Employers Liability:
It is a legal requirement if you employ someone to have an adequate level of cover attached to your main policy.
Although this will often come as standard, you may have to request this cover with some insurers.
Employers Liability is normally covered up to £10,000,000 and will ensure you have insurance in the event of an accident at work where an employee alleges you have been negligent.
Always ask that Employers Liability Insurance is covered when you take out this type of business policy.
Legal Expenses:
Having legal expenses cover as a business owner is something that should be considered.
Although not always standard on a business insurance policy, it can be added for an extra premium. The additional premium could be as little as £25 and can give up to £250,000 worth of cover for any one claim.
If your policy does not include this as standard, it would be worthwhile asking about adding a separate stand-alone policy.
The benefits of having this policy, may include a 24/7 Legal Advice Helpline, Tax Advice Helpline, cost in defending against criminal legal action or prosecution or customer disputes, to name a few. It gives greater peace of mind in a climate where litigation is all too common.
Stock:
For a retailer, making sure the stock is covered correctly is essential.
Loss of stock by theft or an accident such as a burst pipe can cause a business thousands of pounds in damage. Insuring your stock for the correct amount will give the ultimate peace of mind.
It is important to note that certain target stocks will need to be declared. This may mean Leather Goods for a Clothing Retailer or Wine & Spirits for an Off-Licence.
Many insurers will require a fully maintained theft alarm with evidence of annual servicing in the event of a claim for theft, for example.
Fire Cover :
Fire cover is standard cover.
Being one of the main threats to the very existence of a business, the conditions applied by insurers that are attached to this peril, must be taken seriously by all business owners.
All Electrical Inspections must be in perfect working order and be checked by a professional. This will allow for an Electrical Certificate to be produced, which will confirm the date of the next inspection, which is normally every 3 years.
Failure to have a current Electrical Certificate in place will result in Fire being excluded.
It is also important to have fully serviced and maintained Fire Alarm System in place – failure to comply with such a condition can also exclude fire cover at your business.
