Small Business Insurance

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Complete Video Transcript

0:04there are two main things to look out for when searching for business
0:07insurance policy
0:08firstly make sure you have the right policy covered that’s suited to your
0:13business
0:13and secondly make sure that the levels of cover are appropriate for your needs
0:18let’s start with the policy Bay
0:22if you employ star you must by law have employers liability
0:26it is a legal requirement every employer in the UK
0:29to protect their employees against risks in the workplace this means
0:33that a member of your staff is inject wants that work
0:36this cover provide any financial compensation awarded to them
0:40as a result your negligence the minimum legal requirement is $5 million pounds
0:45of cover
0:49if you own your premises
0:50ensure the building you can include building insurance
0:53on your business insurance cover you should ensure the toe to rebuild cost
0:57and a bee removal for example your building could be rendered inhabitable
1:02as a result in a fire and require demolition
1:06producer infantry of materials
1:09write a list of all content and consider stop both finished and stock in trade
1:13I E Mateos you are working with include any items of furniture or business
1:18equipment
1:18which you need to ensure fixtures and fittings
1:21such as sign it and displays should also be considered
1:25there are other covers such as money as in currency
1:28or checks and goods in transit
1:33make sure your valuables are covered went away from your premises
1:36items such as laptops and mobile phones all
1:40to easily lost or stolen when taken out in public
1:43so consider insuring yourself for these items
1:49public liability is important to
1:51all businesses public liability insurance
1:54is a option designed to protect companies against financial claims
1:57injury or damage to third parties and will cover the legal cost
2:02and damages you may be exposed to as a result love your
2:05negligence for example if a customer of yours
2:09chips over and injured themselves at your premises and successfully claimed
2:13that it was caused by your negligence
2:15then you could be sued it’s advisable therefore to take out cover
2:19the day you start trading a common level of cover
2:22is $2 million pounds if you produce or supply
2:26any type of product then you should consider product liability cover
2:30this is sometimes packaged with public liability
2:33and would protect you should your product caused injury or damage to
2:36property
2:40let’s now discuss the level of cover
2:41up a good way to start is by assuming the worst case scenario
2:46am basing your cover on that imagine that you have a fire
2:49of lot your premises and your stock contents
2:53and IT systems such as computers are destroyed
2:56you may also have damage to the building which requires repair and may require
3:00you to find alternative premises
3:02was these repairs are carried out how much could it cost you to rectify this
3:06damage to the same position you were in before the loss incurred
3:10the right level of business cover would also enable you to continue to trade
3:14what your premises
3:15are being repaired your content replaced to get this right you be well advised to
3:20create a list of all your items to be insured
3:22including buildings contents fixes
3:26and fittings any improvements made to your building
3:29stock computers and other equipment and calculate what it would cost
3:34to a place the lot it’s advisable to review the
3:37accuracy of this figure just before your new york and notified insurer love
3:41any change keep this list up to date and when the value exceeds the sum insured
3:46notify your insurance company to save money
3:52choose your optional covers very carefully only select the Options way
3:56you are sure
3:57that the car would be beneficial if in doubt ask
4:01for example goods in transit is a common option
4:04but it’s pretty unlikely to be acquired by most accountants or solicitors
4:08if you found this useful and you’d like some more general information
4:12will be pleased to help you without any obligation just contact
4:16insurance dot com on 0845 408
4:20white 100 %uh

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