Read our coronavirus help and support for businesses. Your Insurance is part of Towergate Insurance.

FAQs

Your Business Insurance questions answered

Don't get confused about your business insurance cover. For information on getting covered read our frequently asked questions.

 

HELP FOR BUSINESSES FACING TEMPORARY FINANCIAL DIFFICULTIES DUE TO COVID-19

We appreciate that Covid-19 is having an adverse effect on many individuals and businesses. If you are facing temporary financial difficulties, please contact us as soon as possible to discuss your options, which may include the below. We are here to help you and support you.

  • Re-assessing your demands and needs
  • Considering if there are other products we have available, that may be more suitable for you at this time
  • A tailored solution to suit your circumstances e.g. a temporary payment deferral

Additional information is available on the Premium Credit website.

Useful information is available from the FCA page Dealing with financial difficulties during the coronavirus pandemic, where you can also find information on Money Advice Service’s Money Navigator tool and other and other guidance including how to create a budget and prioritise your payments.

Business insurance cover explained

Employers’ Liability Insurance at a glance

If someone working for you becomes ill or injured as a result of their work activities you may face a claim. Depending on the seriousness of the injury, the cost of claims related to employer health and safety responsibilities can be very high. That’s why it is vital for every employer to consider Employers’ Liability Insurance.

Who needs Employers’ Liability Insurance?

If one or more other people are helping your business to function under your direct supervision and control (even if you are not paying them a wage) then you have a responsibility for their health and safety whilst at work. A written contract of employment does not need to be in place as anyone working for your business is still deemed to be an employee. This includes part-time workers, students on work experience, sub-contractors and volunteers.

In these instances (with the exception of some family businesses), you are an employer in the eyes of the law and therefore you need to take out Employers’ Liability Insurance.

What does Employers’ Liability Insurance protect against?

Employers’ Liability Insurance protects your business from claims for compensation from employees. An employee may claim against you if they are hurt or injured whilst working for you. Former employees can also claim against you if they believe they have become ill as a result of working for you.

Is Employers’ Liability Insurance compulsory?

It is a legal requirement for the Medical Profession, Solicitors, Insurance brokers and Financial Advisers. it can also become a mandatory requirement for a range of professions by their associated Professional body as is the case for Chartered Accountants, Architects Surveyors, Valuers. The amount of cover required can vary according to regulations and membership requirements. Premiums are based on a combination of past annual fees, current and projected annual fee income. Also certain activities would be considered higher risk with annual premiums taking account of total work broken down between various specialisims and higher risk activities.

In most cases, if you have one or more employee, it is; however there are some exceptions as shown below. You should check with one of our business insurance specialists to see if these apply to you:

You may be exempt from having Employers Liability insurance in the following instances:

  • All of your business' employees are close relatives and the business itself is not incorporated as a limited company.
  • The owner is the sole employee, and owns at least 50% of the company's issued share capital.

How much Employers’ Liability cover will I need?

The minimum legal level of Employers’ Liability Insurance required by a business is £5 million however, depending on the individual business risks and liabilities, more may be required. If you don’t have adequate cover in place, you risk a substantial fine.

What’s covered?

Legal defence costs to defend an allegation of negligence against the legal entity business for bodily injury , illness and disease caused to employees arising from your business activities (and within time and geographicial limits of the policy).

Where the business is found to be legally liable then you receive compensation up to the indemnity limit specified in the policy schedule/wording.

Product Liability Insurance at a glance

For any business involved in the sale, supply, manufacture or repairs of goods/products. Faulty or defective products can potentially cause serious accidents resulting in bodily injury or property damage for others. The financial implications could potentially run into thousands. With Product Liability Insurance you have the peace of mind that there will be legal defence costs paid to defend your business, an din the event of negligence proven against you, the policy will pay compensation up to the limits within the policy. Depending on th etype of cover you arrange minimum limits are £1m and can be increased to £2m,£5m or even higher on request.

Who needs Product Liability Insurance?

If your business involves the manufacture, repair or sale of products, Product Liability Insurance will provide a vital financial safety net and is worth serious consideration. Recalling products and fixing faults can be expensive. Add to those costs any potential claims for medical expenses or compensation as well as legal costs – and the implications become clear. If you think your business could benefit from product liability insurance, call our team on 0800 107 8949.

Is Product Liability Insurance compulsory?

No, for most industries Product Liability Insurance is not mandatory, however it does cover risk to a significant level and for this reason Product Liability Insurance is expensive compared to other business cover. Some purchasing companies may also demand Product Liability Insurance before buying from you. Professional advice should be taken when considering the scope and level of cover required for each business.

What’s covered?

  • Damage caused by products
  • Injury resulting from a product fault
  • Spoilage
  • Safety and indemnity costs
  • Medical bills and legal expenses

Professional Indemnity Insurance at a glance

Professional Indemnity Insurance protects businesses that provide professional advice given for a fee, from the potential financially crippling and reputation damaging claims from dissatisfied clients due wrongful advice and/or errors arising from a breach of your Professional duty of care. When the pressure is on, even the most professional businesses can make mistakes or fall victim to unscrupulous employees. Professional Indemnity Insurance ensures a mistake doesn’t cost your business.

Who needs Employers’ Liability Insurance?

Any business providing professional advice, consultancy or specialist services for a fee, should consider the benefits of Professional Indemnity Insurance. This cover is not just for Professions such as Architects, Accountants, Solicitors, Surevyors, Mechanical or Civil Engineers. Many other Agents and services need Professional Indemnity cover should there be a breach of Professional duty i.e. Estate Agents, Management Consultants, Therapists and Therapies. In todays litigious society the consequences of an accusation of breach of professional duty could be very expensive to defend, and rultimately result in large awards where you are found to be at fault. In the Building and Engineering Inductry Collateral Warranties and Contract very often require Professional indemnity to be arranged for specific Contracts of a specific minimum limits of indemnity. Clauses may also be included requiring cover to be in place for periods up to 6/12 years. You should seek guidance from your legal advisor when taking on new Contracts.

It makes sense to seek guidance from an insurance professional on the level of Professional Indemnity Insurance appropriate for your business. The right amount of cover will depend on the risks facing your particular business as well as the value and impact of the services provided. importantly taking into account the Geographical area you work in and the jurisdictions applicable to contract

What does Professional Indemnity Insurance protect against?

Professional Indemnity Insurance could protect your business from legal and other costs resulting from a variety of potential problems including:

  • Lost or stolen documents, whether hard copies or information held on PCs or laptops. The cost of retrieving data is also included.
  • Dishonesty, in the event that one of your employees steals from your client.
  • Infringement of copyright, trademarks and broadcasting rights, which can result in a substantial claim against your business.
  • Negligence or a failure of your employees to exercise a duty of care during the course of their work.

Is Professional Indemnity Insurance compulsory?

It is for some professions (including solicitors, accountants, architects, insurance brokers and financial advisers). But for some businesses, operating without Professional Indemnity Insurance is simply not an option because of their level of potential risk. Some client organisations may also demand a minimum level of Professional Indemnity Insurance cover before they can consider working with a particular business.

It makes sense to seek advice from an insurance professional on the level of Professional Indemnity Insurance appropriate for your business. The right amount of cover will depend on the risks facing your particular business as well as the value and impact of the services provided.

About your Insurance

  1. Why do you need to know my annual turnover?
    We need to know your turnover to assess the size of your business. This can influence the premium and insurers or cover available.
  2. Does my business have to be VAT registered to be covered?
    No. We cater for independent businesses irrespective of their VAT status.
  3. Do I have to be trading for a number of years to get cover?
    Our range of insurance packages enables us to deliver the right solution for both start ups as well as established businesses.
  4. Will there be a lot of forms to complete?
    At Your Insurance we understand how valuable your time is and we have tailored our forms to require the minimum amount of information to provide you with a quotation. In certain circumstances or for particular types of insurance policy we may require you to complete a proposal form. In these instances however we will endeavour to provide you with any assistance required to make this as straight forward as possible.
  5. If I find a lower quote will you match it or better it?
    Your Insurance are able to negotiate rates with a panel of UK insurance underwriters so please contact us if you already have a quote with another business insurance provider and see if we can save you money on your commercial insurance policy.
  6. Will I be covered instantly?
    If you are able to provide us with all the necessary information and provide payment for your policy you will be instantly covered and full documentation will be dispatched immediately. You will not be covered if you have only obtained a quote from us.
  7. I work from home, do I still need an office insurance policy?
    Yes. You will need to cover you business equipment if this is not covered by you home insurance. You will also need to cover your liabilities resulting from your business activities (this is excluded from all home insurance policies).
  8. Do you offer retroactive cover on your policies?
    Yes we do offer this cover extension on Professional Indemnity Policies (ONLY)
  9. Can I spread payments throughout the year?
    Yes. We have an instalment service that is provided by Premium Credit on our behalf.
  10. What is IPT?
    Insurance Premium Tax is charged by HM Revenue and Customs. IPT is currently 12% for most general insurance policies, increasing to 20% for Personal Travel Insurance.
  11. How long is a quote valid for from Your Insurance Group?
    Your Insurance quotes are valid for 30 days. If you wish to proceed with a quote after these periods, we will need to provide you with a new quote.
  12. Do you offer a no claims discount?
    Some of our Insurers do reward claim free business by offering discounted premiums.
  13. Do all of your policies include legal expenses?
    Some of our policies do include legal cover and where it isn’t we have separate legal cover policies available.
  14. Will I be covered if I have to work outside the UK?
    This depends on the type of insurance policy you have. Please read your policy geographical limits or call us to confirm.
  15. Do your business insurance policies include terrorism cover?
    We can extend the cover to include cover against Terrorism if required. UK Insurers exclude Terrorism from the policy cover then buy it back from a specialist Terrorism reinsurance market on your behalf only if required.
  16. I have a previous claim, can you still cover me?
    Yes, normally we can find an insurance market for most clients. We will assess all of your details including the type of claim, how much, when it happened, how long you have been trading and what steps you have been able to take to prevent the loss from occurring again.
  17. What is the excess on my insurance policy?
    This is shown on your Schedule of Insurance. Please call our Client Relations Team if you need help.
  18. How long does it take to receive policy documentation?
    Your Insurance endeavour to dispatch full policy documentation the same day you purchase your policy from us by email in PDF format. To read PDF documents you will need to download Acrobat Reader from the Adobe website. Policy documentation can also be sent by post on request.
  19. My business insurance isn't due now, can I get a quote later?
    Certainly. Simply complete our form to tell us your renewal date and we will contact you nearer the time.
  1. Can I increase the level of liability during the cover period?
    Yes. We will charge an additional premium for the balance of the policy period.
  2. Will I be refunded if I have to cancel my policy during the year?
    This depends on the policy you have and eligibility is explained in the Cancellation Clause contained in your Policy. A refund will not normally be made where you have made a claim during the insurance premium.
  3. I need a copy of my insurance certificate, is there a charge?
    There is no charge for this.
  4. My business has moved, who should I contact about this?
    If your business has changed locations, please contact YOUR insurance quoting your policy reference which is shown on your most recent Schedule of Insurance.
  1. How do I register a claim?
    Simply contact our Claims Advisors.
  2. What information will I need when making an insurance claim?
    Your will need to inform us of: who you are, your policy number, what has happened, when, estimated loss amount and what steps you have taken so far. You will be given advice about the next steps to be taken.
  3. If I make a claim, will you send someone to assess the damage?
    This will depend on what has happened. Our Insurers always look to provide a pragmatic solution. We aim to help you as much as possible when you need to claim, after all that is why you pay for insurance.
  4. Who can I contact if I disagree with the settlement of a claim?
    The complaint procedure is set out in all of our Insurance Policies.