Retails business insurance

There are a variety of kinds of retails business insurance to be looked at. If you want to insure your retail business then there are a few things you need to keep in mind as you buy as well.

Retails business insurance can be provided by a number of places, from banks to insurance brokers. Some have specialities in retail insurance, others provide great general insurance policies that can be tailored to your retail business needs.

No business is the same as any other, and so many of those providing retail business insurance have an array of extras that you can add on to their general insurance deal. This is a great way to tailor it to the kind of business you have, as well as the size that it is.

Some of the general things that can be included in an insurance policy for a retail business is the raising of your level of cover at peak times of the year. These are typically Easter and Christmas, when a damage to your stock or business could be disastrous. But the other, extra options, can be anything from coverage against a theft from an employee, and commercial legal protection. 

Of course, things like buildings and contents are also typically covered in general retails business insurance policies. Many retail shops are dependent upon their equipment, and it can be a disaster if it breaks down. Equipment cover for retail insurance is therefore a great thing to have in a policy. Public liability cover should also be something to look out for in a policy, to insure against any public liability incident.

Professional indemnity insurance

Professional indemnity insurance keeps you covered in case a claim is brought against you because of some form of professional negligence. There are different kinds of professional breaches that can be made to be seen as being professionally negligent.

For example, professional indemnity insurance can cover you if you are seen to have taken part in a negligent act, a negligent error, or a negligent omission. This is vital if you believe that you may be entering into something that could lead to a claim being made. If you run your own business, then professional indemnity is the kind of insurance that you need to look into.

Many insurers will cover you for up to £2million, although this does greatly depend on the specific insurer and can change from policy to policy within a particular insurer’s range. Many offer certain free add-ons, for example free cover for any subcontractors that you might employ. This thereby extends to the insurance to them and to any kind of negligent act, error or omission that may lead to a claim.

One thing to look out for with regards to professional indemnity insurance policies is any exceptions. The insurer may promise very few exceptions, but even a few exceptions can suddenly make the policy quite limited. If you believe that a claim made against you could in a strong likelihood fall into the exceptions category, then obviously continue to look for a different kind of insurance policy. 

Liability insurance

You may have heard a lot about liability insurance, but what exactly it is? And, more importantly, why is it so vital to have, particularly in certain professions?

Liability insurance, in short, gives you protection from any risks arising from possible lawsuits or other kinds of claims made against you. This kind of insurance is typically included in most general insurance policies.

There are some smaller print details to this kind of insurance however. This kind of insurance that covers liability means that the insurer has a duty to defend. This comes about if a claim is made against the person who is insured. The insurer will only defend you, however, if the claim comes under the specified insurance policy that you have with the insurer. If the claim is out of the remit that their insurance policy offers, then you have to defend yourself, and pay to do so out of your own pocket.

There are different kinds of insurance covering liability. For example, employers insurance. In the UK it is compulsory to have this form of insurance, and covers you as (as an employer) if your employee is injured in the course of his or her work. Despite being a legal requirement in the UK, there are certain exceptions. For example, if you are running a family business then it is unlikely that you will be required to get this kind of insurance.

Liability insurance is therefore  a strong thing to consider, particularly if you run your own business. Always check the small print of your insurance policy to make sure that you have good coverage and to understand the rules and regulations that go along with the policy. 

Insurance for engineers

Insurance for engineers is as vital as insurance for every other profession that involves some form of risk of a claim. Like similar kinds of industries, engineers need the full protection of a well-rounded insurance policy to make sure they are not hit hard by any claims.

Insurance for engineers should cover some basic things that every engineer, or everyone running an engineering business, needs to maintain a safe and protective working environment. For example, engineer insurance can cover your plant and its contents, including all of your tools and machinery, from a whole host of dangers including fire, water damage, breaking and entering, and theft etc.

Professional indemnity is another thing good insurance policies should have. If you are going to be consulting, and giving advice or recommendations, then you need to be protected against the outcome of any of these suggestions going wrong. This is particularly true if a miscalculation on your part causes damage.

Public and products liability is also something to look out for in an insurance policy. This is to cover any money that you may become legally obliged to pay in case of an injury or loss, or damage to material possessions of a person, due to your business practice or because of anything sold or supplied by it.

Insurance for engineers can be bought for specific kinds of engineers, for example electrical engineers, chemical engineers, design engineers, transport engineers, health and safety engineers etc. These can be very specifically tailored policies, or sometimes general policies will tick all the boxes needed for various engineering roles.

Fish and chip insurance

Fish and chip insurance covers you and your fish and chip shop for any occurrences that may happen and do damage to either your property or business.

Fish and chip insurance does not just cover in the event of simple accidents. It can also cover you for all the contents and stock on your premises in case of a number of different kinds of perils, for example fire or a flood.

If a claim is made against you for whatever reason, this kind of insurance can cover to make sure that you aren’t pulling money directly out of the business to fund a court case or to pay compensation. Insurance policies that cover you in case of a member of the public injuring themselves into your shop is also highly recommended.

Employers liability cover is also an essential. If an employee makes a claim against you for whatever reason, for example an injury, then you are covered by your insurance policy to make sure you can either pay the compensation or the legal fees involved, if any.

Some insurance policies allow you to add on other benefits as well according to what dangers to you perceive to your business. For example, some insurance policies offer loss of alcohol license cover. If you lose your license to serve alcohol, due to reasons beyond your control, and you suffer a dent of profits, then your insurance can cover this hole.

Fish and chip insurance is like any other insurance: in need of some good research and essential to running your business safely and securely.