Business Insurance

[moneybaker]

Hi, anyone here own a small business with one employee (that is not a family member) and has taken out Public liability and Employers' liability insurance? If so please can you give me some idea of how much you are paying a year? and how long you have had this type of insurance?

Anyone with these guys below they seem to have a policy for the type of business im targeting!

http://www.simplybusiness.co.uk/wel...rber_1055294&gclid=CPSymuz4nLMCFebLtAode28Apw

Kind Regards

 

[lockyer]

It genuinely is a "how long is a piece of string question"

PL/el rates are very industry specific and range from £50PP right up to £10kPP.

If you can flesh out some more info I can give you a guestimate.

i.e what do you do, how much Public liability cover do you want as you need this to bolt the EL to.

 

[moneybaker]

It genuinely is a "how long is a piece of string question"

PL/el rates are very industry specific and range from £50PP right up to £10kPP.

If you can flesh out some more info I can give you a guestimate.

i.e what do you do, how much Public liability cover do you want as you need this to bolt the EL to.

Hi friend, insurance will be for a Barber shop and it will have one employee. No idea how much cover i will need i just assume Barber shop insurance will cover the employee and the customers that come through the door? Don't wont to insure stock or anything else just the employee and the public.

Kind Regards

 

[vvaannmmaann]

How about these people?
http://www.just-hair-insurance.co.uk/

 

[moneybaker]

Also to add....an electrician told me that he pays £90 a year (doesn’t go up or down stays at 90) on public liability insurance. I was surprised as i thought business insurance may be in the same sort of figures as car insurance.


Kind Regards

 

[Paul_Rosser]

I recently paid £75 for £1million of Public/Product liability and £10million of Employers liability.

 

[moneybaker]

I recently paid £75 for £1million of Public/Product liability and £10million of Employers liability.

Wow, and how many employees do you have? & what is it you do?


Kind Regards

 

[Paul_Rosser]

Wow, and how many employees do you have? & what is it you do?


Kind Regards

2 directors, one staff member.

We provide advice for those looking to claim R&D tax relief, also have professional indemnity insurance but that was £600.

 

[10032012]

Insurance companies are not stupid - its unlikely you will be able to claim for this and that reason... also you have your excess amounts and limits.

They are rather awful at taking your money after receiving little information on you with some big assumptions, sending you through the paperwork and expecting you to read it all and alert them if its incorrect, otherwise voiding your insurance.

I got a very good deal deal (?) on my insurance, despite ordering it almost 2 weeks in advance... I got the certificate through the post a week late after the policy started. This meant I couldn't employ anyone in that week. The loss of business in that week etc. would have been better if it was double the price. Of course they sent me the paperwork with the complimentary key insurance that I didn't want (have any key attached to the fob and you are covered... well, apparently that excludes motor vehicles above 1400 cc)

If you have no adverse history (previous claims, bankruptcy etc) its pretty much really cheap otherwise the premiums go up and up and up.

 

[Simply Business]

It genuinely is a "how long is a piece of string question"

Very true.

Moneybaker, do you still need any help with your cover at all? Drop me a PM if you want a chat.

10032012 - that's unfortunate but if you have a insurance company that either emailed your documents or provided them online you could have just printed them off and displayed straight away!

 

[businessfunding]

Hi friend, insurance will be for a Barber shop and it will have one employee. No idea how much cover i will need i just assume Barber shop insurance will cover the employee and the customers that come through the door? Don’t wont to insure stock or anything else just the employee and the public.

Kind Regards

Don't assume, be sure

There is a wide range of polices out there; I suggest you talk with a broker who understands and will guide you through what is what.

 

[moneybaker]

There is a wide range of polices out there; I suggest you talk with a broker who understands and will guide you through what is what.

A broker? for business insurance? They search on my behalf?


What will he need to know?

Age of property?

CCTV installed?

What are the walls made out of?


Kind Regards

 

[moneybaker]

I got the certificate through the post a week late after the policy started. This meant I couldn't employ anyone in that week.

Now that’s interesting to know. So if the policy is activated over the phone I still have to wait till the certificate arrives through the post before I can employ anyone?


Kind Regards

 

[10032012]

Now that’s interesting to know. So if the policy is activated over the phone I still have to wait till the certificate arrives through the post before I can employ anyone?


Kind Regards

As I understand you need the certificate on display in the workplace. So having cover is not an adequate defence.

I am sure if one of my employees had reported me for not doing so, I would have been giving a notice to comply... with the explanation that I am waiting for the certificate from the insurance company. Then within the 2 week time frame I would have received it. But it could have been an instant fine possibly... I guess the employees probably wouldn't have been none the wiser anyhow.

Quite a few these days do cover over the internet and you can login to get your quote... and when you order you can download the documents and certificate. The same applies if you get a quote online and ring up to order it.

 

[10032012]

A broker? for business insurance? They search on my behalf?


What will he need to know?

Age of property?

CCTV installed?

What are the walls made out of?


Kind Regards

For me, they wanted to know everything... a basic list...

* if you or anyone connected to the business has a CCJ or been made bankrupt
* if you have made any previous claims in the last 3 years
* what the premises is made from
* if the property has any history of flooding etc.
* if CCTV is installed and is it just live, recorded or remotely monitored
* if you have an alarm system... if it meets a certain specification, is it remotely connected to police etc
* the type of lock you have on main doors
* the sector you are in, and the activities you will undertake
* your HMRC employer code

(from memory, roughly)

 

[Simply Business]

As I understand you need the certificate on display in the workplace. So having cover is not an adequate defence.

I am sure if one of my employees had reported me for not doing so, I would have been giving a notice to comply... with the explanation that I am waiting for the certificate from the insurance company. Then within the 2 week time frame I would have received it. But it could have been an instant fine possibly... I guess the employees probably wouldn't have been none the wiser anyhow.

Quite a few these days do cover over the internet and you can login to get your quote... and when you order you can download the documents and certificate. The same applies if you get a quote online and ring up to order it.

For employers liability you NEED to display your certificate as you can be fined up to £2,500 per person, per day (and this can also be back dated). If you have an online broker you should be able to download your certificate instantly which should avoid any issues such as this.

 

[Scotian]

Usually these policies cover both public liability and property. Talk to a broker find out what options are out there for you, but as a Barber you will need to have it to protect yourself. They usually have base amounts for property and furniture and fixtures and it will depend on whether you own the unit or rent.

 

[simon field]

I would personally recommend avoiding brokers altogether, they are an absolute nightmare.

IMHO