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Employers’ Liability

Protection from any employee claims linked to workplace health and safety.

When do you need it?

  • - Hiring an employee

How much is it?

Starts as low as £50, but the nature of your work plays a massive role - especially if you work with dangerous equipment or hazardous materials. And of course, the bigger your headcount, the more cover you need.

Give me an example.

A homeworking employee is injured at home while on work time, but you haven’t completed an HSE workplace assessment. While the courts may say that you aren’t responsible for the accident, you’re likely to face significant legal fees to defend the claim.

The key takeaway?

The truth is you can’t afford not to have cover if you’re hiring. Besides, it’s a legal requirement - enough said!

Public Liability

Cover for injury or damage claims from third parties.

When do you need it?

  • - Hiring an employee
  • - Moving into a premises
  • - Interacting with the public

How much is it?

Depends on your line of work. For some trades, cover can start as little as £50-£60.

Give me an example.

Your employees are walking around your 3PL site, and accidentally pull over some racking full of another business’ stock. This insurance will cover the costs of damages and replacement.

The key takeaway?

Get this with Employers’ Liability insurance. Your staff are human. Regardless of how often they interact with others, there’s always a risk.

Product Liability

Cover for third-party claims over injury or damage caused by your products.

When do you need it?

  • - Providing a physical product

How much is it?

Depends on the product, but usually costs are in the hundreds. This gets a little complicated when they’re being sold to international markets, and the costs can increase.

Give me an example.

Your online marketplace provides third-party products, one of which has a fault that seriously burns a customer. While you may be able to get the manufacturer or supplier to accept responsibility, you’ll likely face significant legal fees to defend the claim.

The key takeaway?

Check your contracts with manufacturers and make sure you have the ‘right of recourse’ (aka that they’ll accept responsibility if something goes wrong). Also check that they have full Product Liability insurance in place. It’ll keep you protected.

Professional Indemnity

Cover in case someone claims for losses or damages because of your advice or services.

When do you need it?

  • - Providing a service
  • - Offering client consultations

How much is it?

Policies typically start at around £500. This can change though, depending on the type of service you offer and who you’re working for.

Give me an example.

The IT system you built or provided for a client isn’t working as they thought it would. There’s now wide-scale financial and operational disruption. They’re pointing their fingers at you and threatening legal action. This cover protects against that.

The key takeaway?

Don’t be fooled into thinking this is just a policy for advice-led occupations like architects or solicitors. If someone’s relying on your professional service, get this cover in place.

Directors’ & Officers'

This covers founders and some of the leadership team for company mismanagement.

When do you need it?

  • - Raising capital from investors
  • - Forming a board of directors
  • - Expanding into the US

How much is it?

For smaller businesses, you’re looking at £300-£400. In the US, though, it can get much steeper. Cover including the US can send D&O costs into the thousands.

Give me an example.

Either you or a director has made a misleading public statement. D&O can protect against any issues this causes to your business as well as accusations of negligence.

The key takeaway?

Investors like to see you’re proactive. Taking D&O cover out before seeking their support adds a feather to your cap. And don’t forget, one negligent director means all board members can be held responsible. You’re meant to be aware of each other’s actions.

Cyber

Whether it’s an attack or a leak, this cover protects you from any internet-based risks.

When do you need it?

  • - Having an online presence
  • - Sending/storing electronic data

How much is it?

It can range from £300 to four figures. What causes the increase? The controls you have in the business, the amount of data you’ve got, and the type of data it is.

Give me an example.

Hackers steal your clients’ information. They threaten to post it publicly. You call your insurers who immediately fix the vulnerability. An investigation is launched to see if sensitive data was actually compromised. It wasn’t, so you don’t pay the ransom. Your insurer then lets anyone affected know. All of this, and any fines, are covered by the policy.

The key takeaway?

You won’t be covered for shoddy security. Most policies have standards you need to meet before it’ll pay out. So, make sure you have a strong set of house rules to bolster defences.

Key Person

Cover for the financial hit when an essential team member can’t work.

When do you need it?

  • - Relying on certain staff
  • - Raising capital from investors

How much is it?

The monthly cost per person varies between £10 and £150, depending on their health and circumstances. If you only take out life cover, you’re looking at £10-£50.

Give me an example.

Your co-founder signs off on long-term sick leave after being diagnosed with a serious condition. Without them, you can’t maintain growth and start losing money. This cover provides you with a cash injection to keep you afloat.

The key takeaway?

Policies are usually long term - roughly 3-10 years depending on your business’ growth timescale. Spend some time weighing up different policies against your needs.

Marine Cargo

Cover for goods, equipment and other items when travelling via sea, air, rail or road.

When do you need it?

  • - Providing a physical product
  • - Multiple offices in the UK
  • - Supply chain for products
  • - Expanding into the US
  • - Expanding internationally

How much is it?

Start with your product’s ‘insured value’ (its invoice value, plus the cost of freight, plus 10%). Then multiply that number by the policy rate. As a bit of a benchmark, this could be between 1% and 5% of your total sums insured.

Give me an example.

You have a large shipment of products coming from the Far East. While in transit, the container is damaged and you lose all the stock within it. The policy covers the costs of the damaged items so you don’t take the hit.

The key takeaway?

Ignore the name. Marine Cargo covers all forms of transport (not just by sea), making it relevant to any business that ships items - whether that’s customer products sent direct by you, or equipment from manufacturers or suppliers sent to customers.

Business Property

Cover for items or equipment kept in certain places, including off-premises.

When do you need it?

  • - Moving into a physical premises
  • - Stocking products
  • - For machinery and equipment
  • - Using office technology

How much is it?

Depends what you’re covering. You could be looking at £50-£100 for some staff computers, or a few thousand for stock held in a 3PL or office warehouse

Give me an example.

There’s been a break-in at your office. A window’s been smashed, chairs have been broken, and your laptops are gone. This cover means you can replace the stolen computers and damaged equipment, and keep trading.

The key takeaway?

Protecting your property from day one eliminates any risk – especially if you extend your cover to any non-office based IT equipment for remote workers or travelling sales staff.

Business Interruption

Cover for a loss of earnings in the aftermath of an unexpected event.

When do you need it?

  • - Moving into a physical premises
  • - For machinery and equipment
  • - Having an online presence
  • - Sending/storing electronic data

How much is it?

Cost is normally tied to your gross revenue, typically growing in line with your business. That means it could run anywhere from £50 (as part of a commercial policy) into the thousands (as a standalone policy)

Give me an example.

There’s a fire at your rented premises and you lose all your essential IT equipment. Thanks to the ‘Increased Cost of Working’ part of your policy, you can replace your tech and sign another office lease.

The key takeaway?

This cover can also be included under your Cyber policy to cover disruption from a data breach

Business Travel

Cover against the risks a team member might face during a work trip.

When do you need it?

  • - Travelling for business
  • - Working overseas

How much is it?

Policies typically start at around £250, but this figure can vary depending on the destination, number of people, their age, the length and frequency of trips, and any activities involved – like adventure sports.

Give me an example.

You and your team have arrived safely at your destination, but your luggage – including a mixture of personal belongings and company equipment – hasn’t. This cover protects you on all fronts, paying a small sum to replace essential items.

The key takeaway?

Travelling for business is stressful enough without adding lost baggage, delayed or cancelled flights, a rental car collision, or even an injury into the mix. By investing in this cover, you can mitigate the risks of any potential losses and travel with peace of mind.

Photo by John Schnobrich

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