There are as many different types of business insurance as there are different types of businesses, from public liability to employer’s liability and cyber insurance. They are all designed to give you peace of mind, knowing that in the event of the worst happening, you have protections in place.
But while you’re looking at predictions for freelance work for the coming year, it is important to give careful consideration to what insurance policies are right for your business. We have a look at professional indemnity insurance, whether it is for you, and what level of cover you need.
What is professional indemnity insurance?
Professional indemnity insurance offers protection in case a client makes a claim against your business if they believe that your work has caused harm to their company or resulted in financial losses. Professional indemnity insurance, also known as professional liability insurance, will typically cover the costs if you are found liable.
What does professional indemnity insurance protect you against?
Professional indemnity cover will vary between insurers. So always check what’s included with your policy. And remember, just because a quote is cheap, doesn’t mean it’s the best value and protection.
Let’s look at what professional indemnity insurance will cover you for:
Confidentiality breach. If you accidentally disclose information or data to a third party, without your client’s consent.
Irresponsible employees. If you have an employee, or former one, that impacts your client’s business by lying, stealing or behaving in a dishonest, fraudulent or malicious way.
Professional negligence. If you fail to live up to your duty of care, such as giving bad advice, and it costs your client time and money.
Defamation. If you use or produce written or spoken statements or materials that damage a client’s reputation.
If your business involved giving advice or professional services to a client, then you should consider taking out professional indemnity insurance. Mistakes can happen, no matter how experienced or careful you are, so make sure you have protections in place.
If you’re looking for business insurance in Staffordshire, get in touch today.
Buying effective, affordable motor fleet insurance can at times be a complex balancing act. You need to ensure that costs are kept to an acceptable level, but at the same time ensure that the needs of your drivers, vehicles and business are all met.
The good news about fleet insurance is that because it is all in one place, you do not need to deal with several different providers or policies if you want to make a change, and thus the savings can often be magnified.
As well as this, there are a growing number of ways that businesses can use to help reduce their premiums each month. Here are some of the most effective ways to save money on your premiums in the new year.
Install A Black Box
A recent trend in domestic car insurance, especially for younger drivers, a telematics device (known as a black box), as well as a vehicle tracker can not only be important safety and security features but also help seriously reduce premiums.
They allow for a more detailed analysis of how fleet drivers take care of their vehicles and help to ensure premiums stay low. Dashboard cameras can work as well to check driving etiquette.
Install An Immobiliser
Aside from driving behaviour, the nature of a particular fleet business can also increase premiums, particularly if your business is responsible for expensive cargo or equipment that is at risk of robbery.
Adding an immobiliser and alarm to a van will help provide that vital deterrent that stops thieves from taking a risk to steal.
Know What Options To Take
Part of what makes insurance so expensive is the extra coverage offered by providers. Some of these can be essential depending on the type of business you run, but in other cases can be an unnecessary expense.
Misfuelling cover, for example, may not be necessary if the fleet is only refuelled at their headquarters, and windscreen replacement cover may over the long term be more expensive than paying to repair the window through a third party.
Experts are urging new business owners who have set up companies from home to check their insurance. Typical home insurance may not cover the books, tools, and equipment needed for a business.
There are thousands of home-based businesses in the UK, from introverted entrepreneurs, who get more done away from the distractions of others, to single parents balancing freelance work-at-home with childcare.
But it can be easy for entrepreneurs of every level to be caught up in the day-to-day demands of their enterprises that they don’t even think about insurance.
Not every home-based business operator will require specialised insurance coverage. Depending on the type of business, home-based business operators may or may not require a separate business insurance policy or an extension to their existing homeowners’ policy.
However, it is always worth a call to ask, as the last thing any business owner needs is to find out too late that their home insurance does not allow for their specific type of business activity on the premises.
If you’re a one-person operation, knitting mittens for babies, then your liability risk is minimal. But if you’re operating a business that requires clients or customers to enter your home, then the liability risk is higher.
If a client falls and injures themselves in your property, or you are sued due to an issue with a product or service, personal liability on your home insurance would not provide cover.
It may also be the case that you could have several thousands of pounds worth of inventory or products being stored, which will also need to be addressed for insurance purposes.
Home-based business operators should contact their insurance representatives as soon as their business is launched, as well as keep in touch as the business grows and evolves. A comprehensive risk management plan need not be complicated and can provide the necessary peace of mind to focus back on your enterprise.
If you’re looking for business insurance in Birmingham, talk to us today!
Those working in the security industry may be interested to find out more about the Security Industry Authority (SIA) grant for good causes, which was set up last year to distribute money recovered through the proceeds of crime confiscation orders.
Under the Proceeds of Crime Act, the SIA is allowed to investigate the financial activity of those who have committed criminal offences and confiscate the proceeds of that crime, with the individual paying back any money made through their criminal acts.
The portion of this money that is received by the SIA can only be used to fund financial investigation capabilities or distributed to good causes.
Some of the money supports good causes that benefit the private security industry and applications for funding are considered by a grants committee at least once a year, more if the funds allow.
In 2020, the Worshipful Company of Security Professionals decided to take action and support those affected by the pandemic, with a crisis fund set up for security operatives, the police, the armed forces and emergency services.
The fund offers grants of £500 for the family of someone who has died of covid and £250 for someone hospitalised as a result of the virus. People are able to apply for themselves, while businesses are able to apply on behalf of their staff members, with funds then paid directly to the employee.
Chair of the organisation Claire Palmer said: “Research conducted early in the pandemic showed that those working in front line security had been particularly affected by COVID-19. We wanted to do something about that. Whilst the sum granted to individuals is relatively small, to those applying for the grants it is a vital form of support.”
In March 2021, £9,372.23 was diverted to the crisis fund by the grants for good causes scheme to help them support those in the industry during the pandemic.
Are you looking for security company insurance at the moment? Get in touch with Just Quote Me today!
Construction is one of the most dangerous occupations to have, with figures showing that the fatal injury rate is four times the all-industry rate. As such, it’s essential that those in the industry have approximately the equipment, skills, knowledge and experience required in order to do their jobs safely.
For those interested in finding out more, here are some of the frequently asked questions about working at height, which is one of the riskiest construction jobs and the main cause of fatal accidents and major injury in the workforce.
What is work at height?
Work at height refers to any place where someone could fall a distance that would result in personal injury if no precautions were taken. You are working at height if you are above ground or floor level, could fall from an edge through a fragile surface or an opening, or if you could fall into an opening in the floor or a hole in the ground.
What are collective fall prevention measures?
Collective protection is equipment such as scissor lifts, guardrails and tower scaffolds, which don’t require those working at height to act to be effective.
What are personal fall prevention measures?
Personal protection is equipment that requires the operator to do something, such as putting on a safety harness properly and connecting it to a suitable anchor point using an energy-absorbing lanyard.
The regulations place duties on employers and those managing any work at height activity, where there is a risk of a fall liable to cause personal injury.
All work must be properly planned and organised, all operators involved must be competent and risk assessments must be carried out and appropriate work equipment selected and used. Equipment must also be properly inspected and maintained and the risks of working on or near fragile surfaces properly managed.
Do I need working at height insurance?
Because of the risks involved, a work at height insurance policy is a good idea and there are various different indemnity policies available that cover different heights, as well as more general policies with an unlimited height restriction.
Anyone with ambitions to work as a security operative in the UK would be advised to see whether they need an Security Industry Authority (SIA) licence and, if so, what kind of licence is required for the work in question. Operating in the private security industry without a licence could be illegal.
For example, if the work you intend to do involves a licensable activity and is part of a contract for services, you will need a front line SIA licence. Licensed activities include the likes of manned guarding, key holding and vehicle immobilisation (in Northern Ireland only).
If you are going to be working in-house, however, you do not typically need a licence, as you will be employed directly by the company that’s using your services. That being said, there are two licensable activities where a licence is required – door supervision at a licensed premises and vehicle immobilising (in Northern Ireland only).
There are also some situations where a licence is not required. For example, you don’t need a licence to volunteer as long as there’s a written or spoken agreement that you won’t be rewarded for your work.
You also don’t need one if you’re performing stewarding duties or to check if people have paid for entry to an event or that they’ve been invited. In order to refuse them entry or make them leave, a licence is required, however.
There are two types of SIA licence – front line and non-front line. A front line licence is required if you personally perform a licensable front line activity as part of the job role. These usually come as a plastic photocard that must be worn while working. The key holding licence, however, comes in the form of a letter.
A non-front line is required if you manage or employ anyone who performs licensable activities as part of their job, or if you’re a company director or partner where others in that company or firm perform licensable activities for their job.
Looking for security company insurance? Get in touch with Just Quote Me today.
Every business has a set of challenges that make them unique, and the security sector is no different. Because security guards and equipment often operate in dangerous situations, security insurance provides dedicated cover to help protect both the business and its staff.
One of the key differences between security businesses and other industries is that often security works very closely with members of the public and so public liability becomes an even greater issue than it would be otherwise and is part of packages aimed at the security industry.
Public liability cover protects a business from the cost of legal claims made by members of the public made in connection with business, activities, which in this case would include personal security, manning the doors and protecting people in events.
Beyond this, an insurance package for the security industry will often include professional indemnity protection, which can be important for businesses that fit and facilitate security systems.
If, for example, a security system is fitted, but due to an error or omission damage is caused to the client, professional indemnity helps to cover the claim, giving the business more confidence and peace of mind to provide the best service possible.
Outside of crises, catastrophes, harm to the public and professional liability, security business insurance can help in a range of other ways, such as providing support in case of wrongful arrest whilst on duty and even cover in case keys are lost.
Exactly what components are in a security business insurance package will depend largely on the needs of the business and the provider themselves, but they should aim to cover the wide range of risks facing security professionals on a day-to-day basis.
There is always an element of risk involved for those working within the security industry and security guards in particular often find themselves faced with a wide range of different challenges to deal with while at work.
Physical injury is a concern, of course, and there’s often no way of telling when a situation may escalate, leading to an altercation. For example, one Asda security guard was recently bitten by a dog after he had a confrontation with its owner.
According to YorkshireLive, 39-year-old Steven Tiplady asked dog-owner Christopher Long to tie the animal up outside the supermarket, after which Long became aggressive, started shouting and refused to leave the shop.
Since the incident, Mr Tiplady has been diagnosed with PTSD, following bouts of insomnia and panic attacks related to the event. As a result, Long, 30, was jailed for two and a half years on July 14th 2020.
Incidents such as this highlight just how important it is for businesses in the sector to make sure they have the appropriate security insurance, a policy that is directly tailored to suit their own individual requirements for the work being undertaken and their personnel.
Everything from guarding shops and car parks to installing security alarms carries with it some element of risk, but you can help to mitigate this by investing in a good insurance policy.
Here at Just Quote Me, we’ve created specialist security insurance for our clients, with a policy specific to those working in the industry, designed for use by personnel with SIA certificates and training. Get in touch today if you’d like to find out more.
If you’ve made the move to strike out on your own as a tradesman, it can be an exciting and exhilarating adventure. You’re your own boss, you can work when and for whoever you want, and manage your business however suits you best.
But before you start filling your order book and taking on clients, you must ensure you have adequate business insurance. No matter the precautions you take, things can, and will, go wrong sometimes, and it is a good idea to ensure you are prepared.
But ‘tradesman’ covers a very wide range of trades and skills, and it is important to ensure you have the right insurance policy to protect you and your business. Let’s have a look at three jobs that can benefit from tradesmen insurance.
Builders must have adequate insurance to cover a number of things that can happen on-site or as a result of their work. Public liability insurance is essential to protect construction staff from financial consequences which could occur if a member of the public were injured because of the work.
Builders should also ensure their insurance policy covers the damage and theft of tools and stored materials.
As well as insurance that can cover increased costs of working, and protect tools and vehicles against theft, window cleaners can pose a risk to the public, as passers-by could be hurt if something was dropped from a height, or if they slip in a puddle of water, meaning public liability insurance is a must.
Similar to the above trades, it is essential to get cover for tools, equipment, and vehicles, as well as public liability insurance. Adequate tree surgeon insurance will also cover contamination and pollution caused by work being carried out.
If you’re looking for business insurance in Birmingham, talk to us today.
If you’re in the process of setting up a restaurant or cafe, there are many aspects to consider, from licences to staffing and sourcing products to finding the right insurance.
But with many hospitality businesses struggling due to the pandemic, business owners might be looking for ways to reduce overheads. However, insurance is a must, and it is important to get the insurance that is right for your business to ensure you are not wasting money on superfluous services you do not need or have been sold.
To ensure you buy the right cover and receive professional advice make sure you are dealing with an independent insurance broker.
All businesses are different, meaning there is no one-size-fits-all policy. You should ensure that your business insurance has been tailored for your individual needs, which will ensure you get the insurance cover you want and don’t pay for insurance covers you don’t need.
Some insurance is required by law, such as Employers Liability insurance and also Motor Insurance to comply with the Road Traffic Act. So if your business employs people and you operate a motor vehicle these two insurance policies are essential.
You may also be legally required under certain contracts to take out other covers, for example, your landlord/lease may require you to arrange Buildings insurance or hold Public Liability insurance.
A Business insurance policy can be tailored to include all of the risks you face and usually will include asset protection, which covers your property, pictures, fittings, and business equipment, such as cooking ranges and refrigeration equipment, as well as your stock of food and ingredients.
Income protection will also help support you if you suffer a financial loss if you are forced to close your doors, whether from the pandemic, there is a fire or any legitimate reason why you are unable to open for business.
Liability insurance is a legal requirement in the United Kingdom, meaning all businesses with employees must have employers liability insurance, which covers your legal liability should an employee suffer injury or illness arising out of their employment.
If you’re looking for business insurance in Wolverhampton, talk to us today.