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Do you own your own small business? If so you’re in good company. An estimated 99.3% of all private sector businesses in the UK are those like yours. Clearly, that makes for a massive contribution to the force and strength of the nation’s economy.
With so much at stake, it’s important that businesses like yours are adequately protected – not only in terms of the physical assets you own, but also the wide variety of liabilities which are part and parcel of running a business.
And that is where we, at constructaquote.com can help!
Suitable and reliable business insurance might make all the difference between your enterprise thriving or going under if the unexpected happens. Without that essential cover your business might never recover from the impact of claims that may be made against it. All your hard work and effort in building it up might be demolished in an instant.
We are here to make sure that if the worst does happen, you have the support of appropriate business cover to help you back on your feet in as soon a time as possible – with insurance premiums that are competitively priced.
You want the business insurance that is the most cost-effective and appropriate for your business – and it is our aim to deliver just that, through:
Apart from the usual threats that your business may face – (for example, if you are a tradesperson, cover for your tools against theft or damage) - you might be surprised by the number and variety of ‘hidden’ risks and perils facing your business too. Here are just a few elements of cover you may need.
As the owner of the business you have what is called a duty of care towards your customers, visitors to your premises and members of the general public. What this means is that you need to take all reasonable precautions to prevent anyone suffering an injury or having their property damaged in some way connected with your business activities – or failure to act.
If it is alleged that you have breached this duty of care, you may face claims for compensation for the injury or damage caused. Those claims may be very substantial indeed. For that reason, the minimum level of cover typically arranged against this particular risk is £1 million – but limits of £2 million, £5 million or even £10 million are by no means uncommon, depending on the nature of the business concerned.
If you employ anyone else to help run your business, you have a similar duty of care towards your employees. In this case, however, in all but a very few exceptions, the law requires that you hold a minimum of £5 million of employers’ liability insurance – as set out in the Employers’ Liability (Compulsory Insurance) Act 1969, as amended.
It is important to remember that an employee may have a valid claim against you not only for injuries, illnesses or other medical conditions contracted during the time of their actual employment by you, but many years after they have stopped working for you.
Such claims made by employees may once again be very substantial.
If your business relies on giving professional advice – verbally or by way of designs or specifications, for example – to your customers, you have a duty to ensure that the advice is free of errors, mistakes or other issues which lead to your customer suffering physical injury or financial loss.
However carefully you exercise this duty, slips and errors may still occur and an aggrieved customer is entitled to sue you, claiming professional negligence. Claims may be substantial.
Certain professionals – such as lawyers, accountants, architects and builders – may be required to hold an adequate level of professional indemnity in order to practice. Even if there is no professional body insisting that you have this type of insurance, however, you may find that prospective customers require the comfort it gives before concluding any contract with you.
From all this talk of duties of care, liabilities and claims of negligence on the part of your business, it might be easy to see how relatively easy it might be to become entangled in legal disputes of one kind or another.
Typically, therefore, business insurance also provides cover for legal fees and expenses – either for pursuing or defending some form of litigation.
The level of cover you choose may vary according to the type and nature of the business you are running, although it is worth bearing in mind that legal advice rarely comes cheap.
At constructaquote.com our business is protecting your business with the most suitable and attractively-priced cover available. Why not get in touch today to see how we can help?
*Public liability price is based on a hairdresser quoted on a small business and liability consultants product with a 1 million limit of indemnity, a sole trader with no other employees, no previous claims. Quoted between 1st July 2019 to 31st December 2019,, including insurance premium tax but excluding any additional products, fees or upgrades, with payment taken on an annual basis. For comparison only, your premium will depend on your circumstances and the level of cover you choose.
*Professional indemnity price is based on an Electrical Contractor rated in category B. For a limit of indemnity of £50,000 on an Aggregate Claims made basis, Premium includes IPT at the current rate and are for firms with fees up to and including £50,000 and trade risks/contractors with turnover up to and including £500,000.