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Questions about business insurance:
More Insurnace FAQ Resources
Questions about my quote:
Sometimes we need some further information about your business to complete your quote. This is so we can make sure your quote is tailored to meet your exact needs, and ensure you have complete peace of mind. If you have been asked to call us, please do so – we have experts on hand to help finalise your quote.
An excess is the amount of a claim that is payable by you. For instance if you select an excess of £500 and have a claim worth £2,500, then you will pay the first £500 and we will pay the rest (in this example £2,000).
The policy wording sets out what is covered, what is not covered, how much we will pay if you need to make a claim and anything you need to do to ensure your policy remains valid. For some products, such as professional indemnity insurance, we have a range of policy wordings designed to tailor the cover you receive. This is based on the potential claims you could face in your industry. To ensure you get the best protection for your business, you will need to make sure that your primary trade accurately reflects the activities you carry out every day. We will automatically apply the policy wording tailored to your industry so that you have the most appropriate cover.
Yes. If you have hired or leased equipment, or are undertaking work for a specific client, we can add a ‘note of interest’ to your policy to reflect this.
Employers’ liability insurance will cover claims for compensation if an employee is injured or becomes ill in the course of the work they are carrying out for you. For the most part, you are legally required to hold employers’ liability insurance when you become an employer, and can be fined £2,500 for every day that you are not insured. The law makes some exceptions for individuals employing close family members, and for those employing people not resident in Great Britain. More information is available here: https://www.gov.uk/employers-liability-insurance (external link)
As your insurer we hold sensitive commercial information about your business and take our responsibility to protect that information very seriously. We will only discuss your quote or policy with individuals who are named on the policy file, and who can pass data protection checks at the start of a call. When you set up a policy or quote online or over the phone, you will be the individual authorised to discuss the policy and make changes. If you wish to authorise somebody else to make changes, please call us.
The limit of indemnity you select is the amount we will pay for your claims. If your policy operates on an aggregate basis, the limit of indemnity is the amount available for any claims you may need to make that year combined. At your renewal date, the amount will be re-set at the original value. For example, if you select a limit of indemnity of £1,000,000, and then make a claim for £50,000, there is £950,000 left to pay any more claims you may need to make that year. At renewal, this will go back up to £1,000,000. The difference with a policy on an ‘any one claim’ basis, is that the full limit of £1,000,000 is available for each claim you make.
We cover claims brought against you due to the work of your subcontractors. If you use subcontractors we may ask you more questions about this, and may ask that your subcontractors hold their own insurance.
Questions about policy terms:
Your ‘primary trade’ is the main activity your business carries out. If you are concerned your ‘primary trade’ definition does not fully encompass your business activities, please call us.
As part of your quote, we will ask you where or in which countries you carry out your work. This is recorded in your ‘Statement of Fact’ document and your policy will then cover work carried out in this area.
As part of your quote, we will ask you which legal jurisdiction your contracts are under. This is recorded in your ‘Statement of Fact’ document and your policy will cover claims brought within these jurisdictional limits or applicable courts.
Continuous limits are applied to parts of your cover such as turnover and wage roll. We include these limits in your policy to give your business room to grow before we ask you to contact us and update your policy. For instance, if you tell us that you have £30,000 of turnover annually, a continuous limit might allow this to increase to £40,000 without you having to tell us about it. We ask that you check your Schedule and Statement of Fact every year at renewal, and let us know if you think you might be at risk of exceeding your continuous limits so that we can update your policy and make sure you are still fully covered.
Questions about my cover or policy:
In general our insurance covers the business named on the policy schedule. In addition some types of insurance, such as professional indemnity, may also cover the directors, partners and senior managers of the business.
Yes you can still buy an employers' liability policy, but you will need to send us your ERN details as soon as you can.
An ERN is given to every business that registers with HM Revenue & Customs as an employer.It may also be referred to as an employer PAYE reference. If you have taken out employers' liability cover with us, you will need to provide us with your ERN.If you did not have your ERN to hand when you took out your policy and need to return the form that you received with your quote documents, you can send this by email to [email protected].We will then update your policy, but you will not need any further documentation from us.
You can cancel your policy by calling us.
Some insurance policies, such as professional indemnity insurance, are provided on a “claims made” basis. This means that the policy needs to remain active for a claim to be covered. If you choose to cancel these insurances, and later need to make a claim, that claim will not be covered. If you are no longer trading, and would like to continue your cover in case a claim arises in the future, we have two options which can continue to cover your historical work.
- Hibernation: if you are between contracts, hibernation allows you to continue with your insurance policy at a reduced premium, which gives you peace of mind that you will continue to be insured for past work. Once you start a new contract let us know and we will bring your policy out of hibernation to cover your new work as well.
- Run-off: if you are retiring or have finished trading and your policy operates on a claims made basis*, you can put it into ‘run-off’, which allows you to stay covered for work you have already done if anything comes to light later on. Some professions, such as accountants, are required to have this for a certain number of years after they have finished trading.
* For more detail on 'claims made basis' policies, please refer to 'What is the difference in my ability to claim if I have a policy on an ‘any one claim’ basis, rather than an ‘aggregate’ basis?' in the 'About my quote' section above.
Questions about payments:
You do not pay VAT on business insurance, however, Insurance Premium Tax (IPT) is usually included in the price that you pay for your insurance policy.
The standard rate of IPT you pay is 12%, however, it depends on the type of insurance you are taking out and there are some exemptions. Unlike VAT, IPT can't be recovered.
Yes, you can pay using either a business or personal UK bank.
We can take payment by credit or debit card on an annual basis, or by annual direct debit. For customers paying over £200 (annually) we also offer interest free monthly direct debit.