Why do I need Commercial Insurances?
What are they?
All companies, large and small, need insurance protection and financial advice for a wide range of situations in order to reduce their exposure to risk and also to use their finances wisely. To make sure that you are aware of all these potential areas of risk and of the financial services that we provide, we have listed below the main products which we think you should seriously consider:
Annual business travel insurance is available to all organisations where principals and/or employees travel abroad on business on a regular basis. The premiums are based on the level of cover required and the normal travel pattern of the business, plus the limits for each section can be tailor-made for your business's particular needs. Directors and Officers
Essentially, directors and officers insurance is a form of liability insurance for directors and officers. Directors and officers insurance gives you comprehensive protection against the costs of defending litigation and any damages that may ensue from these actions against you. Directors (whether executive or non executive) of limited companies are still personally liable for a variety of events that fall outside of their authority. Vehicle Fleet
If you're running more than three vehicles (vans or cars) through the business, it is almost always more cost-effective to have them covered on a vehicle fleet policy. A single, master insurance policy that covers all your vehicles and which is both cost effective and easy to administer. Our fully detailed cover gives you the peace of mind of knowing that your staff are fully insured at all times. Professional Indemnity
Professional indemnity insurance (PI) protects your business against compensation sought by a client if you have made mistakes or are found to have been negligent. PI insurance will also cover any related legal costs. Most professionals now realise the need to carry professional indemnity cover. If you are a lawyer, accountant or financial adviser, then you must have professional indemnity insurance. However, increasingly greater numbers of professionals and business people who offer advice, and sell skills or knowledge, opt for peace of mind by taking out such cover as well. Group Personal Accident
Group personal accident insurance cover is specifically designed for companies who want to provide a package of benefits for their employees and their dependents, or insure against the financial effects of the loss of services of an employee. It is also seen as a generous staff benefit whilst being very cost-effective to provide. Group Pensions
Companies are not obliged to set up their own company (or occupational) pension scheme, but the government has stated it intends to encourage company schemes as the best way for companies to provide pensions for employees. Importantly, introducing a pension scheme can have significant and distinct advantages for your business. One of the key benefits of a workplace-based scheme is its perceived value and the positive effect it can have on recruiting quality staff and retaining employees. Group Private Medical
Every business depends on the health and performance of its most important asset – its people. It therefore makes sense to ensure that you and your employees are able to perform at the highest levels. Group private medical insurance can help to improve employee well – being and manage their absence due to ill health. Private healthcare provision is also increasingly perceived as highly valued-employee benefit, proving extremely advantageous for both employee retention and recruitment. Goods in Transit
Goods in transit insurance covers physical damage to, or loss of your goods whilst in transit by land, sea and air and offers considerable opportunities and cost advantages if managed correctly. Goods in transit insurance can be arranged to provide cover either in the UK or abroad, although certain restrictions may apply when goods are transported into certain European countries. Engineering
You should consider engineering insurance if the performance of your business could be adversely affected by the malfunction or breakdown of any operating machinery and equipment located on your business premises. By law, certain categories of equipment such as boilers, lifts/elevators and lifting equipment must be inspected regularly by qualified persons. It may also be prudent to inspect and insure other machinery which may pose a potential risk. Legal Expenses
Legal expenses insurance is an insurance policy that offers protection against professional legal expenses incurred in connection with a variety of circumstances including employment disputes, tax and VAT investigations. It also includes access to a legal advice helpline. This insurance covers the legal costs involved in pursuing or defending a claim. Legal costs also include the appointment of solicitors, barristers and expert witnesses. Financial Services
This specialist arm of our business which is proving to be highly effective for a number of our clients, providing independent advice on a range of financial services such as: pension planning, investment planning and management, business and keyperson protection, critical illness protection and many more. What should I do now?
Because of our wealth of experience in providing commercial financial and insurance advice to our clients over many years, we are able to offer individually tailored products and services for a range of situations. For an informal discussion please call us on 01325 353 888 and we will be happy to discuss this further. Alternatively please email us at webenq@bibinsurance.co.uk.
