We live in a society where compensation claims are on the rise, so your business needs the best insurance protection possible to make sure that you do not suffer irreparable damage if a claim comes your way.
Bollington has been protecting businesses for over 40 years, so we know all of the issues that can affect you, from the threat of claims from members of the public to accidents and incidents affecting employees.
In more recent years, there has also been a rise in incidents relating to individuals who are directors or business owners. Without adequate protection, you could be personally exposed to claims for alleged wrongdoing.
The good news is that we can offer your business a range of liability insurance products – and because we deal with you personally, we know which products you need and which you don’t, so you are not left without valuable cover when you need it most.
Public liability insurance – Cover for your business against claims for accidental damage to individuals or property as a result of your work, or while a member of the public is on your premises. This could include injury or death of a person.
As an example, if you are a builder working in a customer’s house and you accidentally damage the customer’s property while carrying out your work, they may seek compensation from you and this could leave you liable for the cost of repairing the damage or even replacing a wall or a roof in full. This is where your public liability insurance would take over.
In many cases, public liability insurance is a must to undertake your work – for example, Local Environmental Health departments may insist on £5m of Public Liability insurance cover in order for a catering van to carry out business.
Dependent on the size and turnover of your business and the risk to the public, Bollington offers levels of public liability cover starting at £1m and rising to £10m or more, subject to circumstances. We assess your needs and advise on the appropriate level of public liability cover that is required.
Employers’ liability insurance – Provides compensation for claims relating to illness or injury suffered by a member of staff as a result of working in your employment.
All businesses operating within the UK who employ a workforce must have this cover in force and be insured for at least £5m. However most insurers will provide cover for at least £10 million indemnity. There are some businesses that may be exempt from having this cover, this includes a business that is not a limited company, if you are the only employee or you only employ close family members.
The penalties for those deciding not to take out cover are steep. The Health and Safety Executive (HSE) is responsible for enforcement and can fine offenders up to £2,500 for each day that you do not have the appropriate covers in place.
It makes sense to speak to a qualified insurance professional who can advise on the correct level of the cover that is appropriate for your business. If you are in any doubt, please contact us, as we can advise exactly what you need.