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What is Professional Indemnity Insurance?

Professional indemnity insurance is best suited to certain businesses and particular practitioners. It is not suitable for trade or retail but for professionals. People who are self employed, work for a business or own their own business should consider this type of insurance. It is designed to cover claims of negligence and mistakes made in giving professional advice.

It can cover professionals such as architects, small firms such as accountants and businesses such as consultancies. It can cover self-employed professionals travelling to clients chosen locations and while on client property, which can include private homes. It can also cover office premises and any negligence or mistakes in advice given here and also cover employees from consultancy and management practices conducting business to business practice. These employees are covered both at their own place of practice or offices and also at client’s businesses.

Some key danger areas your business might be exposed to include some breach of duty of care. This would usually indicate some responsibility to the client that has not been met. It might also mean negligence of an employee such as the cause of undue stress due to work pressures. Professional indemnity insurance is also concerned with intellectual property. It covers the unintentional infringing of others’ copyright, trademarks, broadcasting rights and any act of passing off.

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It also covers the loss, damage or theft of such documents and client’s money. It can protect you from any mistakes made when dealing with a client where a dispute arises. Insurance companies can defend your claim sometimes but will also pay out if you do lose.

The amount of cover needed varies from business to business. No two businesses are the same in terms of size, type, employees and services offered. Insurance is tailored depending on the nature of the business and other determining factors such as those above. Insurers will also take the risk factor into consideration as some businesses are more likely to be sued.

Similarly to car insurance where the insurance is increased if a claim is made because the car owner presents more of a risk, indemnity insurance is raised for a business where formerly, a dispute has been raised. You can seek advice from insurance companies or financial advisors but you should not discount your own resources and knowledge. You know your own business and where the greatest risks lie and it is important to raise these with an insurer so that you are covered in areas where you will benefit the most.

It is also important to consider clients when organising insurance. This depends firstly on the nature of the services that you offer and also on client expectation. Some clients already have standards set in place that they have to adhere to with regard to indemnity insurance. Some UK government departments for example will not contract given service providers unless they are insured for at least five million.

When taking out insurance you should consider your clients and the nature of your services. You should also think about future clients if you have a relatively new or growing business or you intend to expand. Some insurance companies also offer retroactive cover so that you can insure work recently completed for clients.

Insurers also have considerations when taking you on as a client. They look at four main areas when working out what premium you should pay on a regular basis. They look at the total income from the business. The larger your business the higher your premium is likely to be. They will look at the required indemnity limit and level of excess to determine the type of policy they can offer you which will also affect the premium you pay. The nature of the business and the risk factors are also key. You should consider how they will view you as well as your own needs when calculating how much indemnity insurance to take out and how much you can afford.

Many insurance companies can be accessed online so you can input details and get at least a rough estimate of the premiums you would have to pay. You can also find out exactly what the insurance company offers and compare prices. Usually though if you are just looking at bullet points to get an overview they refer to standard policies and yours will not be an exact match although you will need to have standards met in your policy. Buying insurance is a serious undertaking and you should make sure your business is fully covered as a claim could cost you that business if you are not insured.

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What is Business from Home Insurance?

In the UK today, an increasing number of people work from home. For these home-based businesses, it is vital to buy Business from Home Insurance.

Business from Home Insurance can provide you with protection for some or all of the following:

• Buildings and Contents Cover
• Public and Product Liability
• Employers Liability
• Cover for Loss of Income
• Cover for Legal Expenses

Business from Home Insurance is suitable for all types of businesses – designers, estate agents, independent financial consultants, hairdressers, caterers and more. Those who work in manual trade such as plumbers and electricians should look into buying Tradesman Insurance.

Business from Home Insurance can be taken up by workers who are either self-employed or those who employ staff. This insurance will protect not only those who work from home but will also cover workers who work in outbuildings on their property such as garden offices, studios or workshops. This insurance will even cover those who are at work their client’s premises.

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Why is Business from Home Insurance Required?

Business from Home Insurance is essential because your homeowner’s insurance does not provide cover for any aspect relating to your business activities.

For example, your personal contents insurance may not safeguard you for any items you may lose that you use as part of your business, eg. computers or mobile phones. Check your home contents policy to ascertain your own policy details.

Be clear that home insurance covers only the home, not any part of your business. Be aware that if you do not declare that you have a home-based business, your home insurance could be invalidated.

Business from Home Insurance has many benefits. One of them is that it will provide you with additional options such as Public Liability and Employer’s Liability so that you can run your business with peace of mind. If any mishap or accident should occur, you and your home business will be sufficiently covered.

If something unfortunate – for instance, fire or flood – happens to your home and you are unable to operate, Business from Home Insurance will reimburse you for loss of income until you can continue working. Your Home Insurance would not.

What does Business from Home Insurance cover?

Different insurers will offer different types of cover. However, here are some of the more common features on offer:

Contents and Building Cover will protect the premises and contents of your business. This will protect your office space as well as everyday business equipment such as computers, telecommunications equipment, stationery, furniture, stock, business data and more. It is also possible to extend your cover to include pieces of office equipment which may be lost or damaged outside of the home office – laptops and mobile phones are particularly vulnerable items.

It is also worth insuring cash which may be stolen or lost both at the home, office or outside. Prepare a detailed inventory of your business contents so that you can make a claim for a realistic amount.

Public Liability to cover injury to your clients, suppliers and even members of the public or their property with whom you may come in contact while doing business. This can be either at home or in other premises. Public Liability will also cover damage or accidents to your employees. Some Public Liability policies offer professional indemnity and are tailored specifically for professionals such as consultants and accountants who partly make a living by giving out advice to their clients. Certain Business From Home policies will protect such professionals from any litigation brought against them by dissatisfied customers. Such a policy will ensure that a clients who has suffered damages will be adequately compensated.

Some insurers offer Malpractice Insurance which are normally designed specifically for those in the medical or health professions – doctors, dentists, physiotherapists, to protect them from damages caused by a treatment that has gone wrong.

Product Liability is necessary if your business involves selling a product. This will protect your business from any liability resulting from a fault of the product in question.

Employer’s Liability cover will protect you as an employer against any actions taken against you by a member of your staff.

Things to Consider before Buying Business from Home Insurance

Obtain and compare a few quotes from reputable insurance companies.

Do not just go for the cheapest quote – choose a policy that gives you adequate cover.

Read and understand all terms and conditions carefully.

It may be possible to get a discounted rate if you buy from your professional trade body or your local Chamber of Commerce.

Remember that the cost of not buying the right insurance can prove more costly in the long run.

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Business Insurance

Business insurance is commercial insurance which differs from the type of private insurance you use for your home contents, life or car. It differs from business to business as this type of insurance covers a specific group of insurances. Some businesses need public liability insurance, employer’s liability insurance or professional indemnity insurance or all of these and more. Business insurance then needs to be tailored to the individual business to cover all its various aspects.

Shops and retail outlets might need a particular type of insurance for example as they are dealing with the general public. Accidents for which the business is liable might happen on the premises, which is why public liability might be included in the overall quotation for this type of business.

Most shops also have employers therefore employer liability insurance would also be necessary. There are a number of problems specifically associated with retail businesses as well as other businesses. For example shop lifting or stock damage is a particular cost to retail. Shops might well need additional insurance to cover stock from loss, damage or theft.

Tradesman insurance may need different cover however, particularly when not operating from own premises but working on other peoples. Tradesmen who are self-employed may not have to concern themselves with employer liability but most trade companies will need this, particularly when working on projects and there is sub contracting involved. Self-employed tradesmen will still need to cover themselves however and there are some specific policies to check out such as Plumbers Insurance or Handyman Insurance. There are also some optional insurance extras to consider such as tool cover or plant cover.

The insurance needed will vary from trade to trade but it is worth asking advice from insurers particularly where projects are concerned and a variety of businesses, suppliers and contractors are concerned. It is important to consider the worth of the different aspects of the business such as tools and stock and insure these accordingly. They can be insured against theft, damage, loss and fire.

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Professional Insurance

Professionals and professional businesses may have more of an interest in professional Indemnity Insurance which covers any claims made against professional freelance, self employed and employees. It will cover mistakes made giving professional advice or in the event of negligence. This type of insurance suits IT Consultants, Architects and Project Management and Consultancy. This type of professional organisation or profession is less likely to need public liability insurance particularly if the organisation has a business to business approach and operates in the premises of others in which case they are more likely to need liability insurance.

However it is necessary if working from private offices and clients are coming to visit. Solicitors, accountants and financial advisors might need this type of insurance if clients are visiting their offices.

Other businesses may need special types of insurance. Beauty outlets for example may need special types of business insurance depending on the kind of equipment used. Tool cover or product liability as standard may not be sufficient to cover sun-beds or other electrical equipment as there might be additional stipulations involved. For example a business might be refused insurance if employees are not trained on the use of such equipment. Proof of this would be required by the insurer.

It is probably a good idea to seek advice on insuring different aspects of this type of business to get a quote rather than seeking a quick quote by entering details online as it is easy to miss what should be insured and the type of insurance legally necessary.

Other businesses that may need special considerations are those moving from public to private practice. Private doctor and dental practices for example need insurance that is no longer organised or taken care of by government unlike it is for NHS practices. While there is of course insurance available for private practice it is quite different to other types of insurance cover because it derives from services belonging to the public as well as private sector. Other businesses have always been in the private sector therefore there are some differences here and advice may be needed.

Business insurance is vital for any business and more often than not a legal responsibility therefore if the question of insurance is raised for your business it is vital that you ensure all legal standards are met. You should also not work for a business that is not properly insured.

Businesses have to meet all kinds of legal standards such as those for health and safety and at the very least they need at least one of the standard types of insurance such as public liability. It is imperative, then, that insurance for business is organised at the very least to save the business itself (for failing due to being sued or losses that can’t be covered) and maybe yourself from court proceedings.

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Click Here for a Landlord Insurance Quote

Anyone in the market to buy property as an investment to let might find that talking to a certified insurance agent or broker first will save headaches later, as well as make certain decisions much easier. A sit down with an agent registered with the Financial Services Authority (FSA) will quickly illuminate the range of problems that might arrive when buying-to-let whilst a brief look at what kinds of insurance are available gives a quick overview of the problems faced by landlords. Insurance coverage is not only a necessity, but a primer in reality.

What is Landlord’s Insurance?

First off, Landlord’s insurance is not simply beefed up Homeowner’s insurance. Truth be known, if you plan on renting out your current home and don’t inform your agent of the change, you’re liable to wind up not covered should something happen. If you’ve decided to become a landlord, either by renting your current residence or investing in a Buy-to-Let, it’s best to go to an expert, a firm that regularly handles Landlord’s Insurance. There are plenty on the Internet, so shopping to compare price and services offered is a good starting place.
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What is Covered by Landlord’s Insurance?

There are a number of issues directly covered by policies under the category of Landlord Insurance, not the least of which is Subsidence. Whilst the dictionary defines this as “to sink or fall to the bottom,” in rental terms, it might be interpreted as “the bottom fell out of the market” ie. no one wants to rent your property. It could also mean that a sinkhole opened under the foundation and your newly-purchased house or flat so that it is slowly moving toward China, but that would be covered under the Landlords Buildings Insurance section.

Buildings Insurance means just that, but coverage should reflect the cost to rebuild – not what you originally paid for the building. As implied, this covers any buildings that may be part of a complex (or stand alone) as well as any items that would normally be left behind when residents move out, such as perimeter walls, patios and fixtures and fittings. Causes of the damage include fire, flood or pipes bursting. Then there’s Landlords Contents insurance. The level of this coverage is dictated by the amount of furnishings you provide. Unfurnished rentals only require coverage for carpets or floor covering, curtains, and whatever appliances have been provided under the Assured Shorthold Tenancy Agreement. (If your agent doesn’t mention this early on, then it might be worth finding another.) The Contents insurance does not cover what your tenants bring with them into the dwelling though – that is their responsibility.

If something happens to the building (that is covered) during the course of the let period, you are responsible for finding alternative accommodation for your tenant, which in terms of insurance is usually up to 10% of the building sum insured. Thus it is advisable to get the insurance or you might wind up with permanent house guests.

What is Required?

Neither Building nor Contents insurance is required by law, though if you are carrying a mortgage, no doubt your Bank will require this coverage. Public Liability Insurance is also not a must, however, it covers such things as “bodily injury to, illness, disease or nervous shock of any person other than employees; loss of or physical damage to physical property belonging to others; loss arising from trespass, nuisance or interference with any easement of air, light, water or way; happening during the period of insurance.” In other words, if anything happens on the spot of earth you’ve mortgaged, you’re responsible.

Then there’s Employee Liability. What employees I hear you cry? The plumber you call brings his clumsy apprentice, who breaks his leg rolling down your stairs because the cat got underfoot. Not your fault, you say? Yes it is. It happened on your spot of the earth, and you called them. Electricians, roofers, the girl who cuts the lawn – all are employees, even if there just for an hour.

The bottom line is, buying a property to rent or converting your current home to a rental is a complicated endeavor that requires a great amount of planning and protection against evil, accidental, or natural happenstance. While some consider Landlord’s Insurance as an unnecessary expenditure, it focuses on the “necessary” aspect of renting a house out.

Should you require more information on Landlord’s Insurance, we would recommend you look at the FSA or the Association of Residential Letting Agents websites.

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What is Tradesman Insurance?

If you are a tradesman, you will know that there are always dangers and risks which you have to take when you accept a job. Tradesman insurance will provide you with protection against injury, accident, damage or other legal action which may arise from any work carried out by you as a tradesman.

Most Tradesman Insurance include the all-important public and product liability as well as employers liability. For certain trades, it is not only very beneficial to have tradesman insurance it is a legal obligation.
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