Riots may not last very long, but the time to put a community back to where it was takes a lot longer.

For a business or property owner the work ahead can be daunting.

The actual damage to each premise needs to be accessed and repaired.

This can take time and may depend on whether adequate insurance was taken out to cover the damage.
If adequate insurance is in place insurance companies need to access the damage.

Putting Things Right

There maybe damage to the property, injury to staff, residents, tenants and owners.
Tenants maybe homeless. New temporary accommodation needs to be found.

Loss Adjusters need to be appointed to look and access the damage and give authority for repair work to commence. Quotations from repairers have to be given and of how long and when work can commence once agreed.
Immediate remedial damage may need to be repaired eg windows boarded up, broken glass cleared, any unstable structures removed .

Removal of goods not stolen need to be placed in a secure area to avoid further loss. Further accommodation and storage space may need to be found.

Vehicles may need to be hired if transport or commercial vehicles have been damaged. This can also delay work be carried out if contractors have damaged vehicles as well.

Evaluating Business Continuity and Business Interruption

Shop keepers and property owners have to decide if they can continue to trade and should ask themselves the following question:

Is the structure safe?

Do they have still have goods to sell?

Is there chance of further rioting?

If thieves have raided the shop will new stock have to be ordered?

How long will the stock take to deliver?

Are supplies of gas, water and electricity working ?

Have staff been injured or mugged?

Can staff get to and from work?

Are staff involved in the riots in any way?

Have they been arrested or injured?

Will they need time out because their homes have been damaged?

Are there any customers or are they too scared to enter the area or have police closed the area?

Claim

If you have been affected by the riots it is imperative that you contact your insurance company immediately to pursue a claim. If you do not have insurance but have been affected and have suffered loss, visit your local police station and report the incident and inform them you wish to make as claim under the Riot Damages Act of 1886.

For more information on the various types of business insurance and commercial property insurance available for riot and civil commotion cover, visit UK Commercial Insurance.

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Whilst the potential rewards of running a successful business drive them onwards, there are many challenges faced by small business owners, especially during the initial outset of the business when methods and procedures are being put in place. None more so when trying to navigate through the vagaries of business insurance risks and covers, which vary widely depending upon the type of business you engage in.

So where do you start to try to understand the risks that your business might face and the types of insurance that are available to protect your business from these risks?

Fortunately this has been recognised by specialist small business insurer, Hiscox who understands that business owners want to focus on what they do best – running their business.

So they have created a Business Insurance Decision Tree in the form of an infographic to help steer small business owners through the different types of insurance available to them.

The Hiscox Business Insurance Decision Tree looks at variables such as whether you work from home or in an office, how many employees you have and what type of property you own, suggesting applicable cover which best suits an SME’s (Small to Medium Sized Enterprises) needs.

So whether it is office contents insurance for damage to property, employers’ liability for those with employees, professional indemnity insurance when offering advice, or public liability insurance, the Business Insurance Decision Tree can help clarify which insurance is suitable.

Hiscox SME Underwriting Manager, Deepak Soni, comments: “SMEs are experts in their area, but we don’t expect them to be experts in insurance, that’s what we are here for. No two businesses are the same, so the Business Insurance Decision Tree is a useful tool to help SMEs understand the risks they face and get the right cover in place.”

The Decision Tree is available for all business owners to use freely to evaluate their potential risks on the Hiscox website at http://www.hiscox.co.uk/business-insurance/tips-and-information/which-business-insurance-is-right/

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A Guide to Tradesmans Insurance Online

It’s the oldest online commercial insurance and the widest sold type of business insurance in the UK, but what exactly is Tradesmans Insurance?

If you own or manage a small business, you will require at least some type of liability insurance to protect your company against the various risks and possible claims, that your business will face.

Small businesses and tradesmen are required by law to have employers liability insurance at the very least in order to carry on business. Employer’s liability cover  protects the workforce and allows the business to pay any claims against it which may be brought by a worker who was injured carying out his or her duties.

Public liability insurance is essential if you work with members of the public who may pursue claims against you and motor insurance or van insurance is also likely to be a necessity.

If the business has plant or machinery which must have a periodical statutory inspection, it will be usual to arrange for this to be done by a specialist engineering insurer under the terms of an engineering inspection contract, with or without insurance.

Tradesman’s insurance is more often than not sold online as a small business insurance package policy. A package will include all elements of cover required by a small business or self employed trader such as basic employers liability and public liability covers and theft of tools. Trademans insurance quotation systems allow you to vary the levels of indemnity required for liability insurance in a typical range of between £1 million and £10 million. The higher the levels of indemnity required the higher the premium. Tools cover is usually rated on a replacement new for old, sum insured basis, where you define the value of your tools.

Most trades and small business will have premises that need protection against buildings perils such as fire and flood. Small commercial property insurance is available to cover all buildings insurance risks and is often sold as a package for a particular type of trade. For example Shops Insurance, Dentists and Surgeries or Builders Insurance Packages.

Trademan’s premises packages contain commercial contents insurance for business premises, which covers office and business equipment including files and data processing against the common perils. For companies and trademan that keep stock, this type of business contents insurance can be extended to cover risk such as deterioration and damage.

For the small tradesperson who works from home these covers are often available with strict limits of indemnity, as a bolt on to a standard home buildings and contents policy. This type of cover is often  only effective for self employed people with just a computer and a home office.

Other tradesman insurance covers

One of the largest problems faced by a small business or trades with premises is that of how to continue in business should a catastrophe happen, for example a fire that destroys the premises or machinery or stock. In order to deal with this Business Insurance companies have devised a cover called ‘Business Interruption Insurance’.

Premiums are based on your previous years annual turnover. BI covers your company against all losses caused by interruption to trading due to any of the perils mentioned on the policy and will pay out on a indemnified basis for the period of cover agreed in the policy. Most policies will also offer some type of alternative trading accommodation to enable you business to continue whilst the premises are being repaired.

Additional small business and trades insurance risks

Because commercial insurance is designed to cover all classes of business, there are many various trade or business specific covers available which can be added to a combined policy.

Examples of these covers include loss of licence to trade, book debts, hauliers cover, warehouse cover, and plant inspection services. Various people protection policies are also available for businesses including Keyman insurance which provides cover against the loss of key people within your organisation. Business mortgage protection provides a monthly payment for business premises should you suffer and accident or sickness. Group ASU policies are also available to protect your staff and employees.

Buying Tradesman Insurance Policies

Commercial insurance and tradesman risks covers for tradesmans insurance are widely available online today and it is a simple process to find a website where you can compare trademans insurance quotes.

However, purchasing trademans liability insurance can be a daunting experience for the uninitiated small business owner  or tradesman just starting off in business, and unless the risks are straightforward and can be underwritten online, it is advisable for all companies to approach the services of a local or regional commercial insurance broker who deals with speciifc tradesman liability insurance and covers for risks in your particular trade.

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“Check your policy wording and put your spacesuit on!”

Insurance Business have finally moved into the 21st Century with some truly space age of aquarius exposures to risk to deal with over the next year, according to a new report from Lloyds of London.

These new age risks include Space weather, cyber risk and critical infrastructure attacks that are predicted to cause big problems for consumers, businesses and their insurance companies in 2011.

The Lloyd’s 360 Risk Insight report states that ‘The phenomenon of space weather is one of the most difficult to quantify and yet potentially serious sources of loss and disruption for business.’

“Space weather and its impact on Earth: Implications for business”, says that businesses should be looking at ways to assess and mitigate space weather risks this year because the 11-year solar cycle is expected to peak in 2012/13.”

Turbulent space weather created by solar phenomena such as coronal mass ejections, solar flares, solar wind, solar radiation and magnetic storms could have wide ranging impacts around the globe in climatic responses, many scientists believe.

These phenomena are also predicted to affect aircraft communications, air traffic control and navigational systems which could malfunction or might stop working, satellite and GPS systems could also malfunction, and surprisingly. power grids could collapse.

Scientists know a lot about the possible causes and effects of solar weather from previous cycles. Established infrastructure that we take for granted, such as rail networks, telephone systems, pipelines and electric power grids have all been seriously disrupted by space weather in the past.

But the economic fall-out that could result from the increasingly active solar season is far less certain. That’s because our dependency on wi-fi and internet technology is so much greater than before.

“There is growing concern that the coming solar maximum will expose problems in the many wireless systems that have grown in popularity during the quiet solar conditions that have prevailed over recent years,” the Lloyd’s report warns.

Insurance Blog should have a lot to write about then over the coming year if these concerns are realised.

And then it’s 2012!

Don’t worry about the risks to the Olympic games! The Mayan Calendar stops here……….

And the earth is positioned in alignment with the centre of of the Universe!

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Business Interruption Insurance is usually sold as part of a Commercial Insurance combined policy or package and provides a layer of insurance against not being able to trade following a claim.

In addition to the physical loss of the claim, the financial loss to the business stemming therefrom needs to be dealt with by an interruption policy.

Formerly called ‘consequential loss’, ‘loss of profits’ and/or ‘profits insurance’, which can be misleading terms, the protection granted is in accordance with a policy formula, i.e. rate of gross profit applied to the reduction in turnover of the business in consequence of an insured peril, together with the increased costs to minimise an aggravated loss (but not exceeding the loss so saved) arising within the maximum indemnity period (as selected to be insured).

Provision is made for the accountancy definitions and the business, the premises and the insured to be defined. In any claim, adjustment can be made to the precious financial account figures so that the loss is in respect of the ‘would have been’ results that would have applied if the damage had not occurred.

The perils insured (for which there must normally be counter-part physical damage cover) can extend to include those normal to property insurances and such special perils as failure of public electricity or gas supply, loss from infectious disease for hotel and similar trades, or electrocution of cattle in farming risks.

Machinery breakdown covers can usually be arranged on selected plant. Advance profits covers can be arranged for new ventures and these may include marine transit risks.

Provision can be made, with first-loss limitations applying, to extend interruption insurance to protect the financial trading of the business following damage to other people’s premises (those of suppliers, subcontractors, customers, etc.) and in transit.

It is normal, in the current economic conditions, to insure 100 per cent of the remuneration of all employees at a reduced-rate level, but more employee cover can be arranged in this respect in suitable cases. This limited cover is largely a ‘social’ protection to staff and their retention after a loss is thus safeguarded. While savings can be made by non-replacement where employees leave, the cover is not on the basis of the insured having to minimise the loss by dismissals.

The indemnity period, usually at least 12 months, is the limit up to which the recompense under the policy continues. It needs to be sufficient not only to restore the physical equipment and buildings but to allow turnover to reach the ‘would have been’ level. The sum insured is the forecast amount (including a margin to avoid under-insurance) that might be at risk for the 12 months from the end of the renewal period of the policy. Where the maximum indemnity period insured exceeds 12 months the figure is then proportionately increased. The premium is adjusted normally only to the extent of over-insurance.

For the small and medium-sized businesses, it is now possible to buy Commercial Insurance on what is termed a declaration basis. The cover may or may not include a maximum sum as a limit, but there will be no reduction applicable in the event of under-insurance (or a high sum insured limit is applied to avoid this); the premium is adjustable on the annual declaration,which must be received in a limited period from the end of the insured’s financial year.

The cover automatically provides for the cost of auditors in preparing financial details from the accounts, but not for the preparation of the claim itself.

It is often found that consequential losses will arise such as liquidated damages, above-economic increases in cost of working, deterioration or wastage of undamaged stock, etc. special items can be added to deal with these exposures. This section has indicated the need for individual review when arranging an interruption insurance and for the policy accountancy definitions to be suitable to the system of accounting adopted.

A further form of special cover called ‘book debts insurance’ provides for the loss flowing from the un-8urecovered monies from trading prior to the damage through the destruction of the account records and the inability to collect the outstanding debts. The essence of the insurance is the monthly declaration of outstanding book debts, which serves as a datum against which after damage the shortfall in recovery of book debts can be measured. A low rate is involved and the degree of duplication, protection of the records and sum insured determines further reduction to it.

It is in the field of interruption insurance that the importance of the assistance from loss adjusters and others arises, since as witnessed in the spate of recent natural disasters that have occurred, much can be done in emergency conditions to minimise the potential loss.

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Understanding Commercial Insurance Risks and Business Insurance Covers

By Dave Healey

If you own or manage a business, either large or small, you will require some type of insurance to protect your company against the various risks and potential multitude of claims, that your business will face.

Commercial insurance or Business insurance as it is commonly known, is a complicated area of underwriting and because all businesses are different, and face different risks depending upon the nature of the company, various packages and combined policy covers have been introduced by insurance companies and commercial broker schemes, to make the process easier.

An example of a small business insurance package which is commonly sold online is the Tradesman’s insurance package, which includes all elements of cover required by a small business or self employed trader such as basic liability covers and theft of tools.

Other small business insurance packages that are trade specific and can often be obtained online are available for shopkeepers, offices, surgeries, hotels and guest houses, restaurants, public houses and builders.

Large companies will be offered what is known as a commercial combined policy which has many different elements of cover which can be combined to make a bespoke policy for the enterprise. Most large companies will require some degree of risk assessment before the policy is underwritten, which may often include a visit to the business premises or site, and for this reason these types of larger business usually employ the services of specialist commercial insurance brokers.

Business Risks

The largest risk that a business faces is from liability to others, and the potential costs and damages a company could face if a claim was made against it.

All companies are required by law to have in place liability cover, called Employers liability insurance or EL, to protect their staff against all potential risks and accidents while in the workplace.

Business liability insurance is usually sold as a package and will always include Public Liability, often just known as PL, which protects the company against claims from the public whilst on the business premises.

A further type of liability insurance called Product liability is also available to companies under a commercial liability policy which protects the company against claims made for design or manufacturing faults in the product.

Company directors can also protect themselves against liabilities with Directors and Officers insurance (D&O) cover.

Property Damage

Most business large and small will have premises that need protection against buildings perils such as fire and flood and commercial property insurance is available to cover all buildings insurance risks. Similarly commercial contents insurance for business premises is available which covers office and business equipment including files and data processing against the common perils. For companies that carry stock, this type of business contents insurance can be extended to cover risk such as deterioration and damage.

For the small businessman who works from home these covers are often available with strict limits of indemnity, as a bolt on to a standard home buildings and contents policy. This type of cover is often effective for self employed people with just a computer and a home office.

Business Contingency Cover

One of the largest problems faced by a business is that of how to continue in business should the worst occur, for example a fire that destroys the premises. In order to deal with this Insurance companies have devised a cover called ‘Business Interruption Insurance’. Based on your previous years annual turnover, this protection insurance covers your company against all losses caused by interruption to trading due to any of the perils mentioned on the policy and will pay out on a indemnified basis for the period of cover agreed in the policy. Most policies will also offer some type of alternative trading accommodation to enable you business to continue whilst the premises are being repaired.

Additional Commercial Risks

Because commercial insurance is designed to cover all classes of business, there are many various trade or business specific covers available which can be added to a combined policy. Examples of these covers include loss of licence to trade, glass cover, goods in transit cover, book debts, commercial vehicle insurance, hauliers cover, warehouse cover, engineering insurance and plant inspection services, and theft by employees.

Outside of most combined policies are additional risks more often sold under separate policy covers, that should be considered to protect your business against all eventualities.

Examples of these are, Commercial Legal Expenses insurance cover which protects the company against claims made by employees for unfair dismissal and allows you to bring cases against suppliers.

Various protection policies are also available for businesses including Keyman insurance which provides cover against the loss of key people within your organisation. Business mortgage protection provides a monthly payment for business premises should you suffer and accident or sickness. Group ASU policies are also available to protect your staff and employees.

Purchasing Business Cover

Purchasing commercial risks insurance can be a daunting experience for the uninitiated small business owner and unless the risks are straightforward and can be underwritten online, it is advisable for all companies to approach the services of a local or regional commercial insurance broker. Insurance Brokers will not only be able to assess the complete range of risks that your business is exposed to, and provide the correct levels of cover, they will more often than not have a unique local knowledge of the risks involved and will be able to negotiate premiums that reflect the nature of the risks. Furthermore, in the event of a claim, and as most businesses will be faced with claims at some point in their trading life-cycle, the broker will handle all the settlement negotiations with the insuring company and allow you to continue what you do best – running your business.

Commercial insurance and tradesman risks covers for small business insurance are widely available online today. For larger commercial enterprises it is strongly advisable to visit commercial insurance brokers for a detailed assessment of the risks your particular business is exposed to.

Article Source: http://EzineArticles.com/?expert=Dave_Healey
http://EzineArticles.com/?Understanding-Commercial-Insurance-Risks-and-Business-Insurance-Covers&id=2601731

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No seriously we really do think it just media hype! Although a major viral crisis would damge the UK economy.
Uncertainty and fear have been jamming the enquiry lines of call centres of UK insurance companies and brokers, up and down the country this week, following the sporadic outbursts of Swine Flu, influenza variant strain H1N1, associated with travellers returning home after vacation in Mexico.
Unlike the questions regarding travel insurance which have been covered extensively in the national press, it appears the UK public are more concerned about their individual personal covers, should Swine Flu become pandemic.
We asked some of the UK’s leading Insurance Business characters for their thougfhts on how Swine flu in the UK, was going to affect their insurance products and claims.

Hayden Powers, Customer Services Manager at Burgesses Ltd the UK’s largest online supplier of independent income protection insurance and mortgage protection insurance for Sickness and ASU products http://www.burgesses.com explained,
“The majority of sickness insurance protection products sold by online independent providers such as ourselves in the UK, cover Flu and it’s associated sickness, and we can assure all our clients and direct customers that they are covered ‘back to day one’ of a period of sickness caused by swine flu.
It is important that a sickness insurance policy includes the back to day one cover, as most income insurance and mortgage payment protection policies for sickness have a thirty day excess period before you can claim. If your swine flu sickness period only lasts three weeks and you have a thirty day excess period with no back to day one of your sickness cover, then you will not be able to claim.”

Robin Rankin of UK Commercial Ltd http://www.uk-commercial-insurance.com the online UK Commercial Insurance broker network, confirms that many small business owners are very concerned about the effects of swine flu on their business.
He said,
“They are concerned about the interruption to their business that widespread Swine Flu might bring. We have had enquiries as diverse as from freight forwarder insurance customers that do business in Mexico with imported goods, through to clients who have Keyman insurance who are concerned about business continuity if these key players fall victim to the flu. However most enquiries have been from small businessmen concerned about additional pressures on their already struggling businesses that swine flu might bring, in particular business insurance coverage under the contingency sections of business interruption.
A major problem will arise if companies are forced to close due to a swine flu pandemic, and the nature of the risk becomes fundamental. In this scenario the UK Government will have to step in to rescue falling businesses.”

Dave Healey underwriting expert at online specialist car insurance comparison site http://www.car-insurance.tv warns of the dangers of driving with swine flu.
He said,
“We are warning our clients against driving if they are suffering the effects of flu or on medication prescribed due to having contracted swine flu. Aside from any legal obligations, persons doing so are at a much higher risk of having an accident”

It’s apparent that the UK insurance industry is bracing itself against the Swine flu outbreak as the situation worsens, but it is as yet unclear whether they are in a proper position to deal with a full scale influenza pandemic, as seen in 1918 with Spanish flu.

Good news is that despite all the bad economic news and the credit crunch, productivity is up.
There has been a hundred per cent drop in the number of employees calling in sick saying they have the flu!

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