Originally written by Timothy Adler on Small Business
Millions of businesses have taken out small business interruption insurance, but will your policy pay out if you have to shut down because of coronavirus?
Business interruption policies are usually taken out to cover acts of God such as flooding and fire. Insurance policies such as these physical damage at a property that results in the small business being unable to trade.
And only a small minority of larger business owners may have previously arranged an additional clause covering them in the event of a pandemic.
>Further reading: What kind of insurance does your small business require?
However, because Covid-19 was only officially named by government on March 5 as a “notifiable disease.” This means “registered medical practitioners” (RMPs) have a legal duty notify their local council or local health protection team of suspected cases of certain infectious diseases. This is one of the key criteria which insurance companies need to know before they pay out – any policies taken out before then will not cover coronavirus.
French insurer Axa has told customers that its general business interruption insurance does not cover losses caused by Covid-19 as it only protects against diseases specifically named in its policies. Covid-19 was
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Businesses forced to add data-loss cover on top of buildings insurance
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Businesses are being forced to add additional IT buildings insurance to protect themselves against data loss on top of existing cover.
Insurers have become worried that businesses’ increasing reliance on IT means that the cost of business interruption has become so expensive, they could face huge losses if swamped by claims.
>Further reading: What kind of insurance does your small business require?
By asking businesses to take extra IT cover in the event of fire or flood, they hope to build up a war chest against such claims.
Until now, IT outages and business interruption have been bundled with the cost of standard buildings insurance.
In many cases, insurers have traditionally paid out for losses from IT interruption if they result from traditional property damage, such as fire and flood, even though policy documents did not specifically mention them.
The pressure on business owners to take out extra IT buildings cover stems from the Bank of England and Lloyd’s of London concerns about the insurance market, according to the Daily Telegraph.
The BoE’s Prudential Regulation Authority (PRA) fears that vague policies could expose insurers to massive unexpected IT pay-outs, which could do serious financial damage.
Insurers have responded to the PRA’s
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What insurance do I need for my beautician business?
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Beauty has more obvious risks than some other professions: straightener burns, allergic reactions to various creams, slips on tile floor spillages. That’s why you need beautician insurance.
Policies can cover a wide range of specialisms, including:
Hairdresser
Barber
Make-up artist
Nail technician
Manicurist/pedicurist
The individual treatments that are insured can be even more diverse and very much dependent on the policy.
Here is a rundown of the cover that you need by law, what is recommended and which restrictions you need to be wary of.
What insurance is legally required by beauticians?
If you have any employees at all, even an apprentice who’s working with you for a few weeks, you absolutely need employers’ liability insurance.
“Employers’ liability – even for volunteers and students – is a legal requirement as they can become ill or injured and take legal action against you,” says Jemma Holloway of Direct Line for Business.
“Or it could be for a spray tan treatment where they’re not told how to wear the mask properly and become unwell.”
You could face a hefty fine without this insurance, so make sure you have it in place.
What other insurance would be useful for my beauty business?
Public liability insurance covers you for any damage you
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What types of insurance does a photography business need?
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Being a photographer is creatively rewarding but a fair few things can go wrong.
We explore what you need in terms of photography insurance as a small business owner – whether you’re in the studio or on-location for a shoot.
What insurance is required by law for photographers?
Some parts of an insurance policy are a must for all businesses and others are particularly handy for photographers.
“Personal liability insurance is important as you’re working with the public,” says Jemma Holloway at Direct Line for Business. “It also keeps you covered in case damage is done when you’re on-location for a shoot.” Say you’re filming an event and someone trips over your camera cable. Personal liability insurance will cover any costs you may incur including legal fees.
‘Indemnity insurance is essential in clearing your name and protecting your reputation’
Employers’ liability insurance is a legal requirement if you have any staff including volunteers and students. This could also mean lighting or sound crews who may experience injury or damage to their products while on the job. The insurance can cover medical bills or treatments as well as legal costs.
The only exception here is if they’re independent contractors – they’ll
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Personal trainer business insurance: requirements, extras and restrictions
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
There are certain types of insurance which are essential in your personal training company as well as some extras that you may not have even thought about.
If you feel bamboozled by personal trainer insurance, Neil Robertson at Insure4Sport has some helpful advice to get you started.
Why you need personal trainer insurance
Specialist personal trainer insurance protects you against potentially costly claims from clients if something goes wrong during a session. It also covers you if your equipment is lost, damaged or stolen, if you injure yourself when training or if an employee gets injured while working for you.
It’s so important that proof of specialist insurance is required by most gyms and sports centres before they allow you to work at their facility.
What types of insurance are required by law?
If you train with clients, having public liability insurance is essential. This protects your legal liability if a claim is made against you for injury to another person or property damage. For example, you may need to claim if a client injures themselves during a session and holds you responsible or if you accidentally damage a facility you’re training at.
Professional indemnity insurance is also essential if
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Free Webinar: How to Attract and Retain Top Talent
by Entrepreneur Events • • 0 Comments
Building your employer brand: A can’t-miss discussion covering all the dos and don’ts of hiring and keeping the best employees.
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Here’s the key insurance cover that your small business needs
by Michael Somerville • • 0 Comments
The post Here’s the key insurance cover that your small business needs appeared first on Small Business.
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Are You at Risk?! When to Insure Your Home-Based Business
by Editor • • 0 Comments
By Sarah Landrum More than 50 percent of businesses in the U.S. are based out of the owner’s home. If you own or are starting a home-based business, you’re in good company. But do you have insurance for the business? Roughly 60 percent of home-based businesses lack sufficient business insurance. Many people who work out […]
The post Are You at Risk?! When to Insure Your Home-Based Business appeared first on The Work at Home Woman.
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A holistic way of insuring business risk
by Ben Lobel • • 0 Comments
The first self storage facility in Europe opened its doors in London nearly 40 years ago. Today, the industry in the UK is worth in excess of £440 million a year and every day self storage operators manage nearly 40 million square feet of customised storage space for people who are on the threshold of
The post A holistic way of insuring business risk appeared first on Small Business.
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A guide to picking the right insurance for your business
by Ben Lobel • • 0 Comments
Building a business requires stamina, determination, hard work, tenacity and a strength that will carry your company to the highest heights. However, with the nature of a competitive market, no matter the field of business you have entered, there is always uncertainty. And business insurance is one way of easing that uncertainty. You may be
The post A guide to picking the right insurance for your business appeared first on Small Business.