• Damage to Property
• Business Interruption
• Liabilities
• Motor
• Personnel

Damage to Property
You should arrange cover for any owned property which could include buildings, machinery, plant and equipment, including computer equipment and stock or goods in your custody or control for which you are responsible. It is preferable to arrange cover on an “All Risks” basis to cover most kinds of accidental loss or damage. If the business is happy to bear a large proportion of any claim (Policy Excess), reductions in premium are usually offered.

Where there is a risk of goods for which the business is responsible being damaged in transit, Goods in Transit cover should be arranged. If the goods are carried by consignors, you should not rely entirely on their Transit Insurance since carriers often restrict their liability so that the true value of the goods will not be covered.

Business Interruption
This cover goes “hand in hand” with Property Damage insurance and is an important aspect for any business. In the event of a serious loss by an insured peril at the business premises, it is most likely that there will also be an interruption to the business. Without this form of insurance protection, most businesses would be unable to recover following a major loss.

Liabilities
Any business will incur legal liabilities arising out of its activities. If staff are employed the business will need to purchase Employers Liability Insurance which is a statutory requirement.

The business will also owe a legal liability to members of the public either whilst being present on the premises of the business, whilst the business is working away or arising out of the products supplied by the business.

It is essential that an adequate Limit of Indemnity is purchased to cover the full costs of any incident where the business could be found liable.

Businesses which are Limited Liability Companies should purchase Directors & Officers Liability in order to protect the liabilities of the Directors and Officers of the Company.

Motor
Any motor vehicles which are registered for road use must be covered under a Motor Policy. Where the business owns several vehicles it may be preferable to consider a Fleet Policy.

Personnel
Any business should not overlook its most valuable asset – its staff. Various Policies can be purchased to protect staff – Personal Accident and Sickness, Permanent Health Insurance, Keyman and Group Life. A business may also wish to protect itself from staff dishonesty on a large scale which can be arranged under a Fidelity policy.

There are numerous other classes of insurance which are available some of which may be pertinent to the requirements of individual businesses such as Loss of Licence, Intellectual Property.

The insurance needs of a business can best be assessed by an Insurance Broker who will provide professional advice by putting together a comprehensive insurance programme which best protects the needs of the business. There are a vast number of options of cover and choice of Insurers with many of the above mentioned covers now provided under “Package” Policies. The business should select an Insurance Broker who they feel can fully understand the business and who can put together a cost effective insurance programme and give quality risk management advice to protect against the major exposures of the business.

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