Business Insurance

Some Insurance cover is required by law, but the majority of insurance options are at the discretion of you, the business owner.  Within this section of the Knowledge Base we will discuss different types of Business Insurance and what they mean to your business*

*Continuity Partner are not a regulated insurance broker. Please contact a regulated insurance broker before making any changes to your business insurance arrangements.

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Business Insurance Articles

Drug Driving Law in the UK

Our friends at Cassey Miller James insurance brokers have recently issued guidance on the new UK Drug Driving law that will be introduced 2nd March 2015. Please take note of the advice to employers: New Stricter Drug Driving Law Starts in March On 2 March 2015, the government’s new, zero-tolerance drug driving law goes into…


Business Insurance – the basics

There are a bewildering array of Insurances available for businesses.  Some are required by law, others are essential but not legally required and some may be considered as a ‘nice to have’ We were going to write a guidance article on the basics of Business Insurance for our members and then came across this excellent…


Keyman Insurance explained

What would the impact be on your business if you lost a key person through severe illness, injury or even death?  Would you have the financial strength to replace that key member of your team?  Can they actually be replaced?  If they can be replaced how much would that cost and how long would it take?…


Why do I need a written Business Continuity Plan?

This is one of the most common questions the Continuity Partner team are asked.  So in this article we thought it would be a good idea to ask a respected industry expert (Julian Thrussell from Ultima Risk Management) to answer this question for us. Here is what he had to say: You will often hear…


Identifying threats to your business

Thanks to Travelers insurance in the USA for this simple but effective guide to Identifying threats to your business. Travelers Insurance Guide to Identifying threats to your business It is always great to see large insurance companies (with extensive marketing budgets) take an active role in promoting Business Continuity.  Yes they have a vested interest…


Business Insurance FAQs

I have been offered Business Interruption cover by my insurance broker, what is this?

Business Interruption (BI) insurance covers you for loss of income during periods when you cannot carry out business as usual due to an unexpected event. It aims to put your business back in the same trading position it was in before the event occurred.  BI cover is often sold as an addition to you Buildings cover.  Please seek advice from your insurance broker to make sure BI cover is appropriate for your business.

How do I know if my Business Insurance is adequate?

It is always a good idea to work closely with your Insurance Broker to determine if you have the correct range of insurances in place for your business and then determine if your sums insured are correct.  Be very careful not to under insure as if you make a claim your insurer could ‘average’ your pay out.  For example if your office contents were under insured by 50% and you claimed the insurer would pay 50% of the claim, rather than 100%.

Is it possible to insure our business against the loss of our Managing Director?

Keyman insurance is widely available from most insurers and is essentially a Life Insurance / Critical Illness policy taken out by your business on the life of key staff members. The purpose of the policy is to give the business sufficient funds to replace key members of staff if they die or become terminally ill.

How quickly will my insurer pay out after I claim for an office flood or fire?

This will depend on the size of claim, circumstances and the insurer.  For material claims the insurer will typically appoint a Loss Adjuster to visit your premises and assess/authorise your claim.  Remember you have a duty as ‘the insured’ to Mitigate the loss.  Put simply you must act quickly to minimise the loss/claim on the insurer ie. you may have to pay a plumber to find and repair the leak ahead of the insurer agreeing to reimburse his costs as a part of the property claim.

Is it a simple process to agree a settlement with my insurer?

In theory making an insurance claim should be simple, however as the size of the claim and its complexity increase you do need to remember that the Insurer will legitimately try to decrease the size of the claim and the Insured will want to maximise the size of the claim – an adversarial relationship.  Also remember the insurers Loss Adjuster is appointed by the insurer so you may wish to appoint your own to act for you. If you would like an introduction to one of our panel of independent Loss Adjusters please Contact Us

Am I insured for losses related to hacking or data breach?

You will need to check with your broker or read your Insurance Policy documents to be sure.  Unless you have specifically added Cyber Insurance to your policy wording it is unlikely that you will have this specialist cover in place.