What do you do if you come down with a catastrophic illness or severe injury? Your disability insurance will replace your lost income, but there is a very good chance that your finances will still be adversely affected. This is the place for ‘critical illness insurance’. Read the rest of this entry »
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Critical Illness Insurance
Four Important Concepts in Small Business Insurance
Starting up a business means investing a lot of money, time and effort. It could mean sacrifices, such as using your life’s savings and possibly even mortgaging your home so that you can start your small business. Business can be very unstable and no matter how careful you are, there are instances beyond your control that could put your new company in a very vulnerable position. In this time of unstable economy where everything is uncertain, it pays to be certain of one thing that your business is covered by small business insurance in case of an emergency. Read the rest of this entry »
Customer Non-Payment – a Business Interruption Insurance Threat to Small Businesses
For most people, business interruption is a shutdown caused by natural events (so-called “acts of God” such as floods, storms, etc.) or man-made events (including terrorist attacks, transportation strikes, fires, etc.). Read the rest of this entry »
Key Man Insurance: A vital small business insurance policy that is often overlooked
Most small businesses are run by owners who put in a great deal of time and money trying to make or keep the business profitable. Over 95% of businesses in the UK are categorised as small or medium businesses with the average number of employess being less than ten.
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Do small businesses need business interruption insurance?
According to latest news reports, more than 350 people have died of “swine flu” in the UK. You might wonder what that has to do with small businesses? Amazingly, swine flu can be a threat for many small businesses simply because it can cause a business interruption if key personnel are its victims.
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National Insurance rate hike will hurt small businesses
The news that Chancellor Alistair Darling intends increasing the National Insurance rate has small business owners in dismay. The bad news comes at a time when the small businesses are still reeling under the effects of the economic crisis. Sluggish demand coupled with banks’ unwillingness to lend has forced many small businesses to drastically cut back just to survive.
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British Insurance Brokers Association: small business owners need the right policy
Small business owners could be taking huge risks with their businesses according to a new survey conducted by the British Insurance Brokers Association. Many of the SMEs questioned had failed to get proper advice about commercial insurance cover.
Commercial insurance cover is a complicated subject and many businesses fail to recognise the difference between receiving information and receiving advice.
The study found that around one-third of SME owners who didn’t use an insurance broker didn’t realise they were only receiving information on a single insurer’s products and were not being advised which policy would best suit their business.
The study found that small business owners are often too pressed for time to read and research all the conditions of a small business insurance policy.
The result is that businesses often find themselves unprotected and unprepared for the risks that face their company. Most businesses find that their insurance policy fails when they need it most – when they need to make a claim.
Eric Galbraith, BIBA’s chief executive, says: “It is clear there is confusion among commercial buyers of insurance, and we have suspected this for some time. It is worrying to think these firms could end up with inadequate or even the wrong cover because they did not receive advice or a recommendation.”
The sheer number of insurance policies available means that business owners have plenty of choice when it comes to purchasing a policy, but many businesses fail to buy the right cover the association warned. This is where the experience of an insurance broker is helpful as they can recommend policies based on businesses specific needs
Insurance brokers take the time to learn exactly what each company needs and provide assistance in the event of a claim.
The research found that the feedback from those who did use brokers was generally positive, with 95% of SMEs saying they are likely to do so again for their business insurance when their policy is due for renewal.
Small business insurance guide: business liability insurance
Small business insurance protects you and your company with coverage for claims made for all manner of negligence and lack of reasonable care in the workplace. All businesses can benefit from the wide range of cover offered by many insurers and every responsible company should have in place, a business liability insurance scheme dealing with essential forms of insurance coverage. Read the rest of this entry »
Home business insurance: why you need insurance even if you work at home
It’s tough being a small business owner. Many new business owners are often tempted to cut costs by not insuring their business because they work at home. Read the rest of this entry »
Struggling small businesses could pay cost for cutting insurance
Rules and regulations have led to dramatically increased risks for the UK’s 4.5 million small businesses. That was the feedback from 62 per cent of SME owners, according to research by Coverzones, which polled the views of 504 small business owners. Read the rest of this entry »
