commercial & industrial insurance consultants
Business Insurance Explained
Insuring Your Assets
Property / Material Damage
This can cover your buildings, contents and stock against loss or damage caused, for example, by fire, lightning, explosion, earthquake, storm, flood, burst pipes, malicious damage, impact by aircraft vehicles & animals, forcible & violent theft, accidental damage, sprinkler leakage and subsidence. It can include cover for physical damage caused by terrorist acts, seasonal increases in stock, accidental breakage of fixed glass, the cost of repairing locks and other damage caused by a theft, employees' personal belongings, the cost of reproducing any paperwork or computer records, loss or damage of frozen or chilled goods due to power interruption, loss or damage to your property at exhibitions within the UK and loss of rent.
This can protect you against the effects of a reduction in revenue and/or increased costs of working due to interruption to your business following a loss at your premises which is covered under your Material Damage policy e.g. fire. It can also protect you from interruption to your business following damage to neighbouring property which prevents access to your premises, damage to your suppliers’ or customers’ premises, damage to public utilities, loss or damage at a contract site where you are working,
Goods in Transit (Non Haulage)
Covers your goods against loss or damage whilst being transported from one location to another in the UK. It can include goods being transported in your own vehicles, by haulage contractors & parcel carriers, by post or rail and samples with your sales staff.
Covers your goods (including goods being exported / imported) against loss or damage whilst being transported from one location to another anywhere in the World.
Goods in Transit (Haulage)
Covers your responsibility (as defined in your Conditions of Carriage) for loss or damage to goods being transported on your vehicles Cover can include your liability for loss or damage to - goods in temporary storage in the course of transit, being transported by your sub contractors, being stored in your warehouse or to drivers’ personal effects.
Covers business money whilst at the premises (in & out of safe) and during transit to & from the bank.
Covers the cost of tracing and establishing how much your customers owe you and the amount of any unpaid debit balances which cannot be traced following destruction of your business records.
Covers you against theft of money or goods that belong to you, or that you are responsible for, by an employee.
Covers loss or damage to computer equipment at your premises. Cover can be extended to include loss or damage to computers (including laptops) anywhere in the World. Cover can also include breakdown, reinstatement of data and increased costs of working or loss of revenue following loss or damage to computer equipment.
Cyber-Liability / Electronic Risks
For any Company that uses computers and/or the Internet it fills the void created by traditional insurance policies that do not cover e-risks. Cover can include : Damage to your computer systems and business interruption (loss of revenue) as a result of a virus or hack attack; Ransom demands or threats to introduce a virus or hack into your computer systems; Legal expenses incurred in the enforcement of your intellectual property rights on the Internet ; Defence costs and legal liability due to defamation, breaches of privacy, breaches of intellectual property rights or the breach of any statutory duty as a result of any electronic communications ; Defence costs and legal liability for other peoples’ financial losses as a result of a hacking attack or virus that emanated from your computer systems or due to their inability to access your computer system.
Covers a range of specialist areas including :
Periodic inspection services of plant and equipment to comply with Health & safety legislation and approved codes of practice – e.g. Lifts/hoists, steam pressure vessels & systems, hot water boilers, refrigeration & air conditioning systems and fire protection systems, dust extraction systems.
Contract Works / Contractors All Risks
Covers accidental loss or damage to building & civil engineering works in the course of construction. Damage to any existing structures is normally excluded as they are often already insured by the Property Owner but cover can sometimes be extended if this is not the case. Cover can include - temporary & permanent work done; unfixed materials in storage, in transit to the site and on site; your plant & equipment, temporary buildings & their contents; employees tools; contents of show houses; speculative developments; your liability for loss or damage to plant, equipment, cranes & temporary buildings that you hire in; your liability to pay continuing hire charges for hired-in plant & equipment; damage caused by terrorism. Cover can be arranged on an annual basis or to cover one-off contracts.
Latent Defects * / Decennial
Protects against the cost of repairing or restoring damage caused by an inherent defect in a structure. The insurance is available for new and recently constructed commercial and industrial buildings and provides cover for up to 10 or 12 years from the date of practical completion. Cover can be taken out by the developer, owner, tenant or provider or financier (or any combination of these).
Covers your business vehicles - cover can be Comprehensive, Third Party Fire & Theft or Third Party only. Cover can include automatic cover for temporary vehicles, and for use in EU countries.
Motor - Special Types
You are required by law to have third party motor insurance on all vehicles (including mechanically propelled plant – e.g. tractors, excavators, loading shovels, fork lift & reach trucks etc) which are used on a road or other public place.
Covers employees against accidental injury either on a 24 hour basis, or for accidents at work only. Benefits can include a lump sum payment for death, loss of a limb, permanent total disablement and a weekly payment for temporary disablement.
Annual Business Travel
Cover can include personal accident, medical & emergency expenses, business money, personal effects for anyone travelling on company business.
Protects you against loss following the insolvency of customers. Cover can apply to specific customers only or to all customers.
Kidnap & Ransom
Cover can be provided to companies and individuals against kidnap for ransom; extortion (including the threat to abduct, inflict bodily harm, cause physical damage, introduce a computer virus, disclose proprietary information or commit a product adulteration; wrongful detention; hijack
Insuring Your Liabilities
This is a legal requirement for anyone who has employees, trainees or labour sub contractors. It covers your legal liability to pay compensation including legal costs to employees who suffer an injury or disease arising out of, and during, their employment.
Covers your legal liability to pay compensation including legal costs for bodily injury to people other than employees and/or damage to their material property arising from the business activities at or away from the premises
Covers your legal liability to pay compensation including legal costs for bodily injury to people other than employees and/or damage to their material property arising from products sold, supplied, installed or repaired.
This is an extension of Products Liability and covers your legal liability to pay compensation including legal costs for financial loss suffered by third parties where there has been no injury or damage.
Product Recall & Contamination
Cover for manufacturers who can fall victim to accidental/malicious contamination or product extortion, any of which may lead to a product recall. Cover can include Accidental contamination, that can occur at any stage of the manufacturing or distribution process; Malicious product tamper; Extortion - Criminals may contaminate products (or threaten to) in return for a ransom payment
Cover can include costs associated with replacing/re-covering/re-working products that have failed to perform their intended function due to faulty manufacture, design or installation (after hand over to your client); Financial losses suffered by the your customers, or third parties, as a result of a loss under the product guarantee section; Costs incurred in recalling products where there has been a failure to perform intended function or threat to cause bodily injury/property damage that may result in the assured being exposed to a legal liability
Professional Indemnity / Errors & Omissions (E&O)
Covers your legal liability to pay compensation including legal costs for negligent acts, errors or omissions in your professional advice or services. Cover can include loss of documents, dishonesty of employees, unintentional breach of copyright, libel & slander. Cover is available for a wide range of professions and businesses who provide professional advice or services
Directors and Officers Liability (D&O)
Protects directors and officers of a business against claims arising from their actions and decisions made on behalf of their company. It also reimburses them for the considerable legal costs that they can incur in defending a claim
This policy provides access to expert advice and assistance in resolving a number of different areas and if necessary will pay for the cost of legal fees and/or accountancy fees to conclude the dispute. Typical areas of cover, which often can be bought as a package include, Contract, Employment, Data Protection, Criminal Prosecution Defence, Property Protection and VAT Disputes. For larger companies wide cover is available for each specific area.
Environmental Impairment Liability
Cover is available to address the substantial environmental clean up and other related costs associated with gradual pollution & environmental impairment including :
Gradual pollution to Third Party Sites
Construction / Performance Bonds
There are a number of different Construction and Performance bonds that you may have to take out if you are a contractor. Such bonds guarantee you execute all the various clauses within a specific contract.
©2005 Ashby Wray & Partners Ltd. All Rights Reserved.