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.
Have you thought about what would happen if your machinery breaks? Insurance for a manufacturing plant will be essential if a failure occurs.
As any business owner knows, the risk of machinery breaking is high. This could have a significant impact on your business so you need to be prepared. Insurance for a manufacturing plant will cover you for machinery, supply failure and the factories within which you operate.
Whether you are an SME or a large organisation, Just Quote Me can help with your insurance needs. Our experience allows us to get to know your company quickly and easily. We work with a range of leading insurance providers so various quotes can be provided.
Cover included in Insurance for a Manufacturing Plant
Your business needs to be protected. The fundamentals of many insurance policies are the same and cover you for many eventualities. In addition, insurance for a manufacturing plant will cover aspects specific to you so you have full cover in place.
The cover will include the following.
- Accidents or injuries to employees where the business can be found negligent (Employer’s Liability Insurance).
- Accidents or injuries to visitors (including customers) where the business can be found negligent (public liability insurance).
- Damage to equipment, including computers and phone systems, required to run the business.
- Damage to machinery required to produce goods.
- Loss of access to premise used to manufacture products, whether temporary or permanent.
- Loss of access to the supplies needed to manufacture goods.
There are many variables that need to be considered when looking for insurance for a manufacturing plant. These include flood risk or on-site visitors so we will discuss these when you call.
Contact Just Quote Me
Our expert team will be able to guide you and find the best policy for your business needs. To contact us, simply head to our online Quote System or call us on 0800 084 2325.
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
The contractor industry is becoming more and more competitive. Get your SafeContractor insurance quote online and stand out from the crowd. This simple action can showcase your business as an innovative, safe and trustworthy organisation. This combined with a SafeContractor accreditation puts you at the forefront of your industry.
Why get a SafeContractor Insurance Quote Online?
As a SafeContractor approved contractor, you will have had to include your insurance details as part of your SafeContractor assessment. Without insurance, you will not have the accreditation.
When you send your SafeContractor assessment to prospective clients, they will be able to see your level of insurance. Your SafeContractor accreditation lasts just one year so you will need to make sure you renew or purchase a new insurance policy on the renewal date.
Your SafeContractor Approved Contractor insurance should include several aspects that work to protect your business. These include;
- Public Liability – To help keep members of the public (and their property) safe in the event that your business causes damage or harm.
- Employer’s Liability – A legal requirement for businesses that employ staff. Compensation claims for Employer’s Liability can reach up to £10 million, so appropriate levels of coverage are essential.
- Professional Indemnity – If your business makes a mistake that leads to a client suffering a financial or professional loss, then indemnity insurance is vital.
- Tool, Plant and Machinery – Protect the tools of your trade with appropriate insurance. Whatever you need on a day to day basis needs protection.
- Commercial Vehicle/Van Insurance – if you rely on transport for your business, make sure your vehicles are covered for commercial use.
Get Your Quote Today
Just Quote Me works with a number of leading insurance providers to help find you the best deal for your insurance. To find out more about getting a SafeContractor Insurance Quote Online, contact us today on 0800 085 2325 or use our online Quote System.
Get A Warehouse Insurance Quote Today
Whether you manufacture, store or sell wholesale goods, warehouses generally hold large volumes of stock which would be expensive to replace if they were stolen or damaged. The same is true of the building itself and the equipment inside. This is why businesses need warehouse insurance. Without it, you won’t be able to protect your property, workforce, clients or customers.
Warehouse Insurance Policies
You can buy a single comprehensive, warehouse insurance policy or separate policies that will offer full protection altogether. Whichever option you choose, your insurance cover should include:
- Buildings Insurance, including water, fire and accidental damage. Malicious damage is also included in some policies, or business can ask it is added.
- Stock Insurance, which replaces damaged stock.
- Content Insurance, which includes all the non-stock elements of a business that might be housed in a warehouse. For example, shelving, computers, and other equipment.
- Product Liability Insurance, which protects businesses if the products they sell are faulty.
- Employers Liability Insurance, a legal requirement for all warehouses who employ staff. This covers for accidents and incidents that happen in the warehouse itself, including the use of tools and equipment.
- Warehouse Public Liability Insurance, which provides cover against claims made by visitors to the warehouse due to a company’s negligence.
Where businesses use drivers to deliver goods, you might also want to consider additional insurance for forklifts or trucks used to make deliveries.
Because there are so many elements to warehouse insurance it is essential that businesses get it right. If you don’t, you could find yourself covering costs for replacing stock or equipment or liable if staff or visitors are injured.
Get A Warehouse Insurance Quote Today
Do you have questions about warehouse Insurance? Call Just Quote Me for FREE on 0800 084 2325 or get a quote online using our Quick Quote Form.
Get A Public Liability Insurance Quote Online Today
Looking for a public liability insurance quote that’s tailored to your company’s needs? Then contact Just Quote Me today to see how we can help – go to our online Quote System or call us on 0800 084 2325.
The team at Just Quote Me understands that every business is different and that insurance should reflect this. Whether you have a pub, restaurant, shop or manufacturing plant – we can help.
The Importance of Public Liability Insurance
Don’t make the mistake of assuming that Public Liability Insurance is a luxury that you do not need. On the contrary, both public liability insurance and employers liability insurance (if you employ one or more employees) are legal requirements.
To ensure that you’re staying on the right side of the law and that you are fully protected from any loss that might arise from a claim, get yourself Public Liability Insurance from Just Quote Me. The company has been a leader in insurance for nearly 30 years, which should assure you that the team are experienced and highly knowledgeable in the insurance arena.
FREE no obligation Public Liability Insurance quote
To get a FREE no obligation Public Liability Insurance quote go to our online Quote System or call us on 0800 084 2325.
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.
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.
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.
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.
You can get a Small Business Insurance quote online today with Just Quote Me
At Just Quote Me we can help with your small business insurance quote. We offer a free no obligation quote through our online Quote System or by calling us on 0800 084 2325.
Our business insurance experts are on hand, and can in an instant give you the expert advice you need if you are unsure of any of the sections needed to complete the online quotation process. We also offer instalments so you can spread the cost over a period of time.
Do you need to provide proof of cover for your clients contracts?
Can’t get on site without proof of Public Liability Insurance or Employers Liability Insurance , then look no further than Just Quote Me, we have, over the last two years been busy creating a fantastic platform for you to login and get your own personalised quotations to suit the individual needs of your business. Please remember that your policy will only cover the business description listed on the schedule, so it’s imperative you make sure all your business activities no matter how small are included in this schedule.
Our small business insurance experts
Many Tradesman’s insurance policy have warranties and clauses that are not always easy to see or indeed to understand at Just Quote Me we make it our business to ensure you are fully aware of the warranties and clauses so you can be informed whilst running your business on a day to day basis that will help to ensure your policy will indeed indemnify any loss of an insured peril.
Contractors Insurance is also a complex policy often having Contractors all Risks Insurance to cover Contractors tools equipment and materials whilst on site or whilst being used on a contract, this of course accompanies Contractors Public Liability and if required Employers Liability, please be aware that you will need to notify Insurers of any Labour only Sub Contractors and also any Bone-fidelity Sub contractors as to ensure you are fully protected in the event of such a claim arising.
Quality Business Insurance is, in the event of a claim priceless, let us guide you through the buying process and keep you protected.
To get a FREE no obligation Small Business Insurance quote:
Go to our online Quote System or call us on 0800 084 2325
Many organisations with business interruption insurance are looking to their policies for cover during the Coronavirus pandemic. The majority of these policies do not cover for pandemics, and so businesses can’t claim for losses. Most business interruption insurance policies cover the costs of physical damage, such as fire or floods. For cover because of a pandemic, you may require a specific pandemic business interruption insurance policy.
A lot of insurance providers offer this cover as an additional add-on or extra to existing business interruption policies.
Pandemic Business Interruption Insurance Explained
In most cases, business interruption insurance covers losses caused by physical damage to a business. For example, if a business has to close because of fire damage, there would not be cover for the loss of business. Most insurers do not generally include cover for the loss of business because of a pandemic.
You can purchase pandemic business interruption insurance separately or as an add-on to existing policies. This cover is sometimes known as cover for infectious diseases.
Pandemic business interruption insurance needs considering with caution, as it will not cover all situations. Some policies will only cover if a disease directly impacts a specific business, and therefore, doesn’t include closure because of a global pandemic. When buying pandemic business interruption insurance, it is essential to fully understand the terms and conditions. While you cannot predict the effects of a pandemic, it is worthwhile having protection in place to cover all possibilities.
Receive Your FREE Pandemic Business Insurance Quote Today
Investing in business interruption insurance with pandemic cover is a great way to protect your business from many risks. For free quotes and more information on this cover, get in touch with our team of experts today. We can discuss your unique requirements to help determine the best insurance policy for your needs.
Cyber/ Data Protection For Your Business
Cyber insurance is specialist business insurance to help protect you in the event of a cyber-related attack or event. This could be a regular cyber-attack, a hack into your company system, a ransomware attack or any number of other cyber assaults. It can even include hardware failure and data breaches.
If your business, like almost all in the present day, uses IT, you are at risk of cybercrime. This is a concern for all businesses of all sizes. Small to medium sized enterprises are actually more at risk than larger companies when it comes to serious company damage, as you may not have the capital to recover in the aftermath of an event.
Cyber insurance comes at many different levels and can protect you from a wide range of technological issues and failures. Securing cyber insurance with Just Quote Me ensures you get a good value, comprehensive policy.
Why does Cyber Insurance matter for your Business?
Cyber-attacks have brought some of the largest companies in the world to their knees. Imagine this happening to your business. With companies such as Equifax, the NHS and FedEx effected by cyber-attacks, it can happen to anyone. Cyber insurance provides financial peace of mind should a cyber event effect your company. No business owner can afford to ignore this potential threat.
Do all Businesses need Cyber Insurance?
Cyber insurance protects your business from cyber risks. If any aspect of your business is run online or uses the internet, then it should be a consideration. It protects against risks which could damage both your business’ financial position and reputation. Almost all businesses now rely on IT for some element of their services, so there are probably very few who can honestly say they can do without cyber insurance!
You may find your existing policies such as business interruption and professional indemnity insurance have a degree of cyber protection, but is it comprehensive enough? These policies are not designed with the latest cybercrimes and threats in mind, whereas the best cyber insurance policies are.
What does your Cyber Insurance cover?
Cyber insurance may cover several different things, dependent on the level you opt for. You will find policies which offer scalable cover including elements such as:
- Financial cover for dealing with data breaches
- Financial cover for dealing with any cyber liability compensation claims
- Financial cover for business losses and interruption
- Financial cover for supporting your business through the aftermath and impact of the cyber event
- Financial cover for hardware and data repair and replacement
- Forensic investigation, expert advice and IT support
Cyber Insurance Quotes with Just Quote Me
At Just Quote Me we can help you find the right level of cyber insurance for your business. Our many years’ experience in business insurance allows us to quickly and efficiently get a good understanding of your company and its needs. Contact us today to get your cyber insurance quotes.
You can get a FREE no obligation Cyber Insurance quote today on 0800 084 2325 or fill out our Quick Quote Form.