GROVE & DEAN COMMERCIAL INSURANCE

Grove & Dean Corporate Insurance


What is Commercial insurance?

Commercial insurance is a term often used when covering various types of insurance, usually relating to a business. These can range from employers liability, public liability, professional indemnity and business premise cover.

These types of cover are put in place to offer protection for you and your business should a claim be made due to a loss, damage or injury.

They can also extend to protect a business against their own employees as well as a third party – usually a member of the public.

Grove & Dean commercial insurance can be created as package cover, specially built around your business insurance needs; something you can’t normally purchase online. It may be beneficial to speak to an expert and consider what it is you need to protect. For example, depending on the type of business you own and where it is located, specific covers may be more beneficial to your business.

Everything can be tailored to the needs of your business and the type of risks faced. Commercial insurance will offer peace of mind to any business owner who would need to be back up and running as soon as possible should a claim be made.

Considerations when looking at commercial insurance for your business can include:

  • do you deal with members of the public?
  • are a sole trader or an employer
  • do you have a business premises
  • do you use (specific) vehicles
  • what stock, tools and equipment do you have
  • do you offer a product, trade, or a service
  • would you require business-interruption insurance

Do you deal with members of the public?

If you regularly deal with members of the public through your business, a main part of your commercial insurance should include public liability.

What is Public Liability?

Public Liability insurance is an important cover. It protects business owners and their business from third party insurance claims.

It’s reassurance should a claimant need compensating if they are suffering loss, injury or damages as a result of your business actions. The payment is not paid out to the policy holder who the claim is being made against. Legal expenses is also covered in most public liability policies, offering complete assurance that business owners can be legally represented without high additional costs.

Depending on the nature of your business and the services you provide, levels of cover may vary. At Grove & Dean, our public liability policies offer a minimum level of £1 million with the option to increase the level. This is why it is important to speak with a member of our expert team who can guide you through the appropriate covers best suited to your company needs. Sometimes, minimum levels of cover are required if working on specific contracts. For example, some contracts with particular enterprises and institutes may require a business to have a minimum level of cover of £5 million or £10 million. It’s always best to obtain the correct levels as should the worst happen, you and your business will still be protected.

Is public liability a legal requirement?

Whilst it is not technically illegal to have no public liability cover in place, it is heavily encouraged by regulators and certain memberships. It also offers a degree of trust for any potential customer knowing that you – and they – are covered. Is public liability expensive?

Public liability costs will differ depending on the size, nature and level of cover your business requires. At Grove & Dean we offer payment options so you can remain fully covered whilst spreading the cost.

Are you a sole trader or an employer?

If you employ any number of staff, you are legally required to have an employers liability policy in place. The fine for not having employers liability can be £2,500 per every staff member, for every day you were not covered.

What is covered by employers liability insurance?

If a member of staff becomes injured or unwell as a consequence of working for you, employers liability can cover costs that could be associated to compensation, legal costs and damages.

It can also work as protection to third parties. For example, if an employee of yours causes accidental damage to a property or actual injury to a member of the public whilst working for you.

Do you have a business premise?

If you own the business premise from which your business is run, tailored property insurance should be another aspect to your commercial insurance cover.

Commercial property insurance will apply to shop owners, restaurant owners, clinic businesses as well as many more, even office buildings.

The protection you gain from having commercial property insurance relates to the actual physical building as well as the contents.

Much like regular home insurance, it is split into types of cover which you are able to combine if necessary.

At Grove & Dean, our expert team can tailor a commercial insurance policy to include property cover so you can rest assured that your income remains protected.

Unexpected damage can take place at any business premise and could result in high additional costs to repair, reiterating the importance of having the correct commercial insurance cover that incorporates property protection. As a business owner who may rely on their premise, it’s vital that you are compensated and represented at a level that suits your business and business premise requirements.

For example, should a fire break out or the building is damaged by burglars, the costs of repair to the building and - depending on the type of cover – the contents, can be compensated for with the right commercial insurance policy.

Do you use (specific) vehicles?

Vehicles can play a large part of your business operations. If you have multiple vehicles it may be beneficial for you to look at fleet insurance as part of your commercial insurance package. It can prove useful to have all business vehicles under one single fleet policy.

At Grove & Dean, fleet insurance is offered for most commercial vehicles including cars, vans, lorries and coaches. Similarly to standard vehicle insurance you will have the option of three levels of cover.

Comprehensive fleet insurance:

A fully comprehensive policy covers damage caused to a third party whether the fleet driver is at fault or not. Third party, fire and theft insurance:

This level applies to risks of theft and damage from a third party.

Third party insurance:

Fleet insurance part of your commercial insurance policy will pay out any third party vehicle should it sustain damage from a driver of your fleet vehicles.

If an employee uses their own vehicle for business purposes, this vehicle can also be included in a fleet policy. By using their own vehicle for work purposes, they are deemed as ‘take-home’ vehicles and can be covered with the correct business and commercial insurance policy.

What stock, tools and equipment do you have?

You may rely on certain stock, tools or equipment in order to progress with your business.

Should you need to replace any of these quickly due to damage or theft, this cover can be included in commercial insurance. If it’s important to you as a business owner, be mindful when searching for your business insurance and make sure you obtain the most appropriate cover.

Tools cover

Tools cover can prove vital to many businesses, particularly if you are a tradesman. If you rely on your tools for your livelihood, tools cover is a key part of commercial insurance.

With the correct insurance you’ll be able to rest assured should any damages or theft take place. Speak with our team should you need assistance with tools cover and commercial insurance.

Goods in transit

Goods in transit insurance offers peace of mind for materials, goods and cargo should any damages or losses occur. It acts as protection for the contents of your business van, truck or lorry.

The courier and haulier industry, where transporting goods and materials is the core purpose of a business, face a greater need for a goods in transit insurance policy as the risks of damage, theft or loss is more likely. Incorporating goods in transit into commercial insurance cover will help you and your business recover quickly should you need to cover costs as a result of anything happening to the contents of your vehicles.

It’s good to remember though, that goods in transit cover does not cover the actual vehicle, it is an additional cover that can make up part of your commercial insurance. At Grove & Dean Corporate our commercial insurance experts will be able to assist in finding the most appropriate cover designed around your business and vehicle needs.

It is also worth noting that, usually, goods in transit cover is just that: cover for goods being moved. This means that other insurance may be necessary, for example if your vehicles park at yards or depots. The best way to make sure you’re correctly insured is to speak to a member of our team.

Do you offer a product, trade, or a service?

If you advise, offer a trade or a service, you are encouraged to obtain professional indemnity insurance. Although not a legal requirement (however it’s always wise to check with your contractor), professional indemnity cover will help to safeguard your business should a client make allegations about faulty work or mistakes.

Professional indemnity provides insurance against legal costs if you need to defend a claim. Additionally, it will pay compensation costs should a claim result in you/your business being at fault for causing financial loss to a client subsequent from advice your business offered, a service it provided or a design you supplied.

What industry does professional indemnity apply to?

Depending on your profession and the contract you have business placed with, some clients may ask for professional indemnity cover to be secured before any business takes place. This may be due to certain regulators and memberships. For example, architects.

From accountants to insurance brokers, solicitors to surveyors, many professional industries choose to have professional indemnity regardless, simply for peace of mind. Mistakes can happen, so by having a realistic insurance cover, you can rest assured that should your advice or service fail to meet the needs of your clients, you are protected.

It can also provide a level of reassurance to your clients, knowing that they too are covered in a worst-case scenario.

Do you require business-interruption insurance?

Business Interruption insurance is there in case a crisis hits your business. It can prove a crucial insurance policy that helps to get your business back up and running should the unexpected happen. Having business interruption as part of your commercial insurance will provide cover for loss of income as a result of your business activities being interrupted and should offer peace of mind that business bills can be paid and relationships with your clients and suppliers can be maintained.

For example, a flood could see your shop temporarily shut down whilst things are restored but with the right level of business interruption insurance, your loss of income and costs to keep your business running can all be compensated for.

Insurance can also be arranged so that any damages caused by the unforeseen circumstance at your specified business premise are also covered.

Although you are not legally required to have business interruption insurance, it is always encouraged as part of your commercial insurance.

Usually the owners and directors will be responsible for deciding on whether a business should take this type of cover for an organisation but it’s worth bearing in mind the impact and repercussions should a business interruption policy not be in place.

The commercial insurance team at Grove & Dean Corporate can guide you through making the decisions to protect your business. We understand that all businesses are different and may present varying risks hence the importance to ensure you are correctly covered in the event your business operations come to a halt.

There will be several elements to creating the perfect business interruption policy, from recovering specialist equipment, to repairing your business premise – all things which will impact the speed of indemnity.

Many industries benefit from a business interruption protection.

Corporate or Commercial Insurance gives large (and small) enterprises the assurance to trade with confidence in the knowledge that they are covered in the case of any unfortunate event that may sometimes happen.

 
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