Monthly Archives: June 2010

Different Types of Business Insurance

With the number of people trying to get themselves set up in business each year numbering in the thousands, there is inevitably more and more people who need to get some form of business insurance policy. It is important for these people to make sure that they end up getting the right type of cover. They don’t want to be paying over the top for a policy they don’t need but also they don’t want to end up not having the right level of cover when they come to make a claim. We have highlighted below the main variations of commercial policies, hopefully this should help you when you are making your decision about what to go for.

General Business Insurance.

As the name suggests, this type of policy covers the buildings, liabilities and contents associated with your business. With this insurance you can be covered for any loss or damage to company property as a result of a wide range of events from fire to theft. You can also make claims against loss of business as a result of any damage or incident.

Public  Liability Insurance.

This form of cover will give you protection against any accidents or injuries that your customers have at your place of work. This can be the most important cover because if one of your customers has an accident on your premises then there is a good chance they will make a claim. If this happens and you don’t have the required insurance to cover you then you may end up paying out thousand of pounds.

Employers Liability Insurance.

Similar to public liability, this covers you in the event of any of your employees having an accident or getting injured whilst working for you. Again, this is an extremely important cover as there is always a chance of someone having a fall and you don’t want to be left to foot the bill when they make a claim against you.

Product Liability Insurance.

Taking out this policy means that if any of the goods that you sell or provide lead to the customer having an accident due to a defect then you will be covered. Obviously the need for this policy depends on what type of business you are involved in. If you work in an industry where your products have got little or no risk then you may not need it but it is always best to check before it’s too late!

If you are unsure about any type of business insurance then always check with your broker and they should be able to give you all the information you need.

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Will My Motor Trade Insurance Cover My Other Business?

An often asked question is whether or not you will be covered on your Motor Trade Insurance policy to carry out your other occupation. Whether a builder, an accountant or an estate agent you “can” be covered on a trade policy.

It is a common mistake to think that you will be covered automatically for this use on your policy without paying an extra premium or requesting it from your broker. Additional business use, as it is called, means that you can travel to and from different places with regards to your primary, or secondary, occupation. This is as opposed to someone that just needs to go to and from one permanent place of business – eg an office worker or a shop assistant

If you do not have the cover on your policy but try and get away without it then you could find yourself in some trouble. For instance, if you are stopped by the police in a van carrying tools for your work then you may find that they ring up your insurance company to see if you are covered. The insurance company will then inform them you are not. This generally leads to court, a fine and a six points. In a more serious example, i.e a claim, you could find out that your policy will be voided by your non-compliance and you are left with a mess.

Additional business use can be added to your policy from as little as 5% of your total insurance premium. Eg on a thousand pound premium you could pay just fifty pounds extra. That seems to me to be extraordinary value for money when you consider that a commercial van policy on it’s own for a builder could not be bought for anywhere near that figure.

So the question is, if you require cover for your other occupation and you also need cover for your trader work, can you afford not to add Additional Business to your Motor Trade Insurance policy?

Taxi Insurance FAQ’s

If you have just got into, or are thinking of getting into the taxi business, it is important that you make sure you take out taxi insurance for your vehicle. With this in mind, there are a number of things that people generally want clarification on when taking a policy for their cab. We have given the answers to the most common questions below and hope that they will assist you when looking for the right cover.

What is the difference between taxi and private policies?

A public or private hire policy allows you to transport people from one place to another for a reward or fee. Where as a private car policy does not allow you to charge people for this. If you were to have an accident while carrying passengers for reward under a private car policy then your policy could be voided and any costs could be recovered from you personally.

What is the difference between private hire and public hire?

A private hire taxi is one that must be pre-booked prior to picking anybody up. It is illegal to hail a private hire cab off the street and doing so can land the driver with large fines and may lead to them having their licence revoked.

Public hire cabs on the other hand do not need to be pre-booked and are the taxis that you can flag down. They are primarily used in city centre areas and are governed and regulated by the local councils.

What vehicles are allowed to be used?

It is ultimately the decision of your local authority to say which vehicles can be used for taxi purposes. Obviously if you have got a three door hatchback then this may cause problems for some people getting in and out. Generally though, as long as your vehicle is of suitable size and accessibility it should be fine.

Can a private no claims bonus be transferred over?

You will find that a lot of insurance providers will be able to transfer over your no claims bonus from a private policy. It is always best to check with them to find this out as you may well be able to get a reduction in your premium.

Whenever you decide on taking out a taxi insurance policy, make sure that you do your research and if you are not sure about anything then contact your broker.

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Taking Out Taxi Insurance

The UK has thousands of taxis that are used on the roads each day. With so many of them about, it is a certainty by the law of averages that there are going to be a lot of accidents involving taxis each year. For this reason, it is vitally important that if you are driving a taxi you have got a proper taxi insurance policy. If you take out sub-standard taxi cover you are leaving yourself open to massive problems in the event of an accident occurring.

Some people may think that they can get away with having a normal, private policy when they are driving a taxi but this is not the case. If you insure your car under a normal policy and then use the vehicle as a taxi then you will invalidate the cover that you have got and will also be breaking the law. Getting caught without the correct cover can mean you lose your licence/livelihood  and in a  worst case scenario you will be heavily fined and possibly even jailed.

Not taking out full taxi cover means that any passengers you carry in the vehicle will not be insured either. This can lead to civil and/or criminal court cases where you may be found liable for any injury or material costs. You therefore are putting not only yourself at risk but also those people who are unknowingly using your illegitimate services.

If you are a taxi driver then your vehicle is your breadwinner, so it makes sense for you to make sure that you are going to be covered in the event of an accident. If you were without your vehicle for any length of time or had your licence taken off you then your source of income has gone. Taking out taxi insurance may end up costing you a little more initially but in the long run it is an additional cost that you cannot afford to ignore.

So, if you are looking to take out a hire insurance policy it’s worthwhile doing some research to make sure you get what you need. Public liability insurance, a 24hr claims service and a replacement plated vehicle are just some of the things a quality taxi policy should include. If in doubt always ask your broker.

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Renewing Your Motor Trade Insurance Policy

When the time comes for your motor trade insurance policy to be renewed there are a number of things for you to take into consideration. Renewal time can lead to savings on your premiums if you go about things correctly, it is also the time when you should make sure that all details are fully up to date.

You should always be looking to find the best quote available rather than just accepting the renewal quote sent through from your current provider simply because it is more convenient. Even if you want to stay with the company currently providing your cover, the likelihood is that you will be able to get a reduction on the amount they originally quote. If you use a broker to get a quote then you can at least go back to your existing company to see if they can match or even better the quote you get. You should also check which added extras are currently on your policy, if you have got things on there that you don’t actually need then there is no point in paying the additional costs to have them.

In regards to the details that the insurers have for you, it is imperative that you supply them with fully up to date, factual information. Failure to do this could mean that if you do actually have an accident or need to make a claim, the provider may refuse to pay out or charge you an additional premium because the false information has invalidated your policy. Any change of address, circumstances  or driving convictions that you have had must be given to the company to make sure that the policy is correct. Of course, doing this may mean that you end up having to pay a little extra on your premium but that is by far better than finding out you cant claim when you need to.

To sum things up, your motor trade insurance renewal is the time for you to make sure not only that you are getting the best value for your premium but also that your policy is valid by confirming all of the correct information.

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