Archive for Buildings Insurance

Business Insurance Guide

New to Insurance? Just Started a business?

Whether you are self employed, a sole trader, run a small business or enterprise or are a director of a large company, you will need to understand the scope and limitations of Business Insurance policies.

Our Guide to Business Insurance explains all from the top down!

If you have just started a new enterprise or have been asked to look after the company’s insurance renewals, business insurance can at first seem a daunting proposition. After all, much of the language and industry jargon such as endorsements, indemnity levels and excess periods can at first appear alien.

Then there is the question of knowing what covers to get.

With the responsibility of ensuring that the business activities and property are completely covered from risks that the firm might face, a new small businessman may well also be confused by the plethora of covers, plans and policies that are available today.

Business insurance is however fairly simple even for newbies, if you break it down from the top.

There are basically two types of risk that a business may face in daily operations, these being business property risks and business liability risks.

All business insurance policies contain elements of the two risks either separate or combined under a single plan. If you need cover for business buildings and premises contents, you will need property insurance. If you need cover for the work you do, you will require liability insurance. Most businesses need elements of both.

Business property buildings insurance protects all risks to a business premises covering loss,material damage and consequential loss to all buildings, outbuildings, fixtures and fittings on the premises.

The premiums are calculated on rebuilding costs of the business property and will also contain elements of public liability to protect a business against claims from the public of for example, a wall falling on a passer-by.

Property contents insurance covers loss or damage to the contents of the business premises. Business contents policies typically have provision to cover items such as furniture, tables and desks, computer equipment, telecommunications equipment, business electronic equipment, data, tools, machinery, stock, high risk stock, raw materials, fabricated, assembled, manufactured or stored goods and anything used in the daily operation on the business premises.

Freight, cargo and goods in transit cover options provide insurance for the businesses property away from the premises.

Business property insurance polices are typically marketed by the type business property they provide insurance for. For example office insurance, shop insurance, hotel insurance and pub insurance are popular commercial property insurance schemes which contain all the relevant covers for each use of the property type.

Much business property is either rented or leased, in particular offices and shop space. Business insurance provides specialist cover for property owners of these types of premises with a let property insurance policy, which is tailor-made for business landlords.

Business Liability Insurance protects a business against all liabilities that the enterprise might be liable for as it carries out its daily actions. Liabilities are events which occur that could lead to claims against the proprietor, trader, owner, partnership or company. Liability insurance cover protects the company profits against all damages and costs incurred resulting from the claim.

Business Liability Insurance includes Public Liability Insurance, Employers Liability, Products Liability, Directors and Company Officers Liability and Professional Indemnity Insurance.

Public Liability protects the business profits against claims from members of the public and this cover forms the basis of a standard business insurance contract.

If you employ staff you will require by law Employers liability insurance which protects your business against claims resulting from accidents and injuries to paid employees and sub contractors whilst anywhere at work.

If you sell or provide goods or parts your business will need Products liability insurance.This cover is usually automatically included in for example, a shop insurance policy.

Nearly all business insurance polices sold, in particular those online, are what is known as combined business insurance or trade packages that have been specifically designed for particular trades or professions. Find one that allows you to compare business insurance quotes and that is suitable for your particular company by carrying out a search for your trade, service or profession insurance. These combined business insurance policies contain all the covers you will need in your line of work, ensuring that if a claim against your company is made, you will be covered.

The company owners or directors can also purchase Directors & Officers Insurance or D & O insurance as it is often called, which covers them personally against both civil and criminal liabilities resulting from business activities.

Additionally professional services should purchase Professional Indemnity insurance which covers the service against the liability of any advice that might be given professionally and later turns out to be negligent.

Business Insurance quotes from top brands and providers, offering the cheapest prices and excellent cover, only take a minute to compare at leading business and commercial insurance comparison site UK Commercial Insurance.

Originally published By Insurance Blog at

Shop Insurance: Cover for a Nation of Shopkeepers

In the middle of the eighteenth century, the great father of modern Economics, Scot Adam Smith declared that the future of the UK economy lay with free trade and the ability to sell and provide goods and services.

Half a century later a certain vertically challenged Corsican upstart disparagingly called us a nation of Shopkeepers. Two hundred years later to the day, shopping is essential to oil the wheels of the UK economy in our consumer society and shops are ubiquitous business enterprises.

Shops present distinct risks to an Insurer and over the years policies have developed that reflect the liability and property needs of a twenty first century retail outlet. We asked insuranceblogger to investigate what constitutes a shop insurance packaged policy.

A Guide To Shop Insurance Covers

By Insurance Blogger

Owning and running a shop can be hard enough work in itself, often seven days a week, without the additional worry of what might happen to your livelihood should the worst happen. Fortunately there are many different shop insurance policies available today covering all the risks that a retailer might face in running a business from a premises that sells goods and services to the public.

A shop insurance policy will contain a variety of covers, packaged up for the convenience of the shopkeeper.

These include shop buildings and contents cover, stock in trade cover, business interruption and loss of profits, money cover and staff fidelity insurance, legal protection, window & glass cover for shop fronts, goods in transit, public liability, employers liability, and various options to cover shop specific risks. Shop insurance packages will include as standard most of the above risks, whilst some insurers allow the prospective policyholder to select the covers that are appropriate for their particular type of shop.

Shop Insurers use various basic rating factors to decide premiums and postcode and annual turnover are major factors.

The location of your shop will largely determine the price you pay for cover, in particular for shop stock and contents. A shop located in a run down housing estate with known propensity for theft and vandalism will command a much higher premium than one located in a modern shopping centre with street security and CCTV. Annual turnover is used to calculate cover levels such as the impact of a loss on a shops ability to trade.

Shop buildings insurance covers the costs of rebuilding the shop and the costs of replacing the shop front, which is invariably made of glass. All buildings insurance covers permanent fixtures and fittings such as toilets and doors. This cover is available for both shop owners and those who lease the property.

Shop contents insurance covers all the additional shop fittings and equipment that is used in the daily running of the business. Most insurance companies will require a breakdown of the contents of the shop into sums insured fo business equipment, fixtures and fittings, electrical and computer equipment, tenants improvements, refrigerated stock and all other stock.

Shops that require protection for high risk goods held on the premises will usually need to declare the total values of each stock item. High risk shop stock and goods are those that attract thieves and are expensive to replace. Examples of high risk stock items are electronic equipment, cigarettes, and tobacco, designer clothing, computers and digital equipment, software, computer games and consoles, drugs pharmacy and medicines, watches and jewellery, mobile phones and radios, photographic equipment, power tools, TVs, DVDs, CDs and Wines and Spirits.

If your shop has high risk stock you can reduce the cost of your premiums by having adequate security in place. This includes an insurance company approved burglar and fire alarm, window grills, shutters and bars, CCTV and sprinklers. Many shop insurers will only offer stock cover if the minimum levels of security are in place for all shops, regardless of the stock contents held. A lot of insurers may offer further large discounts to the premium if the shop owner lives on or above the premises and is there at night.

Shops by their very nature deal with members of the public and a good insurance policy will usually contain liability cover as standard. This should include Public Liability of up to £2,000,000 for any one claim by a member of the public who may suffer loss or injury visiting the shop.

If you employ staff all policies will offer Employers Liability cover of up to £10,000,000 one event and because shops sell goods and services, Products Liability cover of £2,000,000 for any one period of insurance.

Other standard features of a shop insurance policy are various levels of cover for Legal expenses and Legal protection, Employers, Public and Products Liability, Loss of profits, Glass and Sanitary Ware, Money cover and staff Personal Accident assault, Business Interruption, Goods in Transit, Loss of Licence, Treatment Risks and Seasonal increases in stock contents value.

Shop Insurance is available to buy online from a variety of mainstream and independent suppliers, many of who offer policies for specialist niche shops and retail outlets. Shopping around for cover is easy and many brokers now offer shop insurance comparsion systems where you can compare shop insurance quotes and covers online.

Ensure you read the keyfacts documents of any policies offered, so you are aware of the levels of cover offered before you buy.

Home Insurance Money Saving Tips

How can you reduce your Home Insurance Costs?

When it comes to home insurance, many people simply accept the first quote that they are given without ever looking for alternatives.

However, there are several things that you can do to help reduce the cost of your building insurance and contents insurance.

Obviously, depending on where you live your home insurance is always going to cost a certain amount, but it is definitely worth taking steps to reduce your costs as much as possible.

Were your calculations accurate?

When you take out insurance, you will generally be asked how much you want to cover your home for.

For example, when you take out building insurance you will have to specify a value in case the worst should happen and your home needs to be rebuilt from scratch.

Many people are unsure about this and, as such, the figure they give is inaccurate; quite a few people could reduce their costs by making this more accurate.

Do you have good security?

Something else that affects the cost of your home insurance is how safe your property is. Simply put, the safer it is, the cheaper your policy will be. Of course, there is very little you can do to reduce the amount of crime in your area, but you can do things to secure your house. For instance, good door locks and bolts can help to improve security, as can burglar alarms, gates and even CCTV.

Did you shop around?

As mentioned above, a lot of people never shop around for their home insurance and simply stick with the same provider. Often, though, it is possible to get cheaper insurance if you shop around, or even by asking your current provider if there are any other deals they could offer you: the worst they could say is no so it’s definitely worth giving it a go.

Specialist Home Insurance is often Cheaper!

It’s that time of year again when frost and ice damages your property and your home is at higher risk to fire and pre Christmas theft!

Home Insurance has really suffered during the recession of the last two years as homeowners have cut out what are often mistakenly seen as marginal expenses. Consequently the potential market is larger now which explains the plethora of Home Insurance ads you see on TV all day long at the moment!

Wherever you live, you should have protection for your buildings and contents and this is of particular importance if you have invested a lot of time and money in your home. In this case you may be much better off if you visited an online specialist home insurer, who can provide you with a range of quality policies to choose from, which will protect ALL of your property.

Specialist Home Insurance is often cheaper if you have own a non-standard construction property which includes a range of covers for buildings of thatched and stone construction through to blocks of let flats. You should also consider going to a specialist home insurance broker or provider if you own a large multi bedroomed house or have specialist contents insurance requirements.

For home owners in the UK, purchasing the best insurance cover is of the most significance. Lots of people individuals, even so, usually do not take the time to examine the terms and conditions proposed by the home insurance policy they buy from a price comparison website. These same persons often realise too late, that their cover is not enough. This is most often the case for those who are in possession of high value homes.  Below is some detailed information about ways to provide proper coverage for a high value home with specialist home insurance.

Specifically What is a High Value Home?

High value homes are buildings which, for a variety causes, retain a worth superior to a typical home. Your property is apt to be though of as high value when the price of rebuilding it should surpass £200,000 or if the contents of your house are assessed for over £40,000. Before acquiring coverage, it’s always a good idea to have your house and contents valued by a skilled appraiser. Only then can you be positive that your cover is sufficient.

The problem with Standard Home or Household Insurance

Most house insurance insurance policies are designed with an average policy holder in mind. The cover assumes a typical family size of 2 to 4 that owns a 3 bedroom residence. While this variety of cover may possibly appear to be relatively inexpensive, there is certainly a reason. These kinds of policies usually have a range of restrictions and exclusions that can prove disastrous if you have a significant loss or claim. …..

Usual Exclusions Established in Standard Home Contents Cover

The upper limits of a standard contents coverage can be too low, meaning that you’re considerably under-insured. In addition, the single object limit on this sort of policy not likely to denote the worth of things in your home, such as jewellery, antiques or paintings. In numerous insurance policies, the single merchandise restriction is as little as £1500, a sum that may possibly not be ample for many high value products. Even when you are able to obtain cover, the Insurance company may possibly enforce severe (and costly) protection conditions, for example mounting new window and door locks, or even an entire alarm system. If you don’t follow these terms, the insurer may repudiate any claim.

What to look for in High Value Home Contents Cover

Lots of high value cover policies offer a set of additional benefits that can be really attractive. For example, your policy may contain legal protection for both you and your family. Yet another quality to seek is “agreed value” cover for high value objects. In this sort of cover, you and the insurer are in agreement on a particular amount of coverage for certain sole items, usually jewellery, fine art or antiques. Then there is “new for old” cover in which the value of articles misplaced or spoiled isn’t reduced, which means that you get the complete value of an insured item and not a proportional amount of it’s current value.

Finally ensure that you read carefully and understand your specialist home insurance policy conditions for high value articles, both in blanket coverage and single article cover.

UK Housing Market Home Insurance Mini Boom

Wthether it’s a sign of Spring or the green shoots of recovery, recent activity in the UK housing market has seen an appropriate response from the major UK home insurance companies, with a multi million pound spend on prime time TV advertising.

The home insurance market had gone quiet in recent months but recent positive indicators in the housing market have led to this bombardment on every TV and commercial Radio station. Home Insurance is definitely the flavour of the month with the market under capacity due to many people cutting levels of cover or dropping covers completely because of the recession.

So what’s been happening in the UK housing market recently to have caused this big budget spend?

Well in April house prices had risen by 8.5 % since January which is a startling recovery in itself, and the figures for the number of valuations carried out in May confirm the trend with Valuation activity in May up by over a quarter compared to May 2009, according to the latest research by Connells Estates Survey team.

This confirms that both the supply side of housing and the demand side from potential buyers appear on the face of it bouyant. It remains to be seen if the Bank Assurers are prepared to underwite this economic activity with the supply of mortgages necessary to complete all these potential deals.

The most up-to-date figures currently available from the Land Registry show that during February 2010, the number of completed house sales in England and Wales rose by 49 per cent to 40,502 from 27,190 in February 2009. It will be interesting to see if there were as many sales during the period since February of rising house prices.

The new Government are also sending out mixed messages about the housing market.

On the one hand they have scrapped the regional development of 600,000 houses for low paid workers around the country, presumably to let the vacuum be filed by property developers.
Then on the the hand they intend to hit the private landlords and developers hard in the pocket with large increases in Capital Gains Tax.

Some commentators are saying that 30% of the housing demand is from private investors and forcing a CGT tax-hike on property investors will drive many from the housing market at a time when its recovery is still perilously fragile.
What utter tosh – these are the same people that have seen the values of their properties increase by 400 percent plus over the last ten years. Some of these so called investors, whose greed initially generated the demand that created the massive price rises and forced ‘joe public’ out of the market, own portfolios of 10 20 30 or even 500 properties!
Either way the home insurers are not bothered, because where they once sold a specialist home insurance product to a Landlord they can now sell a standard home insurance policy to a home owner.

Were they all bankers at Monopoly when they were kids?

These people are just as much to blame for the current recession as the Banks that made credit readily available for them to play their easy money games. The toxic debts were only toxic because house prices were artificially inflated by these pariahs and normal people looking for a home were tricked into buying into negative equity without even realising it!

Personally Insurance Blogger thinks CGT should be raised even higher! Those who made all the profits that caused this recession should be made to pay now!

As for the detrimental effect on the housing market and possible falling prices leading to new negative equity….
Well that’s market economics for you and you can only temporarily stop the deflationary pressures that must happen in order to bring new entrants to the market. A market that sorely needs affordable housing where the profits are not going into the hands of a few un-entrepreneurial feudal landlords!