By Jelf Insurance
Whether you’re just starting out or you’ve been in business for a while, buying insurance can be complicated, confusing, and time consuming. But there’s no getting away from the fact that it’s vital to keep your business running if the worst should happen – on top of that, some insurances are required by law.
This quick guide sets out some basic guidance to help you get started.
Understand Your Risks
Naturally, you want to buy the right insurance to protect your business, at the right price – without overspending unnecessarily, and no one wants to find they have inadequate cover when it really matters.
So, the first step is to work out what you need to insure and how much protection you need.
That’s about understanding what your business needs to keep it running, as well as the things that could go wrong – incidents that could affect your employees, customers, equipment, property, and the general public.
Ask “what if?” questions such as:
Select the Type of Insurance You Need
Clearly, any and all of the risks above could have terrible consequences for a business. Here’s an overview of the key liability insurances and what cover they provide.
The starting point in finding the appropriate cover you need is to look at what you do day to day, and how these activities could cause damage or injury to an employee, a customer or another member of the public. Insurances that protect you in these events are referred to as Public Liability, Employers Liability and Professional Indemnity.
Employers liability insurance
If you employ people, you must have this insurance by law. It covers things like injury at work, slips, trips, and falls affecting employees where you are negligent.
Public liability insurance
This insurance cover is there to protect you in the event of injury or incidents affecting customers or the wider public – for instance helping you to defend compensation claims, or cover compensation costs if they are awarded against you. Jelf can arrange a policy that goes further than this to provide cover for things such as efficacy – for example, the failure of an alarm to perform its intended function.
Professional indemnity insurance
This cover protects you and your business in the event of legal claims relating to advice you have provided and will cover the cost and expenses incurred in your defence.
Jelf can arrange a policy to include professional indemnity cover as standard – with a limit of £500,000.
In all cases, the amount of cover – or the cover limit – you buy is vital. The employers liability and public liability that Jelf offer provides protection ranging from £1 million to £10 million, but you should ask your broker exactly what level of cover you need, as underinsurance can have serious financial consequences.
Clearly, every business is different and your insurance should protect you and your business against the specific risks you face. Therefore, the types of insurance and levels of cover you choose should be individual to you.
The good news is that Jelf Insurance have a specifically designed policy for CEDIA members to protect you and your business.
As a specialist insurance broker, Jelf can work with you to understand your risks and the cover features you need, before matching your requirements with the insurance options that are available.
We are always happy to help if you need advice, or if you simply don’t have time to shop around, we can to assess what you need.
The team at Jelf are waiting for your call on 01905 892 359. Alternatively, email us at firstname.lastname@example.org.
Jelf is a trading name of Jelf Insurance Brokers Ltd (Reg No. 0837227) is registered in England and Wales at Hillside Court, Bowling Hill, Chipping Sodbury, BS37 6JX. *Authorised and regulated by the Financial Conduct Authority (FCA).