Britain has such a diverse spread of businesses catering for different needs. From electricians to plumbers, property owners to wholesalers, clubs to hotels and motor traders to retailers.
Some insurance cover can be purchased on the internet but how do you know what is necessary and what is suitable for your business. For your own peace of mind, it is wise and often more cost effective to use a professional broker.
We can help
Andrew Phillips Insurance Brokers understand the diverse range of risks that you, your employees and your business are exposed to on a daily basis. We aim to visit each client to make sure that we understand their requirements in detail. So that the insurance cover will accurately reflect the needs of your business, allowing you to concentrate on making it a success.
Below is a list (by no means exhaustive) of just some of the covers you may need to protect your business:
Insurance for your assets
Arranging the correct cover for your assets is critical if claims for damage and theft are to be dealt with quickly. Protection may be required for buildings, equipment, tenants’ improvements and stock. You may need to consider goods in the open, in transit or at customers’ premises.
Public Liability Insurance
Public liability insurance protects your business against claims brought by others who declare that they were hurt or suffered a loss of property on your premises or elsewhere due to your negligence. For instance, if a visitor trips whilst on your premises or if you damage their property when delivering goods.
Business Interruption Insurance
A major incident such as a fire or flood can not only damage your assets but it also can have a long term impact on your turnover and profits. Customers might be forced to trade with your competitors and it might then be very difficult to attract them back to you. Recent research indicates that 80% of businesses fail after suffering a major catastrophe such as a fire. Correctly arranged business interruption insurance can help to prevent you becoming a statistic!
Professional Indemnity Insurance
If you give advice or provide a service to your clients you may be exposing yourself to risk of being sued for all sorts of claims. Professional indemnity insurance will offer cover for compensation you may need to pay as a result of a mistake or cover any legal costs due to negligence, such as giving incorrect advice or making a mistake in your work.
Professional Indemnity Insurance is compulsory for some professionals. For others it may be requirement of some of your customers and clients that you have this insurance. Even if you do not fit either of these, having professional indemnity insurance gives valuable peace of mind.
Directors’ and Officers’ Liability Insurance
Many company directors believe that should an individual or other organisation take action against them for an act they committed in the business, then they will be protected by their employer. They also believe that if the worst happened, then they would only be responsible for the value of their shareholding. These assumptions are WRONG. What if the company is prevented from covering such an action, or cannot afford it, or has gone into liquidation? The personal assets of the directors AND SENIOR STAFF can be at risk.
Action against individuals can be taken in connection with a wrongful act relating to financial handling, employment disputes, discrimination and health and safety. Even a spurious or malicious claim still has to be defended…at a cost.
Andrew Phillips Insurance can arrange suitable insurance to protect all directors and officers of the company against such a financial risk.
For more details on how we can help protect your business, call us TODAY on 01527 834696 or CLICK HERE. We will be glad to help!