A definition of Courier insurance (a legal requirement for people in this line of work) is a commercial vehicle policy that covers for the carriage of other people’s goods for hire and reward on a multi drop basis.

If you are not just transporting your own tools & equipment or carrying goods that are to be sold elsewhere  but transporting other people’s goods and are delivering them directly, you will need a specialist courier insurance.

As with most types of motor insurance there is the option of Comprehensive, Third Party, Fire & Theft or Third Party Only cover and you may choose from insured only, named drivers or any driver cover depending on the type of business you are running.

A key aspect to your courier insurance might be ”Goods in transit” cover. This will give you and your customer’s peace of mind. It may also be a requirement of your employer so that they know their goods are covered. This type of cover generally ranges from £10,000 to £50,000.

Introductory discounts may be available from your qualified insurance intermediary.

An experienced driver can receive up to  60% discount for their courier insurance with proven driving history. Think Insurance may also be able to give discounts to those that can demonstrate no claims history on other policies.

Once you have decided that you would like to open your own hairdressing salon the start up costs and questions you need to ask can vary greatly from business to business. Will you own or rent the premises? What area will be suitable and can it sustain another hairdressing salon? What equipment will you need? How many members of staff will you employ, and what costs will this entail, including holiday pay etc? Before you open your doors to the public, you will also need to ask the question, what insurance do I need?
Because of the nature of the business, public liability will be indispensable. This will cover the client against any accidents whilst inside your premises and any area you own or are responsible for concerning the business. Hairdressing salons will inevitably be faced with hazards such as water spillages and other wet substances such as shampoo and conditioner. If one of your customers falls and injures themselves, then public liability insurance will cover you and your business in case they choose to apportion blame and sue for compensation.
Employers` liability insurance is absolutely necessary if you are going to employ staff. This will cover you (subject to policy cover) and your employees should they suffer an accident whilst working for you, or develop an illness during their time in your employment that they feel is work related. This insurance can cover you for any claims made against by your employees. (Injuries or illness sustained whilst driving for work purposes may be covered under a separate motor insurance). As an employer, you could be fined if you cannot produce a current certificate of insurance for employers` liability – a legal requirement.
It may be advisable to obtain professional indemnity insurance – most likely you will be mixing up chemicals and hair colours and applying them to the client`s hair as part of the services you offer. PI covers the employer against negligence and claims made through lack of professional care. It can help you rectify a mistake before involving the courts.
The amount of cover needed and the types of cover will vary greatly from business to business, and not only will you need to make sure that you have the correct insurance but also the correct level of insurance. When you ask the question- what insurance do I need? You need to know that you are receiving honest and correct professional advice, from a company who also wants the most suitable cover for you and your business.

When you hear the term commercial business insurance, you’re probably wondering what that covers, who qualifies for this type of cover and what sectors fall under which industry.

With so many industries offering their services to customers, it’s imperative that they have the right protection to cover their tools, equipment and any accidents which may occur as a result of their work.

Construction

Construction is the first industry which falls under this type of cover.  This is where the contractor is manufacturing, amending or repairing a structure – maybe he has employees working for him and them working on a project.

For this you need a comprehensive policy. You need to have peace of mind that all your tools and equipment are covered, the building is covered, you have good employer’s liability cover in case a staff member claims against you for anything,and good public liability cover in case a customer claims against you for an incident.
In this industry every penny counts, its cut throat and you can’t afford to have large expenses as your profit margins aren’t that big.  With the right protection you can save your business thousands in the long run.

Manufacturers

Manufacturers are the next industry to fall under this type of cover.  When you are manufacturing goods you need to know that all your raw materials, finished products and tools are covered in the event of theft, a fire or storm damage.  You will also want to ensure that your goods you are delivering are protected.

Imagine you get a large order; it’s going to push you over your monthly target.  The driver phones and claims he’s had an accident and all the goods are damaged, this can leave you in financial distress.  Having the right cover will make all the difference.

You can also get cover to protect you when you need to recall products.  This can be added to the policy, but think about the costs you can save.  Recalling products is not a cheap exercise and can leave the business paying out a small fortune.  When choosing a policy, ensure that you add everything you think your business may need.

Tradesman

Tradesman is our final example to fall under this type of cover.  This industry has a wide range of sectors including:

·         Builders

·         Plumbers

·         Brick layers

·         Carpenters

·         Electricians

As one of these tradesman your tools and equipment is so important to you making a living.  If your tools are stolen, the repair costs can be extreme.  Having the right protection can enable you to replace the tools quickly and continue working to bring in those important profits.

With all the industries which fall under commercial business  insurance, the one thing you need to ensure is included in your policy is public liability.  This cover is important in any business and yours is no different, work safely and enjoy peace of mind that your protection is in place should something happen.

Whilst we are all trying to cope as best we can during these difficult economic times, there are plenty of factors within the business world which can affect the success of your company dramatically. In the current climate, it is therefore important to make sure that the factors you can influence, are all up to scratch and cover your company in the correct manner, one such factor is Public Liability Insurance.  Not all businesses need this protection, but if your company deals with customers in your office or premises, or your employees work from your customers’ location/place of work/home, then making sure you have sufficient cover will be incredibly important.

By taking out a policy covering you against public liability, you can expect to be covered in the event of an accident which either causes damage to property, or injury to a client or member of the public.

Even the most careful can and will have accidents on occasions, and should you find that you have the wrong policy, or worse still, no policy at all, you will have to find the monies to cover the cost of any claim made. Should this happen,  chances are your company is really going to suffer if you can’t find the money to cover these often hefty insurance costs. There is good news though; a Public Liability Insurance Policy (or similar) will protect you, your employees, your customers, and also property against accidents and potential problems.

As an example, imagine that your company install kitchen appliances and in the process of installing a new washing machine into a client’s home, one of your employees knocks the washing machine against a water pipe and causes a leak. Not a life-threatening problem, but certainly a nuisance and unnecessary expense without Public Liability Cover. With a suitable policy however,  your insurance company will sort out all the problems and leave you to run the business and not worry about insurance woes.

Similarly, if a member of the public injures themselves on some of your equipment, it is likely in this day and age, that they will make a claim against your company or employee.

Again the message is simple.

With a suitable policy you are covered, but without, you are likely to feel the weight of any financial implications of the claim.

As the owner of a business, it is vital that you know where your company sits in relation to having the correct commercial business insurance policy to protect your staff and your customers/the public. Failure to take the necessary steps to covering your company sufficiently, will often come back to bite you, and leave you with a problematic, or worse, impossible bill to pay, in a completely avoidable circumstance.

A common misconception is that Public Liability Insurance includes cover for damage to the specific object being worked upon. So for example if a flooring contractor were to damage the floor that they are laying, this would not be covered. The reason for this is that insurers class this as defective or incorrect workmanship. Something that is not readily insurable against.

Using the same example, if the flooring contractor were to damage the walls whilst laying the flooring, it would be covered. The same can be said if the tradesman unintentionally caused somebody to trip or an injury to a third party.

Another belief among some trades people is that doubling your Public Liability Insurance limit from £1,000,000 to £2,000,000, will also double the premium. This is rarely the case. Insurers are aware that a claim of this size is highly unlikely and that most contractors require higher limits for either contractual reasons, or for membership to regulatory bodies. Some potential clients such as local authorities require limits as high as £5,000,000 or even £10,000,000.

If you are unsure of any areas of your policy then you should always get in touch with your broker as it is important to understand exactly what you are and are not covered for.

When considering Contractors Insurance, most people are aware of the main covers such as Employers Liability and Public/Products Liability – However there are additional covers available to you.

Tools are a vital part of a contractor’s ability to carry out their work and ultimately earn money. Replacing these items can be an expensive exercise; however it is a blow that can be softened by insuring them. These optional cover can be placed with most Tradesmen Insurance policies at a reasonable premium.  This matched with a low excess should be sufficient for this to be seen as a consideration.

Something that in particular sole traders and smaller companies should consider is Personal Accident Cover. Although this will only pay a percentage of your normal earnings, it could be sufficient to see you through a difficult time where you may have little or no income to support yourself and/or family.

Contractors All Risks comprising of Contract Works, Own Plant and Hired in Plant. Any contractor involved in construction, whether it be new build or extensions, should enquire about these covers.

Covering works that are under way (excluding existing structures) and the associated materials can be expensive to replace if disaster strikes.  Although man hours on sections of the contract completed will be lost, at least you will be able to claim to replace the materials lost. This is very reassuring for both clients and prospective clients alike.

A builder having their Own Plant allows them to quote more competitively when not having to account for hiring charges – imagine losing this advantage over your competitors and not being able to replace it.

Hiring companies often offer a level of cover provision on their plant, however this can be expensive. If this is going to be a common activity for you, it may be substantially cheaper to insure these items on an annual basis as part of your Contractors Liability Insurance.