind of cover that you can gain for your business can of course depend on the type of business that you run, full answer...

Q: What Level of Coverage do I Need?

A: The level of coverage of which you will need when you take out a business insurance deal, will of course all depend on the full answer...

Q: What Should I do if my Business Has Financial Problems?

A: If your business starts to have financial problems, then you will be left with no other choice than to try and fix those full answer...

Q: Will Business Insurance Cost a Lot?

A: Whether business insurance costs a lot for your business can depend mostly on three main factors, that is, the size of your full answer...

Q: Will Business Insurance Save Me Money?

A: Business insurance is something that a company will take out if they are considering the future, and how best to protect full answer...

Q: Will I be Able to Afford to Cover my Business?

A: When you are just starting off a business it can be difficult to muster up the money for insurance in some severe cases, full answer...

General

Q: Do I Need Business Insurance?

A: If you start up a business and you employ other colleagues in order to help you with your business, then you will by law full answer...

Q: Does my Business Need Working From Home Insurance?

A: If you run a business that works from home you will no doubt need a business insurance contract that will be a working from full answer...

Q: From Whom Will I Get Business Insurance?

A: You can gain business insurance from a provider or a bank of your choice, and the reason as to why it is important to implement full answer...

Q: How Can I Find Transport and Goods Insurance at a Reasonable Price?

A: You can find transport and goods insurance deals at a reasonable price by comparing quotes online. Try to be aware that some full answer...

Q: How Can I Get the Best Business Insurance Deal?

A: You can get the best business insurance deal by making sure that you implement a far and wise search, however, it is important full answer...

Q: How Can I Save on my Business Insurance?

A: You can save on your business insurance by comparing the market and trying all that you can to barter with insurance companies, full answer...

Q: How do I Apply for Business Insurance?

A: Applying for business insurance is easy these days, because the whole thing can be processed online with a few clicks of full answer...

Q: How do I Make a Claim on my Business Insurance?

A: When you make a business insurance policy claim you can usually do so through one or two methods, either through a telephone full answer...

Q: How Much Will Business Insurance Cost?

A: Business insurance can change in terms of how much a deal can cost from deal to deal, because the size of a business, how full answer...

Q: How Will an Employee Make a Claim?

A: An employee can make a claim in many ways depending on the type of insurance policy that they have and are signed into, so full answer...

Q: What are the Advantages of Business Insurance?

A: There is one main big advantage of taking out business insurance, and that is that you avoid the risk of being stamped out full answer...

Q: What Determines the Price of my Cover?

A: The prices of your cover will first and foremost depend on the type of business insurance policy you have bought into, because full answer...

Q: What Does the Law Say About Business Insurance?

A: The only kind of business insurance that you will probably absolutely need to take out is the kind of business insurance full answer...

Q: What is Business Insurance?

A: Business insurance is something that business owners will have to take out at one point in time, and there will be certain full answer...

Q: What is Van Insurance?

A: Van insurance is a useful type of cover policy for all of those folks that perhaps employ van drivers in order to transport full answer...

Q: What Kinds of Risks are Present in a Workplace?

A: There are many risks in the workplace, but it's possible to do something about these business related problems. The employer full answer...

Q: What Types of Business Cover are There?

A: The types of business cover that are going to be available to you will all depend on the type of business and operation that full answer...

Q: Will Insurance be Particularly Expensive?

A: Whether insurance is expensive or not will usually come down to the size and risks of a business, rather than how the market full answer...

Small Businesses

Q: Do Small and Large Businesses Need Different Cover?

A: Small and large businesses will not necessarily need different types of insurance policies as such, because this is usually full answer...

Q: Does my Small Business Need Insurance?

A: Any size company will benefit from business insurance, because you will find that it doesn't matter whether you employ a full answer...

Q: How Can I Attract People to Work in my Small Business?

A: The best way to recruit some excellent talent out there is to make sure that you use plenty of advertising websites, and full answer...

Q: Is Being a Small Business an Advantage?

A: A small business will have an advantage in many ways, in that being a small business, whose sole targets do not lie in making full answer...

Q: What are the Advantages of a Small Business?

A: The advantages of running a small business usually come in the fact that you can gain extremely cheap premiums with most full answer...

Q: What are the Main Difficulties for a Small Business?

A: The main difficulties for a small business that any start up owner will have to consider usually come in the form of how full answer...

Q: What are the Main Risks Which Face a Small Business?

A: When you are first starting out a business or start up company, one of the first things you are going to have to think about full answer...

Q: What Cover do I Need for my Small Business?

A: If you are running a smaller business it is always better to start off with the basics and sign into some kind of a business full answer...

Q: What is a Small Business?

A: A small business is most often described in the United Kingdom as a business of which has fewer than fifty employees working full answer...

Q: What Kind of Tax do I Need to Pay?

A: The kind of tax that you will need to pay when you start up a company or when you're in full flow of business will, like full answer...

Q: What Will Happen if I Don't Get the Correct Insurance?

A: So long as you do your research before you sign into any of the business insurance deals that you find, and you make sure full answer...

Q: Will my Small Business Get State Help?

A: There are several funding agencies and services of which you can apply for business funding from, although most of the investments full answer...

Types of Business Policies

Q: How Should I Cover my Home-based Business?

A: There are special business insurance packages for those that use their home as both a place to live in and also a place to full answer...

Q: What is Directors and Officers Insurance?

A: Directors and officers insurance policies run like many defence insurance or practice insurance policies for other businesses full answer...

Q: What is Employers Liability Insurance?

A: Employers liability insurance is actually a legal requirement in the United Kingdom, so it is important to make sure that full answer...

Q: What is Professional Liability Insurance?

A: A professional liability insurance cover package is usually relevant for companies that deal with advice and other such things full answer...

Q: What is Public Liability Insurance?

A: Public liability insurance is important to those companies that have to deal with the public, and perhaps feel there is a full answer...

Q: Which Type of Policy Will Cover my Retail Stock?

A: When you are running a retail store it is always a good idea to make sure that you take out business contents insurance along full answer...

Q: Who Needs to Have Practice Insurance?

A: Practice insurance policies are for those general practitioners, doctors and dentists that probably work in the private sector, full answer...

Q: Who Qualifies for Employers Liability Insurance?

A: Pretty much every company not only qualifies for employer's liability insurance, it will have to take out such a package full answer...

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