Commercial Plan Insurance FAQ’s
FAQs About Commercial Insurance
What types of Commercial Insurance are compulsory?
What do the following terms mean?
How can I make sure that my policy adequately covers my
business and the appropriate assets?
How do I adjust my insurance policy to reflect a new asset I
just purchased?
There are three types of insurance which are required by law: motor insurance, employers' liability and engineering insurance.
If you operate a commercial vehicle for your business it is your legal requirement to insure that vehicle. Everyone who drives the vehicle on the public road must, by law, have at least third party insurance
cover for Class1 business use. This covers your liability for injuries to other people, their property, and their vehicles, caused by the use of your vehicle
while it is on a public road. In reality most of us opt for "third
party, fire & theft" policies, which cover third party risk, fire
damage and the theft of our vehicle, or "fully comprehensive"
policies which cover accidental damage to our own vehicle
as well.
If you run a business you are legally required to have
insurance to cover you if one of your employees is injured
or ill as a result of working for you. The law also requires
that you exhibit a certificate of employers' liability insurance
at each place of work. However, if all you are doing is
employing a home help or cleaner you do not need this
kind of insurance. For your peace of mind, it may be worth
checking that your house contents policy covers you for any
kind of accident they may have while working for you.
Public liability insurance is generally voluntary. However some businesses, eg horse riding establishments, are required by law to have public liability cover.
If you run a business that involves the use of certain types of power driven lifting equipment, in order that your insurance is not invalidated, you are required by law to have the equipment inspected at specified intervals.
There are no other legally required insurance policies but
if you have a mortgage your lender will almost certainly
require you to have house buildings insurance to cover your
home and a life insurance policy to cover the mortgage in
the event of your death.
Many small businesses do not regard business insurance
as a necessity and as a result may fail to insure themselves.
Neglecting to have relevant insurance or allowing insurance
to lapse without renewing it is a criminal offence regardless of
the size of the business.
If you're a small business owners who doesn't currently have business
insurance or perhaps think you don't have the correct type
of insurance read Commercial Plan Insurance's FAQs for advice and call Commercial Plan Insurance on 0844 576 5756 for a competitive quote.
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Glossary of common terms;
Asset
An item of economic value owned by you or your company.
Claim
A notification to the insurer that a covered peril has occurred
and compensation for loss or damage is required.
Claims history
Your history of insurance claims.
Excess
The first part of every claim that you have to pay.
Insurer/Insurance Provider
The Company that provides the cover and will pay you for
any claims.
Insurance Broker
An insurance professional able to provide independent
advice on a wide rang of insurance matters.
Liability cover
Can include employers, personal and product liability. Refers
to your legal liability to pay the compensation and costs
awarded against you in respect of loss or damage sustained
by a third party.
Loss Adjuster
An expert in processing claims from start to finish. A loss
adjuster will be appointed by the Insurance company to
negotiate a settlement, within the terms of the policy, which
is fair to both you and the insurance company.
Premium
The amount you pay to receive cover under the terms of
your policy.
Inception Date
The date on a policy for which cover begins. Any claims
made before this date will not be honoured.
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One way to make sure you protect all your assets is to create a list of any
business assets you would want to cover and check your
policy for their inclusion. Make sure you have included cover
for all your tools, fixtures and fittings, equipment, stock and
any other important items.
If you are in any doubt Commercial Plan Insurance's expert staff can advise you on suitable
levels of cover, simply call 0844 576 5756
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When you purchase a business asset, you
should contact Commercial Plan Insurance and we will
determine how you can include it in your current cover. Coomercial Plan should be able to cover the extra item immediately. New documents will be issued as soon as possible and the
extra cover will then be included as part of your policy when
you come to renewal.
If you have purchased a new business asset call Commercial Plan Insurance on 0844 576 5756 and our expert staff will be able to assist you.
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