5 Types Of Insurance Every High Street Business Should Consider
5 Types Of Insurance Every High Street Business Should Consider
The great thing about high street businesses is the diversity. You can find big brands and small to medium size businesses operating within metres of each other.
Whether you run a large retailer or your own small business, insurance can save your skin more than you think. It’s there to protect you, your business, your employees and even the public. Below we are going to discuss which 5 insurance policies are vital for all high street businesses.
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- Employers’ Liability Insurance
- Public Liability Insurance
- Buildings & Contents Insurance
- Business Interruption Insurance
- Professional Indemnity Insurance
1: Employers’ Liability Insurance
Let’s start off with Employers’ Liability Insurance.
This type of insurance policy is a legal requirement for all businesses operating in the UK. Employers’ Liability Insurance protects you and your business from claims of injury or sickness from your employees.
Your policy will cover any compensation payments or legal costs in regards to workplace claims. This will ensure that your business doesn’t crumble under the financial pressure of a successful claim.
2: Public Liability Insurance
This type of insurance policy is essential for any business that interacts with the public. Public Liability Insurance protects you and your business from claims made by customers, clients, or members of the public who suffer injury or property damage in connection with your business activities.
Your policy will cover any compensation payments or legal costs in regards to these claims. This will ensure that your business is financially protected should an accident occur.
3: Buildings & Contents Insurance
This type of insurance policy is designed to protect the physical assets of your business. Buildings & Contents Insurance covers the cost of repairing or replacing your premises and the items inside should they be damaged, destroyed, or stolen.
Your policy will safeguard against risks such as fire, flooding, theft, or vandalism. This will ensure that your business can recover quickly without facing the financial burden of replacing essential property and equipment.
4: Business Interruption Insurance
This type of insurance policy is designed to protect your income if your business operations are disrupted. Business Interruption Insurance covers the financial losses you may face if you are unable to trade as usual due to an unexpected event, such as fire, flood, or other damage to your premises.
Your policy will help cover lost income, ongoing expenses, and additional costs needed to keep your business running. This will ensure that your business can remain stable during a period of downtime and recover more quickly.
5: Professional Indemnity Insurance
And finally, Professional Indemnity Insurance, this type of insurance policy is crucial for businesses that provide professional advice, services, or designs. Professional Indemnity Insurance protects you and your business if a client claims they have suffered a financial loss due to mistakes, errors, or negligence in the work you have carried out.
Your policy will cover compensation costs, legal fees, and any expenses associated with defending a claim. This will ensure that your business’s reputation and finances are protected should a dispute arise.
Bringing It All Together
Running a high street business comes with plenty of challenges, but the right insurance can give you the peace of mind to focus on growth instead of worrying about risks. From protecting your employees and customers to safeguarding your premises and reputation, these five policies create a strong safety net around your business.
Think of insurance not just as a requirement, but as an investment in the future of your business. This will keep you prepared for the unexpected and ready to thrive no matter what comes your way.
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5 Types Of Insurance Every High Street Business Should Consider
If you’re considering becoming a landlord, you’ve probably asked yourself: are rental properties worth it? The answer isn’t always straightforward, as letting out property comes with both rewards and responsibilities.
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If you’re considering becoming a landlord, you’ve probably asked yourself: are rental properties worth it? The answer isn’t always straightforward, as letting out property comes with both rewards and responsibilities.
Landlord Insurance: What does it cover?
Landlord Insurance: What does it cover?
Summary
While landlord insurance is not a legal requirement, it is highly recommended for property owners renting out premises, as it protects against the unique risks associated with letting. Typical coverage includes building insurance (for structural damage), contents insurance (for the landlord’s belongings), liability insurance (for harm to tenants or visitors) and sometimes loss of rent protection, though exclusions apply for things like tenant defaults or wear and tear.
Although it is not a legal requirement, landlord insurance is highly recommended. Landlord insurance is a specific type of insurance that protects landlords from the risks associated with renting out a property.
Table of contents
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Landlord insurance can typically include:
- Building Insurance
- Contents Insurance
- Liability Insurance
- Loss of rent protection
Let’s break down the individual parts of landlord insurance and how it protects the policyholder.
Does Landlord Insurance include building insurance?
Yes, landlord insurance includes building insurance, which means the property’s structure will be covered in the event of damage or if it needs to be repaired.
Building insurance includes:
- Structure: The structure of your building will be covered in the event of damage. This includes roofs, floors and walls.
- Permanent fixtures: This includes fitted kitchens, bathrooms, and even built-in wardrobe
- Other structures: Some policies cover garages, sheds and even fences within your property.
- Repairs & Rebuilding: When your property is insured with landlord insurance, you will be covered in terms of damage caused towards the structure of your property. Your property’s repair will be covered to rebuild it to its pre-damaged state.
What isn’t covered:
- Wear & Tear: Any damage accumulating over time, such as worn-out carpet or fading paint.
- Neglect: If damage is caused to your property due to neglect, such as if an existing issue is ignored and becomes a bigger problem, your insurance policy may not cover this.
Does Landlord Insurance include contents insurance?
Yes, however, it may not work the way you think. The contents insurance included within landlord insurance only covers the landlord’s belongings within the property.
Landlord contents insurance includes:
Protection of Personal belongings: Landlord contents insurance will cover the landlord’s items they have allowed the tenants to use, such as furniture, appliances, carpets and curtains.
These belongings are covered in the event of fires, theft, accidental damage, or even loss.
What isn’t covered:
- Tenants’ Belongings: Landlord contents insurance will only cover the personal items that the landlord owns. The policy will not protect the belongings of the tenants.
- Wear & Tear: If items within the property experience damage due to general wear and tear, this would not be covered by contents insurance.
Does Landlord Insurance include liability insurance?
Yes. If the condition of your rental property is the cause of a tenant or visitor’s injury, your landlord insurance will include liability to cover that.
Accidents can occur due to the smallest of issues, such as a loose tile or an exposed wire, and you, as the property owner and landlord, will be held accountable if these conditions cause injury. That is why it is essential to have a landlord insurance policy to protect you from such occurrences.
What isn’t covered:
- Damage to your property: Liability would not cover any damage caused to your property. Luckily, landlord insurance includes building insurance, covering any damage to your property.
- Intentional Harm: Liability will not cover you if you intentionally cause harm to tenants.
Does Landlord Insurance include loss of rent protection?
Not always. It will depend on your policy and the type of coverage you have. If loss of rent protection is included within your insurance policy, you may be covered in certain situations. For example, if your property experiences a disaster, such as a fire or flood, which makes it uninhabitable, you will be covered for the loss of rent.
However, if you are in a situation where your tenants are refusing to pay rent, you may not be covered. This is where you will need specialist cover, such as tenant default insurance.
Conclusion: Benefits of Landlord Insurance
As mentioned at the beginning of this article, landlord insurance is not legally required. However, it does protect landlords from significant financial loss. It covers the property if structural damage occurs or your contents are lost or stolen. It also has the potential to protect you from loss of rental income in the event of damage causing your property to become uninhabitable.
Remember: when you purchase a landlord insurance policy or let property insurance policy, ensure you understand what is or isn’t included. This is so that you, as the policyholder, can have peace of mind that your property is protected in the way that best suits you.
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5 Types Of Insurance Every High Street Business Should Consider
If you’re considering becoming a landlord, you’ve probably asked yourself: are rental properties worth it? The answer isn’t always straightforward, as letting out property comes with both rewards and responsibilities.
Are Rental Properties Worth It? A Guide For Landlords
If you’re considering becoming a landlord, you’ve probably asked yourself: are rental properties worth it? The answer isn’t always straightforward, as letting out property comes with both rewards and responsibilities.
How do I make an insurance claim?
How do I make an insurance claim?
What to keep in mind when making an insurance claim
Summary
Car insurance can cover theft, but it depends on the type of policy you have and whether the vehicle was properly secured. Claims may be refused if the keys were left in the car, the vehicle was not locked, or it was parked somewhere not declared on the policy. As long as you follow the policy conditions and take sensible security measures, you should be protected if your car is stolen.
It is never an easy time if you are in a position where you need to make an insurance claim. To make things a little easier we have put together a breakdown to aid you in making an insurance claim, which includes a few things to keep in mind during the process.
Contacting your insurance provider
The very first step is to contact your insurance provider. Make sure to have a letter or insurance document to hand so that you can confirm your policy reference number with them.
Once you have confirmed your policy number and discussed your claim briefly they should then email you a claim form to fill in. This form will help them understand your claim with more clarity, and progress your claim to the next step.
What should you keep in mind?
Before you send off your claim there are some aspects you should consider:
● Does your insurance cover you for what you are claiming for?
● How much is the insurance excess?
● Does anything in the small print invalidate your claim?
● Are you covered?
You should look through your insurance policy to check if the situation you intend to make a claim for is definitely covered. For example, if you lock your car keys inside your car, your insurance may not cover the cost of using the services of a locksmith to retrieve your car keys.
How much is the insurance excess?
When you applied for your insurance you may have manually selected how much your excess will be. This is a cost you will pay in the instance that a claim is made on your insurance. If your excess is pretty high, it will make your annual or monthly insurance costs fairly low. So be prepared to pay the excess you have set once your insurance claim goes through.
Does anything in the small print invalidate your claim?
In some circumstances, the small print of your insurance can have certain conditions in place. Some of these conditions may invalidate your claim. Take a look at your policy’s small print to see if any of the contents applies to your situation.
In some cases you may be claiming for lost and damaged property. Whilst it is common that the insurers will pay you the full replacement value of these items, there are certain belongings, such as clothing, that may incur a small deduction for wear and tear.
If you already have a policy with CDC and would like any clarification of the above before you submit your claim to your insurance company we are always happy to talk you through your policy covers and any possible limitations to your claim.
Looking for a new insurance provider?
Get in touch with our Insurance Specialists below for advice and guidance:
E: 01843 861251
T: enquiries@cdc-insurance.co.uk
Read our other articles
- Travel Insurance
- Management Liability Insurance
- Let Property Insurance
- Home Insurance
- General
- Fleet Insurance
- Construction Sector Insurance
- Car Insurance
5 Types Of Insurance Every High Street Business Should Consider
If you’re considering becoming a landlord, you’ve probably asked yourself: are rental properties worth it? The answer isn’t always straightforward, as letting out property comes with both rewards and responsibilities.
Are Rental Properties Worth It? A Guide For Landlords
If you’re considering becoming a landlord, you’ve probably asked yourself: are rental properties worth it? The answer isn’t always straightforward, as letting out property comes with both rewards and responsibilities.
