Small Business Insurance

SMALL BUSINESS INSURANCE: Taking The Confusion Out Of The Process

 It’s quite understandable that when you’re making plans for the future of your business, insurance may not be the first thing that springs to mind.

And even if you do give it some thought, if you carry out even the most cursory research into small business insurance you’re likely to overwhelmed by the sheer range of policies available.

Because the fact is that different types of business face different types of risk.

A landlord, for example, may well need Buildings and Contents insurance but not specific policies for Stock and Goods In Transit which a retailer or wholesaler should probably have.

A pub or restaurant might well need a Loss Of Money policy because of the high level of cash they might have on the premises. But they won’t need the Product Liability insurance that a manufacturer might well require.

Fortunately, some of the more enterprising small business insurance brokers have taken the confusion out of the process by constructing insurance packages for specific types of business.

There are some common elements. Employers’ liability insurance is a legal requirement for any business that employs staff. And, in today’s increasingly litigious world, some form of indemnity insurance, such as professional indemnity or public liability, will almost always be included to protect your business against 3rd party claims. If not covered by another policy, basic contents insurance is also advisable.

Beyond these core policies, however, each package will be tailored to match the specific risks that your type of business is likely to face.

If, despite it being made easy for you, you’re still thinking that insurance is something you can do without, then remember this - an uninsured event, such as a fire, a burglary or a legal action brought against you, could be more than enough to sink your business completely.

Never mind planning for the future, your business simply won’t have a future.

So make sure you don’t leave small business insurance out of your business plan. Call 0161 833 2100 or email donna@caunceohara.co.uk

PUBLIC LIABILITY INSURANCE: Why Very Few Businesses Should Be Without It

Public liability insurance is not a legal requirement for most businesses. But few businesses should be without it.

Why? Well, let’s start with these two questions:

Do customers or members of the public ever visit your premises? Do you ever visit someone else’s premises whilst on your company’s business?

If the answer to either of them is ‘yes’ – and, as we hinted, it probably will be - you could be running a serious risk if you don’t have public liability insurance.

In a world in which ‘no win, no fee’ legal services abound, people are becoming ever more ready to sue in the event of an accident. Well, we say ‘accident’ but, in fact, what used to be called an accident isn’t always viewed as such any more. It’s more likely to be treated as an incident; an incident for which someone else should shoulder the blame.

And where there’s blame, all too often comes claim.   

So, for example, if a customer on your property falls over on a slippery floor and suffers an injury, you could be facing a lawsuit. Likewise, if you’re visiting a client or a supplier and, let’s say, you knock over a glass of water and put a computer or some other piece of valuable equipment out of action.

On the heels of the claim will come some very expensive legal fees and, if the case goes against you, what could be a very hefty compensation payment. Could your business withstand that kind of major unbudgeted cost?  

For most businesses, the answer will probably be ‘no’. And that’s why you need public liability insurance.

Obviously some businesses are at greater risk than others and the right policy for one business may be inappropriate for another. Fortunately, to find the public liability insurance policy that is just right for your business, all you have to do is call 0161 833 2100 or email donna@caunceohara.co.uk

Business Insurance: Of Course You’d Rather Not Think About It. But...

If you’re busy running a business – particularly in difficult economic times – the last thing you want to think about is business insurance.

You’re probably a confident, optimistic sort of person with a can-do attitude who wants to focus on your customers, what they want and how you can provide it for them. The last thing you want to do is fill your head with negative thoughts about what might go wrong.

Unfortunately, if you don’t have the right business insurance policies in place, some of the things that could go wrong could also put you out of business. Even if it’s only temporary, it could still be very costly – both financially and in terms of your reputation.

A burst water pipe, or a fire, could force you to relocate your offices. A burglary that left you without computer equipment or stock could leave you unable to fulfil orders.

An unfair dismissal action brought against you by an ex-employee or a liability action brought against you by a customer who injured herself on your premises could result in a substantial claim for damages. (And in our increasingly litigious society, with ‘no win, no fee’ legal services advertising on the TV, that can happen all too easily.)

The list goes on and there’s a business insurance policy for just about every eventuality. And that’s part of the problem. It’s easy to feel overwhelmed by what’s on offer. Do you need all of the different policies available? Do you need any of them?

The answer to the first question is almost certainly ‘no’ while the answer to the second is definitely ‘yes’. The point being that the right business insurance package for one business – a restaurant, say – will be different to that for another – a contract cleaner, for example.

Imagine an ant navigating down a busy street…people rushing around, cars speeding in every direction.  Danger lurks in every step!  Without protection, one bad decision, one unforeseen incident could crush the poor ants life. The same logic applies for businesses too. To navigate successfully, to achieve goals, it pays to guard against the unexpected. 

Having business insurance means you can step out each morning and do a days work without having to worry if things go wrong. Of course, its easy to think you can save yourself a few pounds by not having  insurance as 'bad things wont happen to me'.  But good luck can not be relied on to protect your business from losses. Each day, even the most conscientious business owners face unexpected incidents and ruinious claims.

If you can imagine any of the following happening, you should strongly consider buying business insurance. Its acts as a shield, protecting your business from the financial ramifications of incidents. Without it, you would be personally liable to pay costs / loses / damages! 

• On arrival at your office one morning you find the building has broken into and all your office equipment and computers stolen.
• Your head chef accidentally leaves on the stove, causing a fire, and property damage to your restaurant business. The business closes for two months whilst repairs are carried out resulting in £150,000 repair costs and £40,000 in lost income.
• Whilst cleaning a kitchen floor, the customer returns home, slips up on the wet surface and break her arm. 
• You sack a troublesome employee, whose always late for work and disrupts team spirit. The employee takes offence and sues you for unfair dismissal. 
• One of your builders drops a brick whilst climbing a ladder. The brick falls onto a passers by head causing terminal brain damage.
• An entire shipment of fine art stored in a warehouse is ruined by a water damage caused by a burst pipe.
• During a wedding you bump into an elderly lady whilst taking photographs of the newly married couple leaving the church. The lady falls heavily onto the pavement and twists her ankle.
• Whilst moving a customers Porsche 911 one of your car valeters accidentally reverses into another vehicle waiting to be cleaned. Both vehicles require a new bumpers to be fitted.
• One of your graphic designers uses the wrong colour code on a client logo, which is published in the national press, causing damage to your clients brand identity.
• You discover your recently retired, finance director has stolen £325,000 from the business over a period of 12 years.
• Following a meeting, you kindly offer to drive a client from your offices to the local train station. During the journey you crash into a wall causing bodily injury to the client.

At CompanyInsuranceCo.Uk we specialise in providing tailored cover against these kind of incidents. From restaurants and shops to wholesalers and tradesmen we offer comprehensive business insurance cover at competitive prices!

Whatever your business insurance needs, we're sure we can help you find the right solution, right here on our website. Applying for cover is quick and easy and you can access your policy certificates immediately. If you have any queries or need help to apply please call our knowledgeable and enthusiastic team on 0161 833 2100.

Let us take care of your business risks, so you can navigate it to the top!