How Do Insurers Define Risk?

How Do Insurers Define Risk?

Risk is the most important part of all insurance policies. Calculating the cost of insurance policies is about defining the chance, severity, and number of risks that the insurer will pay for in case the worst happens.

There are as many different types of risk as there are risky events in the world, but insurers tend to place them into six specific categories. Most forms of risk fit in more than one category.


Pure Risk

The most popular type of risk to insure, pure risk defines a specific type of event with a known, negative outcome.

Most insurance coverage you are familiar with, such as fires, theft, car accidents and similar, easily measurable events are seen as pure risks.


Speculative Risks

The opposite of pure risk, a speculative risk is a somewhat unpredictable outcome, such as investing in a stock that loses money for you rather than increasing it.

The difference between a pure risk and a speculative risk is that speculative risks can be either positive or negative and as a result are often willingly entered into because of this, whilst a pure risk only has negative outcomes.

Because of this, speculative risks are rarely covered by insurance in the same way insurers would not cover a loss caused by gambling.


Financial Risk

Insurable risks are almost always quantifiable and are therefore financial risks. There is a value to the subject that is insured and so if a negative event happens an appropriate amount of compensation can be provided.

This can most obviously be seen in contents insurance or commercial building insurance where a specific value can be placed on the property or items insured and the cost of replacing them.


Non-Financial Risk

By contrast, a non-financial risk is where it is difficult to assign a monetary value to a risk that has been made, such as making a poor choice or disliking its outcome.

In the past, these were less insurable, but an increasing number of insurers can attempt to cover operational risks and risks to reputation.


Fundamental Risk

Otherwise known as a natural risk, these are risks that are beyond the scope of human control. These include natural disasters such as floods and are highly desired insurance options.


Particular Risk

The most popularly insured type of risk, particular risks are risks that occur as a result of other people, such as burglary, deliberate injury or loss of shipments caused by human error.


Do I Need Public Liability Insurance As A Freelancer?

Do I Need Public Liability Insurance As A Freelancer?

If you’re a freelancer, and you work with the public, with third parties’ property, or have visits from third parties at their place of work, then you should have public liability insurance. Should a member of the public get injured or has property damaged as a result of a freelancer’s work, public liability insurance covers the cost of compensation claims and associated legal costs.

The last year has changed the work lives of many people, and some, faced with the prospect of returning to the office after a year or more of working from home, are thinking of quitting their jobs to start working freelance, so we wanted to have look at what insurance you need if you’re taking your first steps into self-employment.

Unless you work in the horse riding business, there is no legal obligation to attain public liability insurance, so it is up to the individual to decide and weigh up the risks of something happening versus the cost of a policy.

Public liability insurance is typically sold in £1 million, £2 million, and £5 million cover limits, but if you’re a small-scale freelancer who does not interact much with the general public, it is unlikely you would need the highest level of cover. Cover typically starts at around £50 to £80 a year for most freelance industries, according to research from NimbleFins.

If freelancer wants to join a trade association or body, they may be required to have public liability insurance as part of the terms of membership, and it could be that certain clients will only work with freelancers if they have a policy in place.

However, it may not be required for all freelancers. If your work is home-based, you do not work directly with clients, or the only contact is through sit-down meetings, the risk of damaging property is probably negligible, and the cost of a policy outweighs the risk.

Insurance is important for a freelancer as there is less financial protection for an individual running their business this way. Unlike a limited company, a freelancer is responsible for all costs.

What is appropriate will differ for every freelancer, but it is strongly advised to look at the insurance needed for a business working in your field and weigh up the risks and cost.


If you’re looking for public liability insurance, talk to us today.

Care Home Insurance Quote

Care Home Insurance Quote

Is your care home protected? Getting a care home insurance quote from the Just Quote Me team, will ensure you have in place the right level of cover.

All health and social care businesses need insurance cover. It is your responsibility to ensure it is running effectively and responsibly so having the right policy is crucial. Requirements vary from business to business so understanding your needs is the first step to making sure you are effectively insured.

What to Consider

Employer’s Liability Insurance

This is a legal requirement for all UK businesses so must be in place. It covers you as the owner against legal action or claims made by employees and ex-employees relating to accidents and injuries in the workplace.

Medical Malpractice Insurance

Nursing and medical care involve judgement. However, it is possible a resident or their family may disagree with your judgement. If they choose to make a claim on this basis and suggest there has been medical malpractice, specialist support to protect your business and your staff will be imperative.

Buildings and Contents Insurance

Looking after your building is a fundamental element when running a care home. In addition, contents insurance could be a useful policy addition. The contents insurance covers the fixtures and fittings, as well as furniture, office equipment and any specialist stock. Contents insurance will also cover medication and medical equipment.

Public Liability Insurance

Public liability insurance is a key element of nearly every insurance policy. It protects your business should a third party take legal action against your business. This could be because of an accident or injury or due to damage to their property. In a care home environment, there are many people, from residents to visitors, staff to contractors so the risk of accident and injury will increase.

Get a Care Home Insurance Quote Online

At Just Quote Me we work with businesses of all sizes. We can help arrange a care home insurance quote for your business. Our knowledgeable team will guide you through the process and ensure you have the right policies in place.

Contact us to find out more about a care home insurance quote.  Go to our online Quote System or call us on 0800 084 2325

How To Compare Home Insurance Quotes

How To Compare Home Insurance Quotes

While we all value every item in our homes; from the expensive to the sentimental, many people forget to insure these valuable and treasured items. Home insurance is a crucial policy for homeowners than can not only cover accidental damage in your home but also covers your contents and personal belongings. As every home insurance policy is different, it is essential to compare home insurance quotes carefully to make sure you get the coverage you need and the right price.

What To Look For When Comparing Home Insurance Quotes

When most people compare home insurances quotes, many choose the cheapest option. While the price is an important factor to consider, it shouldn’t be the sole consideration. Cheaper policies may mean it excludes certain coverage, so you don’t have the protection for the things that matter most.

When looking for policies, look for ones that have the cover that you need. Remember, not everything is automatically included. Key features to consider include;

  • Excess – Often, policies will have an excess which may be £100 or more. If there is an amount that you’re willing to cover yourself as excess, then it may impact the price of your policy. The greater the excess you pay, then you may find this can lower the cost of your policy
  • Personal Belongings Cover – This coverage helps to protect items that you take outside of the home. This may include your laptop or smartphone. This may be an optional extra for home insurance policies but is well worth checking and including if you regularly take expensive equipment out of the home.
  • Home Emergencies – This can take a weight off your mind if you face an emergency at home. Often with a dedicated helpline, you can find the help, advice and cost coverage you need for events you cannot expect.

Compare Home Insurance Quotes With Just Quote Me

At Just Quote Me, we do the hard work when it comes to comparing insurance quotes. We’ll take your needs into consideration and search the market for the very best options for your needs. To find out more, contact the team today. Alternatively, receive your FREE quote by filling in our Quick Quote Form.

Insurance For Schools: A Mini Guide

Insurance For Schools: A Mini Guide

Education institutions, such as schools and colleges, have a very unique set of insurance risks. Because of the nature of the business, most standard insurance policies do not provide adequate cover. This often means that specialist insurance for schools is needed to protect them and their pupils. If you are managing an independent school, state-funded school, academy or other educational facilities, we are here to help with your insurance needs.

What Is Insurance For Schools?

A school environment often comes across unique and complex risks that require specialist cover. When it comes to insurance for schools, there are many things that need to be considered and included in policies. School insurance policies are designed specifically to protect students, teachers and the school’s reputation.

Some areas that have coverage with a school insurance policy include;

  • Supply teacher insurance, which covers some circumstances where supply staff need to be paid.
  • Liability insurance, including employer’s liability, public liability and hirers liability.
  • Travel insurance, particularly for school trips and overseas travel for groups.
  • Professional indemnity insurance, which will protect the reputation of the school should pupils or parents be unhappy with teaching.
  • Legal expenses, in the event that a school needs to pay legal fees for any reason.

Insurance For Schools From Just Quote Me

At Just Quote Me, we are experts in finding specialist insurance products for all industries. We will work hard to understand your needs as a school or college and find the very best insurance options for you. Our team are on hand to provide any advice you may need to choose the right insurance to protect your staff, pupils and school reputation. Because we work with so many insurance providers, we are able to find the best possible prices for your school. To find out more, get in touch or fill out our Quick Quote Form.

Wedding Insurance Explained

Wedding Insurance Explained

When planning a wedding, no one wants to think about the things that could go wrong. The reality is that disasters can strike and impact your dream day. Wedding insurance can help to protect you from sudden cancellations, a damaged wedding dress or stolen gifts. While every wedding couple hopes they will never need wedding insurance; it can provide peace of mind. This is because you will be protected should things go wrong, and you won’t lose out on the money you have spent.

What Is Wedding Insurance?

Insurance for a wedding covers for circumstances beyond a couple’s control. It can mean that you aren’t left out of pocket if something goes wrong, and your insurance policy will reimburse you. For example, if your DJ doesn’t turn up and you book a last-minute one on the day for three times the price. Or your reception venue goes out of business just before the big day, and so you lose your deposit. Wedding insurance can protect against these kinds of financial loses.

Types Of Insurance For Weddings

All kinds of insurance can be complicated because there are many conditions and clauses to consider. When it comes to wedding insurance, there are two types;

  • Liability: This protects you should there be any accidents or injuries during the wedding. Some venues require couples to have this cover, so be sure to find out.
  • Cancellation: This will cover you for all the money spent on the wedding if it should be cancelled. Almost all insurance policies of this type only cover for cancellations that are out of your control. This is because they do not cover change of heart.

Are You Looking For Wedding Insurance?

Many couples choose to invest in insurance so that their wedding is covered should something happen. Here at Just Quote Me, we can help you to find the insurance policy for your wedding. Get in touch with our team of experts today to receive your free no-obligation quote.

Insurance for Manufacturing Plant

Insurance for Manufacturing Plant

If a business uses raw materials, parts or components to produce goods, it falls under the heading of manufacturing. This applies whether that business provides those goods in an artisan workshop operated by a sole trader or a factory employing hundreds of workers. And it applies whether those goods are clothes, computers or cars.

As a result, finding manufacturing insurance can be complicated. This is why it’s so important for businesses to get it right. If a business doesn’t get it right, they could find themselves having to cover the cost of lost or stolen goods, repairing or replacing machinery, or compensation claims.

Insurance for manufacturing plant policies

Businesses can buy a single, comprehensive, insurance policy or separate policies. When businesses combine policies they offer full cover for any eventuality. Regardless, insurance cover should include:

  • Employers Liability for staff injured while at work.
  • Public Liability for customers, visitors or members of the general public injured on the premise.
  • Manufacturing or Product Liability if anyone suffers an injury due to their products.
  • Building and Contents for the physical, bricks and mortar, building and equipment stored inside.
  • Stock and Raw Materials, which aren’t covered by contents insurance.
  • Plant and Machinery, which covers repair or replacement of machinery, which can be expensive.
  • Business Continuity, which includes the costs of setting up an alternate location or of losses from customers taking their business elsewhere.

Buying insurance for manufacturing plant

Because there are so many different types of manufacturing businesses, it is necessary you choose the policies that work best for you. And the best way to do this is to work with an independent insurance broker such as Just Quote Me. Just Quote Me can find you the best policies at the best price. By taking the time to discuss your specific requirements and getting to know your business, Just Quote Me work hard to find the perfect policy for you. Contact them today on 0800 084 2325 for a free, no-obligation, manufacturing plant insurance quote.

Stately Home Insurance

Stately Home Insurance

The term stately home can mean different things to different people. In general, however, it means a ‘grand’ property that has a ‘stately’ appearance. For example, country homes, historic properties and listed buildings are often described as stately homes. One critical thing that these properties needs is stately home insurance.

Charities such as English Heritage own many of our stately homes, as do local authorities (who use them as offices). Others are now hotels. However, some are still privately owned. Owning a stately home means owning something that is unique; a part of our history, which is wonderful.

What is perhaps not so wonderful is how much it can cost to maintain a stately home. As with the home itself, how much it costs to maintain will be different. Conservative estimates, however, suggest it could be around 2% of the property’s value each year. And this is without anything major going wrong, which is where Stately Home insurance comes in. Because, without it, things could get very expensive indeed for homeowners.

Stately Home insurance cover

Owners of stately homes will need specialist insurance cover. For example, most stately homes are older buildings and might need repairing using traditional building methods. If the building is Grade-Listed, then it will certainly need specialist care.  As a result, it’s important insurance policies include repairs. Insurance should also include the physical ‘bricks and mortar’ building, land and contents. If the building is open to the public, this needs to be taken into account too. For example, owners will need employer’s liability insurance if they employ staff.

Buying Stately Home insurance

With so much to consider, it’s important to get specialist advice. Which is why you should speak to an independent insurance broker such as Just Quote Me, who can find you the best policy for the best price. Contact them today on 0800 084 2325 for a free, no-obligation, stately home insurance quote.

Building Owners’ Insurance

Building Owners’ Insurance

If you own property then you want to make sure it is fully protected. Building owners’ insurance allows you to protect one or more buildings as long as they are not your place of residence.

Building Owners’ Insurance Vs Landlord Insurance

Landlord insurance is aimed at people who own rental properties. It provides protection against damage that might be caused by tenants or natural disasters. It also provides protection against unpaid rent. Building owners’ insurance can be used to insure buildings that are used for a range of purposes, including unoccupied properties.

The Key Benefits

If you own a portfolio of property, it would be a hassle to have a different policy for each building. With building owners’ insurance, you can insure all the buildings with one policy. As well as being easier, it also works out to be cheaper.

You can include liability insurance as part of your building owners’ insurance. This provides protection in case of injury to third parties. For example, if one of the buildings you own falls into disrepair, which causes injury to a member of the public. Your insurance would cover the legal fees associated with the incident.

If your properties are rented then you get the same protections as with landlord insurance. In the event that your tenants withhold payment, or if the property is temporarily uninhabitable, you will receive the same amount that you would have.

Included in this insurance is commercial cover for the buildings. This offers protection in the event of fire, arson, and break-ins.

In essence, this insurance offers you comprehensive cover for all the buildings you own in one simple policy.

Do you have questions about Building Owners’ Insurance?

Call Just Quote Me for FREE on 0800 084 2325 or get a quote online using our Quick Quote Form.

Church insurance – Are you fully covered?

Church insurance – Are you fully covered?

Churches actually have many of the characteristics of a for-profit company. Like businesses, most churches own property that may be lost, damaged or stolen. Many own vehicles that may be involved in accidents. Like businesses, churches need church insurance so they can protect their assets and continue to serve their mission.

Your current insurance               

When asked by churches to review their existing arrangements we often come across a gap in their cover that leaves them completely exposed in a particular area.

This is usually because their activities have changed and they didn’t realise that the risk level had changed or that there was even a risk involved.

However, sometimes the gap is due to the inadequate advice of a non-specialist or a lack of explanation. Getting up to speed with an expert is so important to ensure you’re fully covered and prepared for the worst.

Cover types 

Depending on your activities, your church may benefit from:

Church Buildings Cover – does as it says; pays out in the event of a claim affecting your church buildings

Church Contents Cover – pays out if contents and equipment gets stolen or damaged

Public Liability – protects you from the costs of claims brought by members, visitors, etc as a result of bodily injury or damage to property

Church Officers Indemnity – protects the church leadership and members in specific roles from the effects of unintentionally poor decisions

Counselling & Advice Cover – to cover the costs of claims alleging wrongful advice following a loss

Manse Cover – landlord insurance for houses the church may own and rent out

Event Insurance – from one-off events to regular events organised by the church. For example, outreach opportunities, Alpha Courses, Christianity Explained, social events, fundraisers, etc.

Foodbank Insurance – cover for the activities and stock handled by the UK’s individual foodbanks

Minibus Cover – just like car insurance but for your minibus

Employer’s Liability – to protect you from claims by employees/volunteers in relation to bodily injury or employment issues

Abuse Cover – covers the cost to the church should an allegation of abuse be made

Publisher’s Liability – this covers your church website and other publications against the risk of libel. If you’re offering sermons for download from your website or issuing recordings on CD you should consider this protection against slander.

Group Travel – covers trips you organise for members or staff in the UK & abroad.

Just Quote Me Church Insurance Quotes

You can contact Just Quote Me today to discuss your church insurance – we can help you find quotes to suit you! Contact us here to find out more.

Why recruitment agencies need insurance

Why recruitment agencies need insurance

In today’s litigious society, recruitment and employment agencies are exposed to all number of risks. Employee’s getting injured at work, a contractor working negligently, a client claiming wool has been pulled over their eyes regarding a candidate’s qualifications. The scope for recruitment agencies being sued is huge, which is why you need recruitment insurance.

Know your exposures:
  • Failure to perform required background checks on candidates
  • Placing a candidate who does not have the suitable experience or qualities for a role
  • Passing a CV to an existing employer or third party without a candidate’s expressed consent
  • Vicarious liability arising out of actions of on-hired employees

A few years ago a Recruitment Agency specialising in the legal industry learned of a potential job opening at a law firm. The Agency was not on a retainer or contract with the firm but sent a candidate’s CV through as a starting point. They never heard back.

The firm never advised that they had hired the candidate, but 6 years later they sued the Recruitment Agency. The candidate was found to have misappropriated funds and had a prior conviction for similar offences. The firm claimed the Agency should have conducted reference and criminal history checks.

The Recruitment Agency immediately notified their insurer, who successfully argued that they were not responsible and had not recommended the candidate.

The moral of the story? A recruitment process can give rise to claims many years after they’ve concluded, so recruitment agencies need insurance. Remember:

  • Have professional indemnity insurance
  • Keep good records of all your interactions with clients
  • Understand your obligations when prospecting and vetting candidates
  • Notify your insurers of potential claims and incidents immediately
The main covers to opt for when taking out recruitment agency insurance are;

Professional Indemnity Insurance – Addresses the legal costs of defending claims and meeting compensation payments that may arise from negligent advice or services provided by a business or an employee.

Public Liability Insurance – Covers your agency against legal proceedings should a member of the public be injured or client property damaged as a result of negligence by your company.

Employers’ Liability Insurance – Covers the cost of compensation should an employee get injured or ill whilst working in connection with your business. £5 million Employers liability insurance is a legal requirement for all businesses.

Cyber Liability and Crime Insurance – Protect your businesses against the threat of cyber-crime. Whether you are a sole trader working from home or an established high street employment agency it pays to have adequate insurance in place to protect you and your business, so you can continue to thrive.

Insurance helps take some of the worry and stress out of running your business and can also help your business to grow. You should be aware that it is difficult to acquire preferred supplier status without proving to clients that you have suitable cover in place.

Don’t risk it. Cover your business with recruitment insurance today by getting in touch, or see more information on our website.

Why your charity needs insurance

Why your charity needs insurance

Insurance is a key part of the risk management process for charities and non-profit organisations. It’s important that these groups who do so much good, with so few resources, protect themselves; charity insurance can provide that protection. With the financial security provided by insurance, your organisation can focus all its resources on its charitable aims.

The first check is to ensure you’re complying with the law. Employer’s liability is a legal requirement if you have employees. £5 million is the minimum indemnity, but £10m is standard. Specialist charity insurance may cover your volunteers as if they were employees rather than third parties covered by your Public Liability.

If you own and operate vehicles, you’re legally required to appropriately insure them, if you put on fundraising events, you need public liability insurance, and if you have data online, you need cyber risk insurance -there will also be other instances where you could be vulnerable.

Is it important to be insured beyond the legal requirements?

Yes! Insurance exists to protect your organisation and your assets from the financial impact of claims. Should a member of the public slip on your premises, despite your best risk management efforts, you may be liable – this is the sort of claim that could cause financial ruin and put a stop to all the good that you have been doing.

What could happen if you’re not insured?

It depends on your charity or community group governance. However, if you’re not a registered charity and someone makes a claim against you, then you may be personally liable. Equally, even if you are a registered charity, a claimant may choose to take the charity to court and may pursue compensation from the trustees.

Whatever the situation, if you don’t have insurance then your charity or non-profit is at serious risk of financial ruin. And there’s potentially a significant risk to the board of trustees too.

What should you do about insurance?

The first step towards insuring your organisation should be discussing your requirements with an expert. We can assist you with your insurance requirements and risk management.

What charity insurance should you consider buying?

You may consider a range of insurance products. Common cover required by charities and community groups include Public Liability, Property, Trustee Indemnity, Professional Indemnity, Fidelity and more.

What are the common insurance covers for charities and community groups?

Public Liability protects you from claims made by members of the public who have suffered personal injury or property damage because of your charity or community group. Property Damage insures your building, contents and assets against loss, theft or damage and is key to risk management.

Trustee Indemnity protects your board of trustees from claims made against them or the organisation. This will help your trustees sleep well at night and can help you recruit top quality trustees. Professional Indemnity protects you if you provide any professional, advice or counselling services or similar. And Fidelity cover insures you against theft or fraud by an employee, volunteer or trustee. Other types of insurance are available.

Where should you start your search?

Find an insurer who will know exactly what you need, and get their advice. They will know more about your requirements and about the products available.

Don’t risk it. Cover your charity with Insurance today by getting in touch!