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UK Insurance directory  - Commercial insurance

Commercial insurance - Money information, news, tips and links. UK insurance directory.

Commercial Insurance

Commercial Insurance Quotes, Affordable Commercial Insurance Directory

UK insurance directory listing affordable commercial insurance companies, under multiple keywords, search our website for insurance brokers and insurance companies

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Commercial Insurance or Business Insurance

It is a vital business requirement to obtain commercial insurance (or general insurance) from insurance companies at reasonable premiums with the aim of achieving the maximum legal and liability insurance protection possible.

Large business commercial insurance or small business insurance may involve insuring from an insurance company buy to let property or the business in general. Some insurance providers are giving as much as forty percent discounts for buy to let property insurance. Other insurance providers are giving discounts of twenty percent and offering flexible business cover plans online.

Commercial companies and enterprises have many types of liabilities which must be protected when considering general day to day business activities and also as required by the law of the land. If there is a claim then legal expenses cover will offer protection to the business against costly legal fees.

A good insurance broker should be able to establish the optimum cover for general liability insurance needed for your business, so that you incur the minimum amount of losses and the business can carry on as normal. Insurance aids in protecting your investment in your business, protecting your assets and other property.

If your company is not well established, the insurance underwriters will assess your requirements, categorise your application and establish the market premium. The underwriters may visit your business to find out what is involved and take full particular facts.

When selecting an agent for commercial insurance, make certain that the insurance agent or underwriter understands your particular business. Ask your agent to obtain more than two insurance quotes and policy terms for you to read. Look at the excess requirements, limitations, exclusions and what liabilities are covered.

Good commercial insurance comes at a price and the lowest premiums or policies may be unsuitable in the end. You need to look at what value is being added and what is the limit of insurance applied to your business as a whole.

Commercial insurance covers for example the following categories of insurance by insurance companies:

·         All risks contractors insurance

·         Cargo insurance

·         Commercial liability interruption/loss of income

·         Commercial auto insurance, car insurance, truck insurance or van and motocycle

·         Commercial liability insurance

·         Commercial property insurance or commercial building insurance – flood, theft

·         Consequential loss

·         Construction insurance

·         Contractor’s plant insurance

·         Corporate insurance

·         Defects liability

·         Director and officers

·         Employers’ liability

·         Employment Practices Liability – claims by employees

·         Fire insurance

·         General liability insurance coverage

·         Group insurance or fleet insurance

·         Health insurance

·         Legal expenses – third party liabilities

·         Life insurance

·         Marine insurance

·         Office contents and computers

·         Photography insurance

·         Portable equipment

·         Product liability insurance

·         Professional indemnity or professional liability insurance

·         Property insurance

·         Public liability

·         Restaurant insurance

·         Retail insurance

·         Travel

·         Workers compensation insurance

What does your commercial insurance broker or insurance company need to know:

·         Tell the broker of all your activities.

·         Make sure you do not invalidate your insurance.

·         Tell the broker of your past, current and future turnover.

·         Ensure that your buildings are covered whether freehold or leasehold.

·         Obtain cover for all your equipment, furniture, fixtures and fittings including any landlord’s fittings not covered by the landlord.

·         Ensure you are covered for claims by third parties to your buildings and in case of personal injury. Cover will be needed for the cost of damages and legal expenses.

·         Having a waiver or disclaimer may still result in legal liabilities which you should be covered for.

·         If you work in your home as a limited company, you may need employer’s and public liability insurance. You may also need to inform your home building insurance company.

·         Consider also cover for Commercial interruption, leased equipment and hired equipment.

·         There is also product liability insurance required if you make or sell a product.

·         For negligent or wrong information or design, ensure that your have professional indemnity insurance.

·         Ask the broker if you are covered for defective workmanship, in most cases, you may be not.

Commercial insurance tips:

·         Make sure your employees know about your safety procedure and have an employees contract which set out what they should do.

·         If employees are carrying out manual work make sure that they are fully trained in health and safety matters.

·         Carry out regular fire drills and ensure the fire inspector has audited the premises.

·         Have one or two people who have attended a recognised first aid course.

·         Keep two sets of proper extensive records for insurance purposes one on site and one off site in fire proof safe.

·         Cash should be minimised and the rest deposited at the bank.

·         Make sure the premises or property is in good repair, has adequate lighting and well maintained.

·         Notify both the insurance broker and company immediately even if it is a false alarm, normally within twenty four hours.

·         The professional services of a recognised surveyor should be used annually to establish the insurable value of the property and its contents.

·         Eliminate or minimise any form of self insurance.

·         Ask you broker to obtain three competitive insurance quotations for comparative purposes and minimise any insurance double counting.

·         Lastly, give full disclosure to your insurance broker and do not hold any documents or factual information back.

Note

The opinions expressed in this article are those of the individual writers and are not representative of Insurur.co.uk.


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