The nature of business in this area, where most companies are acting as a "middleman", requires every company to look closely at the activity of both their customers and suppliers. Any insurance coverage must protect both these sides of the business process, and in addition the fullest coverage for stock whilst on the premises or in transit is essential. Furthermore cash flow and credit can be critical to the viability of companies in this business and care must be given to having the right level of coverage with regard to this aspect.

Material Damage

For any Business, obtaining the correct cover for its assets (Buildings, Contents, Stock etc.) is extremely important and it is nearly always the first insurance to be considered. Care should be taken to ensure that all the relevant facts are always disclosed, such as the Condition of the Property and Electrics, Method of Heating, Occupation, Security and Storage Arrangements, particularly if these change during the course of a year. This can be a wide and surprisingly complex area of insurance and to ensure comprehensive coverage consultation with an insurance professional is advised as a full understanding of the policy and its limitations is essential. Often cover should be extended to include perils such as Theft, Subsidence and Terrorism and ideally policies should be tailored individually to suit all the relevant business requirements. Geographical considerations should also be taken into account as the standard cover normally applies only to specific premises. Wider cover can be available to include anywhere in the UK or indeed Worldwide.

Employers Liability

Since 1969 the Employers Liability (Compulsory Insurance) Act has required every employer carrying on a business, trade or profession to take out and maintain insurance against liability for bodily injury or disease sustained by their employees, arising out of, and in the course of their employment. The minimum requirement by law is £2 million. In practice, however, insurers do not issue policies in the UK for less than £10 million.

Public/Products Liability

The purpose of Public/Products Liability is to indemnify the policyholder under their legal liability, should they or their products cause death, bodily injury and/or loss of or damage to material property of a Third Party or Parties. Cover can be arranged for goods and services sold in the UK and/or on a Worldwide basis. This cover can be the most important section for any business as often the "buck stops here" and not having the right cover could cause financial ruin with the sheer numbers of potential claimants or the extreme awards now being made by the Courts.

Goods In Transit/Marine Cargo

Transit insurance provides protection for the movement of goods, either the raw material coming into the premises or the finished goods/produce going out. Sometimes the goods are imported or exported, often by Third Party Carriers so a good understanding of who is responsible at every point of the journey is important. This can often vary with each Supplier, Distributor or Retailer. Reliance should not be placed on the Haulier's own insurance protection especially if they are transporting goods under CMR or RHA conditions. In such cases cover is restricted and additional insurance is required.

Engineering

Plant and Machinery such as Lifts, Steam Boilers, and other similar equipment have a statutory requirement for the plant to be inspected. Insurance cover for the equipment, the damage that is caused on failure and the statutory inspection is available under a single policy. Often the policy can be extended to cover Breakdown or Loss of Income/Production. Spoilage of Stock due to the breakdown of temperature/climate control equipment can also be included.

Business Interruption

Fire, flood or other such disasters can cause financial ruin for any business. Whilst Insurers will pay for the repairs to the premises or replacement equipment, full insurance coverage for consequential losses following any such disaster can be vital to ensure the continuance of the business. Serious consideration should be given to protecting the Gross Profit or to buying cover for Increased Cost of Working, or indeed a combination of both.

Credit Insurance

Every company which allows credit to customers expose themselves to potential bad debts should their customers fall into liquidation. Cover for all accounts or large named accounts is available.

Directors & Officers Insurance

The Companies Act 1985 alone sets out more than 200 offences for which a director can be personally liable. Add to this the numerous other offences under Health & Safety, Environmental and Financial Services Acts and it can be seen how important it is to consider this type of insurance cover. The Insurance cover protects the personal assets of company directors and officials.

Legal Expenses

Commercial Legal Expenses Protection is becoming increasingly important to small and medium size businesses. This policy provides access to expert advice and assistance in resolving a number of different areas and if necessary will pay for the cost of legal fees and/or accountancy fees to conclude the dispute. Typical areas of cover, which often can be bought as a package include, Contract, Employment, Data Protection, Criminal Prosecution Defence, Property Protection and VAT Disputes. For larger companies wide cover is available for each specific area.


Cover can also be obtained for "After the Event" Litigation. A range of solutions are available for those who wish to pursue their legal rights through litigation.

Crime/Fidelity Insurance

It is possible to provide cover against the dishonesty of your employees for the misappropriation of company monies or other commercial valuables. Extensions in cover can include ex-employees and employees of out-sourced companies. Traditionally cover under this type of insurance has not been available for Theft by non employees. However, now with the increased dependency on computers and in particular access to businesses via the Internet wider cover is available.

Motor Insurance

Motor insurance is a legal requirement under the Road Traffic Act and as such all companies that own or operate vehicles require cover. Polices are available on single, multi-vehicle or Fleet Basis.

Employee Benefits

Every company should give careful consideration to their employees' Conditions of Service. Click here for details of the various types of Employee Benefits available