qAwwLA1hJFCFU3vGFzhg08HSUWMB9HJ8O: 2012

Friday, November 30, 2012

The Different Types of Business Insurance

In the UK there are many different types of Business Insurance. It's because of this diversity that the options available can sometimes be confusing. So for a new business that has no staff or an existing enterprise with teams of employees it's important to decide what level of insurance you must have and those that are advisable.

Here is a list of 16 different types of Business Insurance you might consider.

Employers' Liability Insurance - The Employers' Liability (Compulsory Insurance) Act 1969 requires that employees be covered against injuries whilst doing their job - Mandatory.

Motor vehicle insurance - Most business policies are comprehensive or third party, fire and theft. Legally you must, at least, insure your legal liability for injury to others and damage to their property - Mandatory. If you use private vehicles for business use, make sure the relevant policy accounts for this.

Professional indemnity insurance - Protects businesses against injury, loss, or damage, arising from their professional negligence or that of their employees. Depending on your industry certain profession MUST have insurance, these include; architects, accountants, solicitors, surveyors, insurance brokers and financial advisers.

All of the following types of Business Insurance are recommended.

Business travel insurance - Some employees travel extensively around the world. Cover against delays, loss of life and injury; equipment and money is recommended.

Fidelity guarantees - If you are worried about dishonest employees Fidelity Insurance covers against loss of cash or stock.

Key Man insurance - Some businesses would cease to function properly without certain individuals. It's not uncommon to insure Directors and senior managers against the loss of income from death.

Premises insurance - Much like home insurance your business premises should be insured for the complete rebuilding cost.

There are two types standard and "all risks". Talk to your broker about what level of cover you might need.

Contents cover - If you business holds any type of stock you might consider business contents insurance.

Plant and business equipment - Much like contents insurance, you can insure your machinery or business equipment.

Goods in transit cover - This is a popular insurance if you are looking to dispatch high net worth items. The post office always asks the value of your item being sent. Goods in transit cover operates in the same way.

Engineering insurance - Engineering insurance covers against electrical or mechanical breakdown.

Business interruption insurance - The riots in London in 2011 resulted in claims for disruptions to your business. Claims for loss of income and expenses would be likely.

Public liability insurance - This is a very common policy that covers your business from damages to members of the public, either for death, injury or property damage.

Product liability insurance - If you sell a product you need to consider carefully whether that product may harm an individual due to defects or negligence in manufacture. If so, you need to talk through the risk with your legal adviser.

Pollution risk insurance - Pollution is taken very seriously by the Environment Agency. If your business is caught polluting the environment you could be liable and fined and forced to pay to clean it up.

Directors and officers insurance - Company directors and officers have specific duties and responsibilities, for which they can be held responsible. Directors and officers insurance provides cover for compensation and legal costs, if they are found to have inadvertently acted outside their terms of reference.

There are differences in the legislation depending on which part of the country you live in. If you live in Scotland or Northern Ireland you should check local laws.

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Auto Insurance Claim Guide - What You'll Need to File Your Claim

If there comes a time when you need to file a claim with your auto insurance company, you have to be sure to give them all of the necessary information so your claim can get paid right away. This article will fill you in on what you need when you go to file a claim.

You must know who was involved in the accident. Once you are in an auto accident, it is your job to speak with all of the parties involved and take note of their names and contact information. Even if no one looks injured, you need to do this anyway, because there may be injuries present that are not visible at the time.

Look around to see if there were any witnesses to the accident. You may feel like the other driver is at fault, while they may believe the same thing of you. Having a witness available can clear up the question of who is responsible. Do not try to persuade witnesses of anything, since that would be akin to filing a false claim.

When an officer arrives at the scene, make sure to get all of his information. This will help the insurance company get a copy of the police report. They will need that in case there are any disputes.

Write down what the make, year and model of each of the vehicles involved. Also write down the color. This is information that the insurance company will want to know. Ask the driver what year the car is in case you are not sure.

Take note of how many passengers were in all of the vehicles involved. You should write down their names and contact information as well. This is important because one or more of them may file a claim later in the event that they were injured.

Get photos of all of the vehicles involved. These days it is very common to own a cell phone with the capability to take photos. Take advantage of that and snap a few photos just in case there are some disputes later about the damages that actually resulted from the accident.

If you have all of the proper paperwork and evidence when it is time to file an auto insurance claim, the likelihood of you being successful is greater. Have all of the information above ready before you even dial their number.

It's Your Store

Introduction

Small store retailing gets in your blood. Prior to being in the insurance business, I was the manager of a small store and after a five year pause in the game publishing business, a partner of a small retail store chain. It is good now to look back from my new perspective as an insurance professional and bring forward insights for small retail store owners.

Love What You Sell

My path into retailing started as a holiday job at the Lubbock mall toy store (South Plains Mall - Toys by Roy). This was in my Junior year at Texas Tech (Go Raiders!) and my parents had gone crazy about my first college job (compliant desk at the Lubbock newspaper from 5am to 9am) because I made the mistake of bragging that I was sleeping though my morning classes but still "Acing" them. I applied as a holiday clerk in the hobby area selling model trains, Estes Rockets, plastic models and other fun stuff. The manager, Phil Hixon noticed my work ethic and understanding of model trains (my older brother was a model railroader) and I was kept on as part-time hobby clerk. While completing my fourth year of my Business degree, I evolved into being the hobby section manager of this large specialty toy store. I loved selling hobbies and wanted our customers to have what they needed for their projects and soon took over ordering for the entire hobby area. I was a Business Major focused on retailing studies after all and this was my first time to put my learning into practice. I also embraced selling children's toys as an additional passion. I was hooked and while I had several large retailer job offers in the Spring of my senior year, my journey was to be toy & hobby retailing because it was what I loved to sell.

Insight - One of the secrets to success in small store retailing is to love what you sell. Your passion will attract loyal customers. Your personal interest in your products will help you see trends and correctly balance your inventory with the right stock selections.

Rite of Passage: First Christmas In the Toy Business

In the toy retailing business, you must show your mettle by working the Christmas gift buying season. Toys, more than most retailing, are very seasonally focused on the Christmas gift buying event. The whole year is focused on being ready and having the right selection to "bring home the bacon" during November and December. Last year's "must have" toy is now only an OK seller and the two years ago hot toy is in the clearance aisle. Your buyer (that's you in the small retailer world), had to guess at the January Toyfair, what will be the hot items for this year's Christmas season. Half your total sales will happen between mid-November and December 24th. The manager and assistant manager are expected to work long hours and stay focused. Being willing and able to work the 80+ hour per week for the entire Christmas sales season is "the Rite of Passage" in toy retailing. My baptism as an Assistant Manager in the toy business was the Star Wars toy crazed Christmas of 1978.

Insight - Hard work and long hours come with the retail store territory. You will earn your markup.

Ertl Riding Tractor

I still dream about assembling the big green Ertl John Deere Riding Tractor (Lubbock was Cotton Farm country and this was the prime "just like daddy" large gift for five to eight year-old boys). None of the consumers ever successfully assembled this expensive toy. There was no point in selling them the kit in the box because it would only become a messy mangled return. It took an hour per unit, even with practice, to get this beast put together. As assistant manager, I became the designated expert assembler. We sold the heck out of them in 1978 and 1979 when I worked at the Lubbock Toys by Roy as assistant manager.

Insight - Retailing is about adjusting to your customer product wants and delivering it. An assembled Ertl Riding Tractor was something our clients could not get anywhere else. We had them in stock and happily put them together. We delivered what they needed - the other local stores didn't care. We won both the large sale on the tractor and often a whole family Christmas gift purchasing event and repeat off-season visits from the thrilled parent that had obtained their son's critical "under the tree" gift without the torture of putting it together Christmas Eve.

Insight - Your product in retail is the whole shopping experience, not just the item sold. Our "product" included broad selection, help finding the right toy, location, free gift wrapping and yes, free assemble of the Ertl Riding Tractor. We were never the low price leader for toys but had a loyal clientele because of the whole product we offered.

Be the Destination

As a small retailer, you need to achieve and maintain "Destination" status. I ended my career in retailing rather than yield to my ex-partner of our three game store chain in Dallas, Texas over maintaining "Destination" status with adequate inventory selection. Let's face it; Wal-Mart will beat you on price and advertising spending on any market segment they want. Your store must develop a small niche that the big retailers don't want and then dominate it. This is the classic "Big Fish in the Small Pond" approach. If you become just another "Small Fish in the Ocean" your store's going out of business sale will be in the near future. In game retailing, the focus is a selection including the new game releases and having a wide range of accessories in stock. My ex-partner, after I sold out, paid off the IRS and other creditors by not refilling inventory for four months. He then refilled but had lost "Destination" status and our regular customers had left for other better stocked stores where they could buy what they wanted. The chain was liquidated a couple months later.

Insight - Decide on your small niche and do what it takes to be important for your regular clients. Be the destination for your chosen niche. You have to provide a reason for your customers to come, buy and bring their friends. Lease Smart

Most small retail stores are in leased space and getting the right location with an acceptable lease is a critical business decision. My second retail venture was a Game Store chain. Envision a store that featured chess, dominoes, board games and adventure games (Dungeons & Dragons, etc.) and not a video game store. We had a successful location in Amarillo but wanted to move into a large market and were enamored with malls. Dallas was the "Land of Oz" to the eyes of a small city retailer. The only Dallas mall that would offer a lease was Red Bird Mall in far South Dallas. As I assessed the mall opportunity, I made the key mistake of seeing the location from the perspective of Amarillo and not the needed perspective of the big city. This was a mall in decline in the wrong part of town and we had just signed a five year lease in hell. The financial wounds of this bad choice eventually lead to our enterprises' demise.

As a commercial insurance salesman, I often see new store owners sign the lease without any understanding the insurance requirements that they have agree to. The insurance required by the lease can be extensive, sometime ridiculous and well beyond any affordability. Lucky me, I get to be the messenger. While this is a different error, it can have similar results.

Insight - Your location and lease are critical to your financial success in retailing. Be sure you have understanding of your market and have a professional review your lease terms before you sign-up. By all means, have an insurance agent quote the insurance required by the landlord. A bad or overpriced lease or a lease for the wrong location is a quick way to bankruptcy.

Evolution and Listening to Your Customers

The wolf at the door can be the driver of innovation needed to survive in retailing. Faced with an expensive mall store with flagging sales, I had all three staff members writing down anything that our customers asked for that we didn't have. This act of listening was why we survived the unfavorable mall lease and led us to a new niche that made real money. We found many good individual product line extensions based on requests of 2 or 3 customers, but we added an entire new product segment with 153 votes for Nintendo. My partner and I were initially completely deaf to this big wave that was engulfing the game, movie rental and toy business. Nintendo was extraordinarily "hot" and people expected a "Game Store" to have it. Without capital for a big expansion into this very expensive area, we developed a low capital approach of a small selection of new games, taking trade-ins and then renting them by the week or selling them used for a good markup. It was a cash engine and actually pushed us into "percentage rent" (our nasty mall lease had a provision to charge a percentage based on sales).

Retailing is never a steady state. We cornered the "Best Value in Nintendo" market for several years but the market never stays still. The big money (Blockbusters, Funcoland - now Game Stop, et.al.) invaded our niche of used games sales and extended video game rentals. One of my conflicts with my ex-partner was that we had to push our envelope again and find new niches. He resisted any increase in our product selections and insisted that we stay focused on cost cutting and not growth.

Insight - Retailing requires listening to your customers and paying attention to what they want. The evolution of new product niches is part of the business of retailing. Failing to grow your concept or change your product selections to stay focused on your customers will doom any store.

Summary

I hope my vignettes of my personal retailing experiences have been helpful. Retailing was a passion of mine for many years and helped mold the insurance salesman that I now have become. I don't miss the long hours, weekend shifts or the bounced paychecks but I still have fond memories of my years in retailing.

What You Need To Know About Product Liability Insurance

These modern times, people are now very litigious of anything minor or major. That is why there is great rise of the several types of liability insurances in the market to help business owners. One of these insurances vital for a business proprietor is the product liability insurance.

Product liability insurance protects the business and its owner from claims related to the sale and or manufacture of any type of products such as food, medicines, and other goods. This type of liability insurance, however, may not cover the financial losses of the owner or its business due to faulty products that they manufactured, produced and/or supplied to the public.

If a business or company supplied a faulty product, the claimants may try to claim from them first, even if they did not manufacture the product. The enterprise involved will be liable for the compensation claims if any of the following occurred: the business' name is labeled on the product, the business repaired, restored, or changed the product, the business imported it outside the country, the manufacturer cannot be clearly identified, and the manufacturer closed the business.

If not the business itself is liable, then most probably the manufacturers are. Even so, the business should show and prove any or all of the following: the products were faulty or damaged when supplied to them; consumers are given sufficient safety instructions and warnings regarding its misuse; consumers are given conditions for return of faulty or damaged goods to the manufacturer; the business has a supply contract with the manufacturer that covers safety, quality control, and returns of the products; and the business have good quality control systems and record-keeping systems.

There are also cases wherein there is a so-called firing line for claims on product liability. The first in line is the producer or manufacturer of the product. Next in line is the person or business that placed their name or mark, declaring to be the product's producer. Third in line is the person or business who imported the product. It is followed by the person or the business who recondition the product. The last in line is the person or business who supplied the product.

Just like any other professional liability insurance, product liability insurance is not obligatory in law. Yet, every manufacturer, supplier, and retailers should and must protect themselves from the perils of liability claims screwed to them if ever defective products injured any consumer. After all, it is their responsibility to provide the public with quality and safe products.

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Shop Insurance And Security Considerations

Shops have always been the targets for thieves and since the emergence in the early nineteenth century of shopping rows, have presented their owners with various security considerations to deter organised crime. Most of these security requirements were insisted upon by insurance companies before they would underwrite the risk.

Today it is no different a risk for insurers, with the exception that the types of goods to protect and security considerations that retail outlets have to manage have changed somewhat over the years. Likewise today, all insurance companies when offering shop insurance to retailers will insist on what is known as a 'minimum level of security', in order for the policy to be valid.

The responsibility of making a shop building secure to the minimum level of security will usually lie with the owner of a property. If the shop is owner-occupied then the retailer will require an all risks buildings and contents shop insurance policy.

The buildings section of the policy will insist with clauses and wordings that certain thief deterrent security features are in place. Typically these include double mortice locks on doors and windows and grilles or bars where appropriate.

Most shop premises are either leased or rented and in these cases it is advisable to refer to the leasehold contract or landlord's tenancy agreement, as to establishing the responsibility for insuring the buildings and securing the premises.

Tenants will be more concerned with protecting the shop fittings, stock and shop contents, however tenants also have a large role to play in ensuring that the shop premises are secure and will be responsible for providing additional security. Shop contents policies usually also cover any improvements a retailer has made to the interior of a building and include a fixed level of indemnity for this.

Many shop insurance packages exist on the market which offer a choice of buildings and or contents covers to choose from as part of a wider all risks package suitable for both landlords or tenants.

The shop package includes covers for risks such as business interruption, public and employers liability cover for shop staff and a range of legal and staff protection insurance covers which may occur as a result of an attack on the premises or a break-in.

All shop insurance policies will ask at quotation stage the levels of security that currently exist for the shop, however this is highly dependent upon the type of trade being carried on at the shops premises. Insurance companies will need to know the type of locks and bolts used, installed alarms, CCTV and whether security patrols are employed.

Many shop insurance companies will insist that certain approved burglar alarms are installed before offering to underwrite the risk. If the shop sells high risk goods such as high value electronics or alcohol and tobacco, then most insurance companies will insist on additional security and ask that levels of sums insured are defined for each type of high risk stock.

The premium paid for a shop insurance policy will often depend upon the security devices in place. These devices, although often initially an expensive outlay, can prove to save money over the long-term as generous discounts are available where the shop's security meets all the insurers recommendations. This is especially true if the shop is in a high risk theft area where without doubt the insurance company will set higher minimum security requirements.

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Commercial Minibus Insurance

It is usual for insurers to design policies for specific applications and this is applicable for commercial minibus insurance. This is because the needs and requirements differing significantly between one operator and another and especially in comparison to other vehicle types, for example, cars and motorcycles. Should a particular minibus not be used solely for commercial purposes, there are options for multi-purpose policies. However, if the vehicle is commercially related, then it will conform to the basic policy conditions, as would a taxi.

Under the terms of a commercial policy, a premium consideration is made for the fact that as a result of additional seating, there is added liability. This has the consequence of potential claims for whiplash or injury to those conveyed by the vehicle during an accident. It is a situation that could involve the insurers in substantial financial settlements of claims for compensation. Accordingly, this potential risk is incorporated into the monthly or annual premiums for in insurance.

A general classification related to any vehicle with a seating capacity for more than nine persons, but less than sixteen, is that of a minibus. Should the vehicle be used in connection with a business than the owner must apply for commercial minibus insurance! This is different in comparison to usual terms of insurance, as the owner or driver, will be responsible for various passengers, who are paying money for conveyance between two places. Adequate insurance coverage is critical, no matter whether a minibus is used as a taxi or for private tours.

The higher risk factor for a minibus does not only relate to the high distances travelled, which usually indicates a greater potential for accident involvement. Other factors that are also taken into account by insurers are the likelihood of vandalism and the potential fire, theft and third party claims for compensation that could arise. This increases the level of risk to the insurance company, when compared to average type of vehicles and explains the higher premiums required.

The assessment of the terms and conditions related to insuring minibuses cannot be regarded as being as relatively uncomplicated as that of general and car insurance. Highly varying factors need to be considered, including specifically the vastly differing mileage covered by the respective type of vehicles and the contrasting numbers of people conveyed. These operating conditions must naturally be related to the added risks involved.

In this age of high volumes of passengers travelling to many and varied parts of the United Kingdom and even into Europe, differences in the design of insurance policies are considered. Careful consideration is given to the various related aspects of the vehicle usage. The insurance company and the policy holder are provided with terms and conditions in the insurance policy that meet the needs of a particular application at a reasonable cost.

Liability Insurance FAQ For The Self Employed

What is Professional Liability?

Liability is legal responsibility for damages. When we think of liability, we tend to think of the risk associated with business. Professional liability, however, applies even to individuals, particularly those that are in a service-providing or advice-providing field. Even when subcontracting, it is very possible that the liability falls on the individual, which is why insurance for the self employed is so crucial. Self employed insurance protects the individual like a business but also protects personal assets.

What is Liability Insurance?

Liability insurance is a hedge against risk. The most common form of it in the US is errors and omissions (E&O). Professional liability insurance is also called, especially in other parts of the world, professional indemnity insurance (PII) and professional liability insurance (PLI). All of these different types of policies can be extended as self employed business insurance. The primary difference is that the policy has additional features to protect the individual in ways that the standard organization does not require.

How Does Being Self Employed Affect Liability?

Many new small businesses are sole proprietorships, and a big mistake many of these new business owners make is assuming that they are not held accountable in the way an organization is. In actuality, they are held accountable in the same way and self employed liability can even be worse since it is focused on a singular entity and because claims often have access to assets that exist beyond the domain of the business. Many small business owners do not realize that their home and other assets can be at stake.

What is Public Liability Insurance?

One of the main types of standard and self employed liability insurance is PLI. The term public refers to any third party. When a company does business, there is the possibility that they affect a third party, such as the general public, vendors, subcontractors, visitors and even trespassers. If a company affects a third party, they are liable for damages, so self employed public insurance plan protects against it by transferring much of that risk to an insurance company.

What are the Other Types of Liability Insurance?

The other main types of standard and self employed insurance are product insurance and employers insurance. Product insurance coverage, which is not always compulsory, protects against damages that arise from the use of a product. Employers insurance protects against damages to an employee while on the job. Generally, worker's compensation is paid for by employers insurance. Usually, these insurance policies exist separately, and the individual must acquire unique insurance quotes for each type.

What is Umbrella Insurance?

Even when an individual has full-coverage public liability insurance for self employed workers, there can be gaps in coverage. For instance, a service-providing small business might not foresee the need for product insurance, but there are cases where damages from a service could fall under that domain. Umbrella insurance, sometimes called drop-down insurance, exists to fill these gaps. If a liability occurs that the individual is not covered for, the umbrella policy drops down and fills in those gaps in coverage.

Better And More Detailed Look At Taxi Insurance Programs

Taxi insurance is something that has become a new development in the field of insurance programs and financial aid programs as well. The insurance programs for entire fleets of cabs are supposed to provide a financial protection to public and private hire taxi services. In the case of taxis, there could be the situation of accidents and other things as well. Taxi insurance is something that provides a better protection and also an arrangement of the expenses of the repairs and the medical treatment of the people injured in the accidents. The accidents will take place all of a sudden and many unnecessary expenses will be incurred. So, in such times, the taxi insurance will compensate for the different types of damages and accidents.

But what is taxi insurance in reality? It can be understood by knowing the basic types of taxi services which are available to the common public. There are two types of taxi services which are commonly seen in cities and other regions. One is that of public taxi services. The public taxi services are services which the common masses can use for commuting across the cities and towns. On the other hand are private hire taxi services. These taxi services are especially convenient for customers and businesses who use the private services for their specific purposes and reasons. The private hire services cater only to those who have booked the cabs and vehicles for their purposes.

So, essentially, there are insurance programs for both the public hire and private hire services. The public hire insurance programs are programs that will insure the public taxi vehicles and the drivers against unexpected accidents and damages. The vehicles are insured against the damages, while the injured drivers are compensated in financial ways. However, there is no actual compensation for the other people, who may have been injured in the accidents. So, the passengers will not be provided any compensation in the case of the road accidents and collisions. But private hire insurance programs are a completely different story.

This is because private hire insurance services will focus on the benefits and compensation privileges of the customers of the services. This means that the businesses and individuals who use the private cab services will also benefit from a third party coverage for their medical expenses. Thus, the private hire service insurance has more benefits than the public hire services. Before one chooses to get the taxis insured with a policy, there are some solid factors to be really considered. One of them is that there are many different programs for insurance of taxi vehicles. They will carry different special benefits and even different perks and freebies as well. So, choose one wisely and with caution.

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Cyber Liability and Data Breaches - How to Protect Your Business From Hackers, Viruses and Loss

Through the use of social media, cloud computing, email and databases, information can be transferred with a click of a button, and viewed by any number of people around the world in a matter of minutes. This is undoubtedly a quick and relatively cheap method of communicating with customers and marketing your company, until it goes wrong.

Cases of virus attacks, infringement of copyright, defamation or theft of customer and employee data have risen in the last few years, and these types of case continue to appear in the news on a regular basis, especially when the data breach is from a company we all know and trust such as Sony.

Sony Online Entertainment and the PlayStation Network

In April 2011 hackers stole the personal details of around 77 million users of the PlayStation Network, and an additional 25 million from the users of Sony Online Entertainment. This included data such as names, addresses, email addresses, phone numbers, and debit/credit card information. The cost of the investigation, cleanup, insurance and updates was estimated to be around £105 million - not including lawsuits.

However, it is not just huge international companies that experience expensive breaches. The number of attacks on small businesses (fewer than 100 employees) rose from 141 in 2009, to 761 in 2010.

In fact, it is difficult to find any business that isn't at risk of becoming a target, due to them owning at least one of the following:

A computer network Option of credit card transactions A database of personal information

And it is not just the risk of being hacked by a virus or a cyber criminal that can cause problems. More and more of us are accessing emails and databases on the move through laptops and smartphones, which can be easily lost meaning sensitive information could be accessed by a member of the public. And even if the data is not abused, the fact the information was lost in the first place counts as a security breach, with a potentially large cost.

Facts and Figures The average cost of a data breach in the UK is £1.75 million (2011) 31% of data breaches are due to malicious or criminal attacks Negligent employees or contractors caused 36% of breaches The number of attacks on small businesses (fewer than 100 employees) rose from 141 in 2009, to 761 in 2010

Although it isn't always possible to totally stop these breaches from occurring, it is possible to protect your business from the problems a breach may cause. Cyber Liability Insurance, also referred to as Internet Liability Insurance or Online Liability Insurance, protects against claims arising from:

Security breaches Misuse of company email Libellous content on the company website System damage caused by viruses or malware Financial loss caused by internet downtime, or failure of the company website

This provides specialist protection which is often not included in general liability policies, whilst minimising business interruption after a claim and protecting your business financially from costs such as cleanup, security updates and expensive lawsuits.

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Shop Insurance And Reading The Riot Act To Your Business Insurance Company

Having watched in horror at the riots and civil disturbances that spread like wildfire out of control across many British cities in 2011, many business men and women are left wondering if their premises and business property is covered under their existing business insurance policies.

In the UK many shopkeepers and tradespeople who lost their businesses and property in last years riots, have yet to be compensated from their insurers.

Due to fairly recent changes in UK riot law, introduced after the nationwide riots against the Thatcher Government in the early Nineteen Eighties, there appears to be some confusion amongst the authorities and the insurance companies as to how to interpret the law and consequently, who is ultimately responsible to pay for the loss.

The problem is one of defining when a civil disturbance becomes a riot and vice versa. Depending upon the status of the disturbance, it could be the insurance companies who are liable or the local police authority. This has in some cases caused distress to business people, in particular shop owners who lost property in the riots and are still awaiting compensation for their claims. Shops were the main target of the recent English riots, with extensive theft of high value goods. Arson also caused billions of pounds worth of fire damage to buildings and contents.

Riot and civil commotion insurance cover is a special peril that is included as standard in most commercial insurance business property packages such as shop insurance, pub insurance, restaurant insurance, hotel insurance and office insurance. it is also available as an optional peril choice or given as standard in all UK commercial combined insurance policies that could cover any high street risk.

Riot and the Law

An act of riot is now defined under English law in the Public Order Act of 1986 which became effective in 1987 and lasts until today.

For a riot to exist there has to be:

Where twelve or more persons gathered together who use or threaten to use unlawful violence for a common purpose and that the conduct of this group is such that would cause a person of reasonable firmness present at the scene to fear for his safety, each of the persons using unlawful violence is guilty of riot.

The law states that no person of reasonable fitness needs to be present at the scene, it is immaterial if only one of the group is using violence and that conduct can be inferred.

Riot carries a maximum sentence of ten years detention at Her Majesty's pleasure or a fine or both.

The Act also made it the cost of a riot the responsibility of the local police forces with the introduction of the Riot Damages Act. This law effectively means that riot is now a fundamental risk and sends a message to the police that if law and order in your area gets out of control, you will foot the bill.

Shop Insurance and Riots

Nearly all commercial property and business insurance policies designed for the retail trade and shopkeepers will contain provisions under the special perils section for material damage and loss, due to riot or civil commotion. This includes all shop insurance packages.

If a riot occurs and a shop suffers material damage, it is the responsibility of the property owner to file a claim with the insurance company within seven days for the loss. Insurance companies then have to file the claim with the local police authority involved and appoint assessors within a further seven days.

Problems arrive when losses are substantial and spread over large areas of the country and claims are reported or handled late. There are physically not enough staff at police stations to handle the flood of claims, which in the case of large shops and warehouses can be in the region of ten million pounds or more per claim.

Insurance companies are often reluctant to pay out in certain cases where they fear that they cannot pass the loss onto the police, and the onus to recover the costs of the losses then falls directly to the shop owner negotiating with the police authority.

Not all business property is covered by riot insurance. Business vans and motors need to be covered under a separate policy with a separate claims process.

Loss of Profits and Business interruption are not covered by riot under the Riot Damages Act and are not recoverable from the police. If a shop has been burnt down and trading losses occur it is worthwhile badgering the insurance company involved to try to recover some of the loss of profits, which may be covered.

All business people should check the existing business interruption section of their policy wordings and if in doubt contact their broker or insurance company to confirm current levels of riot cover.

Managing Risks For Schools and Academies With Academies Insurance in the Face of the Winter Weather

The festive season is getting under way and with it, comes the colder weather and as many well know, this comes with a new array of risks to contend with.

For those responsible for the running and safeguarding of schools, academies and their pupils' interests, this should merit their attention.

Every school is different, and so the risks faced will vary. Investing in the correct Academies Insurance policy is important for risk management and budgeting. The onset of colder weather increases the chances of accidents happening and it also increases the likelihood of infrastructure and buildings damage. All of these things, particularly infrastructure and buildings damage, can have a disruptive effect on the ordinary running of a school.

With government targets to meet and standards to adhere to, school disruptions and closures are the last things that school teachers and staff want to contend with. In the same way that businesses can have their operations interrupted by a lack of Internet access or power, so too can a school. So it is important for school governors to ensure that safeguards are in place to mitigate the effect of such an interruption; they also need to have the correct insurance cover in place to cover the costs of reparations

It is important then for academies and schools to seek out tailored cover. Often, academies insurance will cover a range of risks, including liability, buildings damage, and professional indemnity for staff, employer's liability and more. It is therefore critical, in today's uncertain economic climate, to strike an efficient, cost-effective balance between the cover required and the outlay for the policy.

With cuts being made across the public sector, highlighted more recently by the proposed pension cuts for public sector workers, funding is certainly an issue. What school governors need to understand is that a good insurance policy can help them manage risks in a way that is financially beneficial. The cost of repairing a building outright, when compared to investing in schools insurance that covers buildings damage, is markedly different. Given the harsh winter weather the UK has experienced over the past three years, collapsed roofs and infrastructure damage is not out of the question.

Such a policy is also better for cash flow, as it is the insurers who will have to shoulder the costs of the incident as opposed to the school. Although, a successful claim depends upon appropriate measures and procedures being in place to ensure that the school cannot be held liable in a way that is not covered by their policy.

It is very difficult to foresee the occurrence of any accident or disruptive event, but preparations can be made that can increase the likelihood of a successful claim should something untoward occur. It is wise for school and academy managers to consult with a specialist Business Insurance Provider to understand their needs so that they know which kind of measures they need to put in place to adhere to their insurer's terms.

So Why Use a Business Insurance Broker, When You Can Go Direct?

Many big insurance underwriters of late have been advertising themselves as being cheaper, when a prospective insurance buyer buys directly from them. When news reports state that the Bank of England has to use its own funds to bail the out the British economy in a bid to avoid a second recession, many thrifty insurance buyers may be tempted to embark on such a cash saving exercise.

Research conducted by RiskHeads back in 2010, paints a very different picture however.

Survey respondents considered the following, in order of importance, to be the prime factors in influencing their insurance buying decision: cost, ease, speed and finally, peace of mind that everything is covered.

Where cost is involved, what many people do not know, is that Business Insurance Brokers actually receive preferential rates from insurance underwriters. Better rates, than those you are likely to receive when going directly to the underwriter. Why? Because when you go to a Business Insurance Broker, they have the time to consult with you on your specific business needs, so that they can then advise you on which policy is best suited to your business. As professionally trained, experienced people, Business Insurance Brokers are more likely to consider all of the eventualities that may befall your business when helping you choose a policy; this results in lower risk policies that still allow for a premium income. What's more, the Business Insurance Broker then takes responsibility for nurturing and maintaining the business relationship with the client whilst performing the role of a salesman, all of which is effort that the underwriter does not need to expend.

This ties in with the second most critical factor, ease. When assessing your business insurance policies, an experienced Business Insurance Broker can quickly identify areas where cover may need to be changed or improved. Where a lasting relationship is in place, these changes can all be handled quickly by the broker as they have greater knowledge of you and your business. If you go direct, the onus is on the buyer to know exactly what they want. The results of the research suggest that dealing with a Business Insurance Broker was much easier overall, where brokers were more proactive in communicating and following up on correspondence, where many direct enquiries to an underwriter were either forgotten or poorly managed. Why does this happen? Underwriters receive thousands of enquiries a day as a result of their marketing activity, business insurance brokers however emphasise a more personal service and have more time do deal with policy modifications and amendments.

Speed, the third most critical factor, was balanced. Online, direct insurance calculators often provided a swift quote, whereas brokers often took a little longer to provide personalised, follow up correspondence. Later on however, where policy holders wished to make adjustments to their cover, business insurance brokers were able to quickly make adjustments as they already had a clear picture of what the business required; whereas people who bought direct were usually required to submit lengthy paperwork and often found themselves caught up in loops at call centres, talking to people who had very little knowledge of insurance.

Where Business Insurance Brokers really shone however, was in their market knowledge and their ability to give clients 'peace of mind that everything is covered'. As it is in their interest to know the coverage of policies inside and out, they were far more efficient at cross checking policies and creating custom wordings to suit businesses' specific needs. Whereas the customer buying direct from the underwriter, had little knowledge and thus 'peace of mind that everything's covered' did not come easily to them; underwriters still rely too heavily on customers doing the research themselves.

The Different Types of Event Insurance

Event insurance has now become quite common in the UK. More and more people are worried about taking a risk with their special day and the financial implications that may cause.

But it is a misnomer to think that event insurance is only used for large events or for the wealthy. It is often used for much small and more personal events such as fetes, weddings or private parties.

Event insurance is something that can be used by individuals, small and large businesses alike. It can cover a range of events from weddings to large corporate functions. The principal reason for the insurance is protection against risk and financial loss.

With this in mind I thought it might be interesting to outline the various type of events that can be covered by event insurance.

Businesses of all shapes and sizes conduct events on a daily event thought the UK. These might range from conferences, exhibitions musical shows, fashion shows or product launches.

If you are experienced at running these events then you are probably taking the appropriate cover. But if your business is planning this for the first time then you might consider an event insurance policy as a precaution.

There are three main reasons why you might consider covering yourself. Firstly, 'cancelation'. Usually this covers you for a cancellation beyond your control and will result in reimbursement of any expenses incurred. Secondly, you might insure against property damage or loss and finally public and employers liability as a result of personal injury to employees or a member of the public.

Public gatherings or charity events such as fetes, firework displays and school fund raising activities are also insured.

It is not a stretch of he imagination to insure against the cancellation of a Church Fete due to bad weather and it is possible to insure against it. The loss of property, money and public liability are all considerations if you are looking to insure against this type event.

In Dorset we have lots of county shows, such as the Melplash, the Great Dorset Steam show. Without doubt, these type of shows will have a one-off event insurance of some kind. They might not insure against cancellation due to the weather, but Public Liability Insurance would be a must.

Events insurance doesn't only cover business related events, it can also cover private functions also individuals too. Functions such as Parties, weddings and Bar Mitzvahs are typically covered against cancellation, property damage and public liability.

Now obviously you cannot insure for a sunny lovely day, but you can insure against loss. So when it comes to deciding on any particular policy it is always worth reviewing the details with your broker. Ensuring you have sufficient enough cover is paramount. Areas you should consider are;

What are your irrecoverable expenses? Your budget for insurance. The greater the level of cover the more expensive the policy. Is there a greater level of risk to the public (fireworks displays)? What precautions have you taken? This may include a health and safety audit. Professional Indemnity Insurance Protection for the Self-Employed Electrician's Insurance - What You Should Know If You Own A Care Home Then The Correct Insurance Is Critical Public Liability Insurance: Often Neglected But Very Essential Aspect of Every Small Business

Liability Insurance Coverage For Your Enterprise

Insurance coverage for an enterprise is made up of different kinds of covers fashioned to shield you, together with your business and workers as well.

Your enterprise may require a far more protection due to the work it is involved in. Think of a manufacturing company that is involved in producing medical devices and gadgets. This company requires business insurance protection against any harm that may happen while workers are on their call of duty. The devices as well as gadgets themselves may also require to be insured against any possible claims that may happen from the last user. If your enterprise is hooked in a retail store business, you will most probably want to have enough coverage for the property of your business whether you rent or own the area where your business is situated.

And because liability insurance protection can entail far more than just the common kind of insurance you may know, you will want to try purchasing for supplemental coverage. When you understand that you need supplemental insurance that fits in the line of your business you will want to have further research about it.

General liability insurance usually entails protection from harm or losses of property, but a level that is typically low. The prices of a general liability coverage are commonly lesser than supplemental coverage and so when you begin talking to an insurance broker of yours about your specific requirements, you will surely want to have the best deal for the basic insurance policy that you require.

Supplemental insurance for an enterprise may vary from one supplier to another. However, the kinds of supplemental coverage an enterprise may require can entail omissions and errors coverage or car coverage. Of course you definitely don't want to buy too much supplemental coverage and therefore you have to talk with your broker to know just what kinds of supplemental business liability insurance coverage will fit to the requirements of your enterprise.

So that to start with your search of kinds of protection, you must have a comprehensive ongoing search. You can do that by searching through the internet. On those sites that offer such services, simply fill in the easy to use application form on their site and submit it. After a few minutes, you will receive several responses from certified and reliable insurance brokers together with general quotes for business liability insurance.

If you have many insurance companies to select from, you have the capacity to make instructed insurance purchases. You can not only compare prices which will make sure you have the best cost, but you can also get the guidance as well as details you require. When you are not certain of how much basic or supplemental protection you need, you have many insurance companies to talk your issues with. This will make sure you can get the perfect basic and supplemental coverage for your enterprise.

Modern Insurance Tips

Many people don't realize this but you can consolidate your insurance policies, such as your car and homeowner's insurance to the same company. Most insurance companies will give you a discount on both policies for doing this and you can save anywhere from 5% to 20% on your insurance just by doing this.

Thoroughly read your insurance policy, and do so several times. Many people do not bother reading their policies at all before they sign them, and later find out that they are overpaying, or that their policy was actually inadequate concerning important coverage details. Paying special attention to detail when reading through, can help prevent this.

Find an insurance broker who works with several major, reputable companies. These professionals, after reviewing your records, can compare different companies' offers and can choose the best coverage for the best premium. Some of these brokers continue to shop around for you and switch your carrier when another company offers the same coverage for a more reasonable premium. He or she can can also help advise you on factors that you may not have even considered or that are too technical for a layman to understand. An insurance professional will review your finances, risk areas, age and family status, to help you pick the right levels of coverage.

Ask if yo your insurance covers you personally or professionally. You may have the finest auto insurance in the world, but they may not cover you if you use your vehicle for part-time jobs like pizza delivery. Likewise, if you are self-employed, does any liability coverage in your homeowner's or renter's insurance cover you in case of professional malpractice? Don't assume one kind of umbrella protects you from all kinds of rain.

Deciding the right type of insurance to make is a tough decision but what you have to keep in mind is that if you explore all your options then you'll have a better time making that decision. Check out insurance from all types of businesses and see which suits your needs the best, it's the only way to ensure you'll be getting the deal you want.

If you are a member of a union or other important group, make sure to tell your insurance agent. Many insurance companies will offer steep discounts for certain groups, so you should ask your agent if yours does as well. You do not want to miss out on taking advantage of great benefits.

Insurance can be incredibly confusing. Hopefully, the tips on this site have helped you better understand how to buy insurance the right way. Apply the tips you have learned today to get your insurance situation under control. Do not make your insurance any more confusing than it has to be.

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