by jqm | Apr 4, 2021 | Latest News
There are many complications involved with running a business, such as tax, payroll, supply chain, marketing, a raft of business insurance policies and simply ensuring the day to day needs of the business are met.
When it comes to insurance, however, simplifying is a simple matter of choosing the right combined insurance policy.
A business combined insurance policy consolidates a range of insurance policies into one single payment and premium, which is easier and often cheaper than managing the policies separately.
Whilst a combined insurance policy is built around the needs of individual businesses, there are some typical coverage areas that most comprehensive insurance policies cover.
These can include:
- Property Damage– This covers damage to the building, stock, and contents, with different policies covering different types of damage. Third-party, fire and theft are common parts of this insurance.
- Business Interruption –As the last year has shown, major events can disrupt if not outright stop operations, such as pandemics, natural disasters and damage caused by nearby buildings such as fire or other safety issues.
- Indemnity– Indemnity protects against claims from customers who end up suffering personal or financial damage as a result of a mistake made by the business, such as by giving mistaken advice.
- Liability– Legal liability is when your business is found to be responsible for damage to employees or members of the public, often as a result of products or services.
- Legal Fees – This covers the cost to your business of seeking legal advice.
- Equipment Breakdown –If you have business-related machinery that is required to continue functioning, you can claim for the repair or replacement cost.
There are many other parts to a combined policy as well, and some insurance providers will provide cover for specified other risks that are described to them.
by jqm | Mar 22, 2021 | Latest News
There’s no denying that there’s a certain English charm about a property with a thatched roof but, as beautiful as they are, it’s essential that homeowners know what they’re doing when it comes to maintenance and upkeep to ensure that the roofing stands the test of time and doesn’t need replacing sooner rather than later.
There are certain issues that can affect thatched roofs, including the potential for leaks (which can appear across all areas of the roofing) and compaction, which needs to be effective to ensure the roof remains watertight and weather resistant. Without this, you can find yourself having to deal with rotting, wind damage, leaks and so on.
This is also why it’s so essential that you find the best thatched house insurance quote available, so you know you have the cover in place should something go wrong. Insurance rates can be a lot higher for thatch than other materials, mainly down to the fire risks involved.
In terms of maintenance, make sure you keep a close eye on your roof throughout the year but especially after the winter months – so now’s the perfect time to review it and see if there are any potential issues.
To keep it in good condition, keep any trees or plants in your garden well pruned so that sun and wind can reach the roof and allow it to dry out. And don’t assume that just because it looks like it’s in good condition that there are no problems – calling out a thatcher to check it over regularly is certainly a wise idea.
Signs that there may be an issue include being able to see the fixings on the ridge, lines on the coatwork, moss and lichen on the surface and cement or lead flashings coming away from the chimney.
by jqm | Mar 15, 2021 | Latest News
Insurance is all about peace of mind and having a plan for the uncertain, the unexpected and even the disastrous events that have a small chance of happening to you and your business.
A comprehensive insurance policy will help provide support in the worst-case scenario, but it is important to choose a policy that is correct for your business.
After all, security insurance will be different from personal insurance, which would be different from engineering insurance, simply because the types and levels of risks are different.
Here are some considerations you should make before taking a policy.
Consider Your Needs
Every business is different, and much like how a risk assessment will vary depending on the location and nature of the business, your insurance needs will also change.
Explore your potential requirements and speak to a professional if you have any concerns.
Be Clear What Is Covered
When you choose your insurance plan, make sure you are completely aware of what circumstances are covered and whether that is enough for your business.
Typically, you need at a legal minimum employer’s liability insurance to cover the costs against compensation, but you will likely also need buildings insurance to cover damage to your property, contents insurance to protect anything in it, as well as business vehicle insurance.
Depending on the nature of your business you may also need protection from public liability and professional indemnity, but this can vary depending on the nature of your business.
Carefully Read The Terms
Your insurance policy is a legal contract, so like any other, it is vital that you or a professional working on your behalf carefully read it to ensure the specifics of the policy meet your needs.
by jqm | Mar 4, 2021 | Latest News
The Financial Conduct Authority (FCA) has published finalised guidance for businesses to help them prove the presence of covid-19, following complaints from small to medium-sized enterprise policyholders, as well as MPs and other stakeholders, concerned that insurers were taking a narrow reading of business interruption policy wordings.
The FCA carried out supervisory work confirming that insurers were refusing the majority of these claims and, as a result, went to the High Court to obtain a declaration on what was covered by the policy wordings and achieve a clear and swift final outcome to enable policyholders to receive claim payments as soon as possible.
The document contains guidance on how to prove the presence of covid-19 in a particular area for the purpose of making a claim under an insurance contract that was in force during March 2020 in response to the pandemic.
It came into effect on March 3rd and will cease to have effect on January 31st 2022, which is when the FCA expects that all issues relating to the presence of coronavirus will have been resolved.
Research from the Association of British Insurers recently revealed that up to £2.5 billion is expected to be paid for covid-19 insurance claims incurred last year, with £2 billion for business interruption claims and £204 million paid for protection insurance claims, such as life, critical illness and income protection insurance.
In addition, £152 million is expected to be paid out on travel insurance claims and £121 million is expected to be paid across other products, such as events, weddings and liability insurance.
Are you looking for business insurance quotes at the moment? See how Just Quote Me can help.
by jqm | Jan 19, 2021 | Latest News
Supreme Court Upholds COVID-19 Business Interruption Ruling
Provided by: JustQuoteMe Ltd
A new ruling by the Supreme Court will help thousands of business interruption insurance policyholders recover from the financial ramifications of the coronavirus pandemic and resulting closures. The ruling was issued on 15th January 2021.
Background
The court’s decision stemmed from an appeal of a test case brought by the Financial Conduct Authority (FCA) in June 2020. The test case inquired about the application of business interruption policies to reimburse organisations for losses related to the pandemic and subsequent lockdown restrictions. While setting up the original test case, the FCA estimated that approximately 370,000 policyholders, 700 types of policies and 60 insurers could potentially be impacted by the ruling.
The FCA’s test case analysed 21 sample wordings from eight different insurance providers. While some business interruption policies may only cover losses caused by physical damage to property, the sample policies used for the FCA’s test case included clauses relating to infectious disease, prevention of access to premises and hybrid clauses that deal with both disease and access issues.
On 15th September 2020, the High Court ruled that the sample wordings from six of the eight insurers should be triggered and therefore provide cover. Those six insurers—Arch, Argenta, Hiscox, MS Amlin, QBE and Royal & Sun Alliance—went on to appeal the ruling, leading to the Supreme Court’s decision.
Expanded Decision
In addition to upholding the High Court’s ruling, the Supreme Court also expanded upon it. The previous ruling stated that cover for losses was limited to those caused by mandatory public shutdowns. But, the Supreme Court’s decision stated that that scope was too narrow. As such, losses resulting from any instructions from public authorities can now qualify as having constituted prevention of access.
The Supreme Court’s ruling will also allow policyholders to make claims for losses stemming from pandemic-related reductions in service. Furthermore, disease clauses will be triggered and provide cover for COVID-19 cases occurring within 25 miles.
Next Steps
The latest ruling reaffirms the High Court’s previous decision. As such, in general, insurers may begin to pay out claims that had been previously denied or in question. However, policyholders should understand that the rulings do not encompass all possible disputes. It is possible that each individual case and policy may still be analysed on its own merit.
The FCA has praised the Supreme Court’s decision and plans to work with insurers to make sure that affected claims are handled properly. For more information, contact us today.
Contains public sector information published by GOV.UK and licensed under the Open Government Licence v3.0.
The content of this publication is of general interest and is not intended to apply to specific circumstances or jurisdiction. It does not purport to be a comprehensive analysis of all matters relevant to its subject matter. The content should not, therefore, be regarded as constituting legal advice and not be relied upon as such. In relation to any particular problem which they may have, readers are advised to seek specific advice from their own legal counsel. Further, the law may have changed since first publication and the reader is cautioned accordingly. © 2021 Zywave, Inc. All rights reserved.
