In any walk of life it’s hard not to encounter a form of insurance that offers protection. Insurance can range from car and van cover, to the absurd such as cover for Alien Abduction.
In business, protecting the company, employees and business assets is a number one priority, but business insurance often gets overlooked as companies believe they would be able to substantiate the costs themselves should they need to.
Starting out in the world of business can be daunting, which is why we are able to offer Small Business Insurance quotes as well.
What business insurance do I need?
Having little to no knowledge about insurance leaves your business vulnerable to the possibility of hefty damages or significant loss should the worst happen.
More often than not, the damage to or loss of your business property will impact on your revenue, meaning you won’t have the cash flow to put the situation right. In extreme situations you could find yourself facing bankruptcy when this need not happen.
Here at Autonet, we can provide business insurance quotes for a range of organisations. Some are optional to provide added security whilst some are mandatory and your business would be trading illegally without them.
It’s confusing in the world of insurance though so let us break down each type of insurance available to you.
Small Business Insurance
Buyers in the small business insurance market are those individuals, companies & organisations who require protection for their business against different risks. Small business insurance providers have responded by developing ‘package’ policies to meet the insurance needs of the small business.
A small business insurance ‘package’ policy is a single contract incorporating a combination of insurance products, with limited scope for change, usually at a premium less than if the business insurance products were purchased separately.
The small business package policy will cover these main areas:
Fire, Theft, Business Interruption/Revenue Protection, Employers Liability, Public Liability, money, and computer breakdown.
Public Liability Insurance
If you have dealings with the public through your business, whether they come to you or you go to them, then Public Liability Insurance should be a consideration for you. Public Liability Business Insurance is optional, but highly recommended, even if you only deal with customers one day a year.
Public Liability Insurance covers the award monies given to a member of the public following an injury to them or damage to their property because of negligence caused by you or your business. As well as covering this it will cover for:
- Legal fees if the case will be contested in court
- Any expenses incurred such as wages if an employee had to have a day off to be a witness in court for the claim.
Generally, potential customers will want to see proof of adequate public liability insurance cover before they will allow you to start work for them. So give us a call today on (Insert Number).
Employers Liability Insurance
Employers’ Liability Insurance is a legal requirement for most employers in the UK and must provide cover to a minimum of £5 million, although at Autonet, we can offer quotes from insurers who provide cover for £10million.
Employers’ Liability Business Insurance covers for claims made for compensation from employees who suffered an injury at work or for an illness they believe is a result of the work (even if they don’t work for you anymore). Claims can be made even if the company goes into liquidation or receivership, or if the claim would put the company into those respective states.
A fine of £2,500 each day can be issued for every day you do not have Employers Liability cover as part of your business insurance, and this law is enforced by the Health and Safety Executive.
The Employers’ Liability Insurance Certificate must be displayed in a place where the employees can easily read it, whether it is a paper copy or electronically. It also needs to be made available to health and safety inspectors on request.
Truck Insurance is required if your business uses trucks to move goods or produce from one site to another.
It works exactly the same as Car Insurance or Van Insurance, although the class of use is counted as Haulage on Truck Insurance. Therefore your truck will be covered to transport goods belonging to your own business, as well as covering the vehicle to deliver goods to other people.
The type of vehicles Autonet can provide truck insurance quotes for are:
- Articulated lorries
- Flatbed lorries
- Skip carriers
- Rigid body lorries
- Up to 44 tonne vehicles
Motor Trade Insurance
A Motor Trade Business Insurance Policy is only available to those who work in a motor trade organisation, and are required to drive a number of undefined and unspecified vehicles during the course of their business.
It involves a number of aspects, normally road risks, but can include buildings cover, cover for stock, and public liability insurance. Although most insurers require the business to have their own premises, Autonet can provide quotes to cover people who work from home.
It is very similar to that of a Car Insurance, Bike Insurance or Van Insurance policy, but whereas the risk assessment is rated on the vehicle in those policies, on a Motor Trade one it is assessed on the person instead.
Insurers tend to cover any vehicle that is owned by the policy holder, as well as those that are in their custody and control, but those vehicles can only be used in connection with the Motor Trade business.
It can also provide demonstration cover, allowing any potential customers to drive the vehicle or one who needs training on the controls of an unfamiliar vehicle type.
What Fleet Insurance does is cover more than one vehicle under the same policy, meaning that a company or individual that owns more than one vehicle may find it cheaper to insure the vehicles under a fleet insurance policy rather than individual policies.
Goods in Transit Insurance
Goods in Transit is a type of business insurance that offers cover to the goods being transported, rather than the vehicle. It covers goods that are your own, or that you are delivering to someone else.
Goods in Transit policies provide cover for:
- Theft whilst in transit
- Loss whilst in transit
- Damage to goods following an accident in the vehicle
This can be useful for people who transport goods as should the goods you are transporting be damaged whilst in transit, the insurer will pay you a sum to replace the goods.
Couriers and Haulage companies should always consider Goods in Transit Insurance as it can provide reimbursement for the goods you are transporting and won’t leave you out of pocket should those goods be damaged whilst in transit.
Commercial Property Insurance
Most standard Commercial Property Insurance Policies cover a business premise for the following risks:
- Vehicle collision damage
- Storm and flood damage
- Fire and lighting damage
- Malicious damage
If the property is rented then it is the landlord who is responsible for this insurance, unless it is a shop front in which case it becomes the tenant’s responsibility.
There is also what is known as an ‘all-risks’ policy which covers all unnamed risks, which means these policies will usually list what they do not cover. This tends to be:
- Wear and tear
- Electrical or mechanical breakdown
- Specified deterioration
The business premises have to be insured for what is known as the reinstatement cost, this is different to the market value of the property.