Hiscox Commercial Client

What is professional indemnity insurance?

Professional indemnity insurance can help protect your business if a client claims there's a problem with the work you’ve done for them. It can cover your costs if you need to pay compensation to correct a mistake or settle a claim, and can also cover your legal defence.

Even though you may strive to deliver an impeccable service, mistakes do happen. A PI insurance policy is designed to protect you against the cost of dealing with a claim from a disgruntled customer. Whether that’s due to a project overrunning or strategic advice that ends up losing a client money, it’s important to ensure you’re covered should an error occur.

For example, you may be faced with paying compensation to a client if they make a claim of:

• negligence – being careless in your work, such as giving bad advice or making a mistake
• infringement of intellectual property rights – for example re-using content from a website without permission
• defamation – making false or damaging claims about a person or organisation
• breach of confidence – sharing confidential or commercially sensitive information without consent.

Find the right professional indemnity insurance policy for your profession to make sure you’re covered against the risks your business is most likely to face.

You may need professional indemnity insurance if you:

• provide expertise, skills or advice to clients
• have access to clients' confidential information
• produce materials that could infringe intellectual property rights
• provide a professional service and could be challenged on your work.

You’re good at what you do and have confidence in the quality of your work. So why do you need professional indemnity insurance? The reality is that any small business providing a professional service that can be challenged is vulnerable to a claim of negligence when the advice or service fails to meet a client’s expectations. From allegations of a breach of copyright to accusations of defamation, these kinds of claims can be costly and disruptive regardless of whether they’re fair or not.

Call 020 3321 5571 to find out more.

What is public liability insurance?

Public liability Insurance covers the cost of claims should your business activities result in the injury of a client, contractor or member of the public. A public liability policy can also cover you and your employees against property damage when working in a client’s home, office or business property.

Who needs public liability insurance?

Most businesses could be exposed to public liability risks and very few would be immune to a claim for compensation being brought against their business. Don’t forget, even unfounded claims can be costly to deal with. 

• Business owners: Even though we all strive to work with utmost precision, accidents do happen. And if they do, a member of the public (including customers and clients) can make a claim for compensation. So if you’re a business owner, it’s worth considering a public liability policy, which can offer you the peace of mind that you’re protected should something unexpected happen.
• Self-employed: If you’re self-employed, public liability insurance can also offer essential financial protection against claims made by your customers or any member of the public. For example, if you’re a freelance photographer and a client were to claim that you had dropped your camera on their car, damaging the paintwork, public liability insurance could cover the compensation owed to them by you.

Why is it a good idea to make sure I’m covered?

• Even if you don’t have visitors to your office or home, you could still suffer a public liability claim against your business; for example, if you accidentally damage a client’s property in their office
• Easy access to ‘no win no fee’ legal services which help individuals claim compensation may increase the likelihood of a business experiencing a public liability claim
• Anyone working for you could trigger a public liability claim against your business if their actions at work injure a client or member of the public
• If a product you supply causes harm or loss, your business could face a claim for compensation
• Many companies and organisations will also insist on their suppliers having public liability insurance cover in place.

Call 020 3321 5571 to find out more.

What is employers’ liability insurance?

Employers’ liability insurance protects against the cost of defending or settling claims that arise from employee injury or illness in the workplace. This includes defence costs relating to criminal prosecution should accident or injury occur as a result of a break in regulation or the law.

As a small business with employees, your people are one of your greatest assets and investments. They’re also a great responsibility. Not only do they rely on the success of your business to provide their livelihood, but as an employer you have an obligation to provide safe conditions for them to work in. It goes without question that you do your best to limit the possibility of injury or disease to your employees resulting from the work they do for you. But what if they have an accident or become ill as a result of something you weren’t aware of? Your employee could sue your business for compensation. And if the incident exposes a breach of legislation or regulation, your business could also face legal prosecution.

Who needs employers’ liability insurance?

In order to safeguard all employees in the UK, it’s a legal requirement* for most businesses with employees to have at least £5 million of cover in place. If you’re self-employed, liability insurance will also, in most cases, be a legal requirement if you employ one or more people.

Our employers’ liability insurance is only available alongside Hiscox Public Liability Insurance.

Why is it a good idea to be covered?

• For most businesses with employees, it’s a legal requirement to have at least £5 million of cover in place – failure to do so could lead to significant fines
• Easy access to ‘no win no fee’ legal services which help employees claim compensation if they’ve suffered an accident or disease may increase the likelihood of a business experiencing an employers’ liability claim
• Your employers’ liability could be triggered even if the employee is a voluntary helper or is self-employed but working under your supervision
• The legal and compensation costs of defending your business against an employers’ liability claim could significantly damage your business.

How much is employers’ liability insurance?

When it comes to employers’ liability insurance, cost will vary from person to person depending on things like the nature of their business and the amount of people they employ. The best way to get an idea of how much you would pay is to get a quote, which will be tailored to your specific needs based on a series of questions about your business.

Call 020 3321 5571 to find out more.

What is cyber and data risks insurance?

Cyber and data risks insurance is designed to support and protect your business if it experiences a data breach or is the subject of an attack by a malicious hacker that affects its computer systems. It provides comprehensive cover, simplicity, reputation protection and a trusted partner in the event of a claim.

Cyber and data risks insurance cover information

Hiscox Cyber and Data Risks Insurance offers comprehensive protection for your computer systems and data, all available in a single insurance policy.

Costs your business may incur directly as a result of an incident.

Ransomware - Cyber extortion
We will protect you if a hacker tries to hold your business to ransom by covering  the ransom you have paid, as well as the services of a leading risk consultancy firm to help manage the situation.

Breach costs
We offer practical support in the event of a data breach (electronic or otherwise) including forensic investigations, legal advice, notifying customers or regulators, and offering support such as credit monitoring to affected customers.

Cyber business interruption
We will provide compensation for loss of income, including where caused by damage to your reputation, if a hacker targets your systems and prevents your business from earning revenue.

Hacker damage
We will reimburse you for the costs of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data.

Crisis containment
We provide expert support to mitigate reputational damage. In the event of a data breach, prompt, confident communication is critical to help minimise the damage to a company’s reputation. We include crisis containment cover with a leading public relations firm who can provide expert support, from developing communication strategies to running a 24/7 crisis press office.

Amounts you may be liable to pay to others

Privacy protection
We will pay to defend and settle claims made against you for failing to keep customers’ personal data secure. We will also pay the costs associated with regulatory investigations and settle civil penalties levied by regulators where allowed.

Multimedia liability
The policy includes protection if you mistakenly infringe someone’s copyright, for example by using a picture online without permission, or inadvertently libel a third-party in an email or other electronic communication.

Find the right level of cover for your business

You can choose from different levels of cover to ensure you get the right protection for your business. When working out the amount of cover you need, you should consider:

• the amount and type of confidential, personal or sensitive data you hold
• the size of your business
• your dependence on computer systems.

Call 020 3321 5571 to find out more.

What is personal accident insurance?

Personal accident insurance is designed to protect your business financially should you suffer an injury from an accident that leaves you unable to work. It can also offer protection against the same happening to a key member of staff.

For example, you may worry about how your business would cope if you were to suffer a serious injury in a car accident, leaving you bed-ridden for a prolonged period of time. Likewise, a partner or director in your business may fall down a flight of stairs and sustain multiple injuries, keeping them in hospital for several months. With personal accident cover in place, your business would receive a lump sum or weekly pay-outs to help offset any resulting loss in income, as well as further support towards retraining costs.

You may need personal accident insurance if you:

• are concerned about how your business would survive if a key member of staff was unable to work
• want to take steps to protect your business income
• need to continue to meet your business commitments should the worst happen.

How Hiscox Personal Accident Insurance protects your business

• lump sum payment to the business up to £100,000 if an employee sustains a physical injury as a result of an accident, either within or outside working hours, which results in their death or permanent disablement
• recruitment expenses up to £10,000 – cover the cost of replacing an insured employee who is unable to work following accidental injury
• retraining budget – we will provide up to £10,000 funding to retrain the affected person for an alternative occupation if they cannot continue their former job
• funeral expenses – up to £5,000 to cover funeral costs, which would also cover repatriation costs if required.

Call 020 3321 5571 to find out more.

What is office contents insurance?

Office contents insurance is a particular form of contents insurance designed to protect a business's equipment, such as computers, office furniture, and documents. This policy is available to busiensses working from dedicated office premises and to those working from a home office.

Our insurance policy covers your business against risks such as theft, fire and water damage, even if the posessions are temporarily away from the workplace. As a specialist insurer, we are also able to provide broader cover, meaning non-standard items such as artwork or visitors’ personal belongings are covered as standard.

Hiscox Cover for Office Contents includes:

• full theft cover including theft that occurs during normal business hours. Losses are covered even where there is no evidence of forced or violent entry to your premises
• accidental damage cover as standard, including any damage to glass and signs you are responsible for
• cover for posessions away from the office, for example at an employee’s home or in transit, up to a maximum of £25,000
• personal property (belonging to employees or visitors) on the business premises, including non-standard items such as artwork, is covered up to £5,000
• loss of data - costs to reinstate data lost due to physical damage, e.g. after a fire, are covered up to £5,000.

You can also add a range of other covers to your policy:

• Portable equipment insurance
• Business interruption insurance
• Equipment breakdown
• Office buildings insurance

Call 020 3321 5571 to find out more.

What is directors’ and officers’ liability insurance?

Directors’ and officers’ liability insurance, or management liability insurance, is insurance cover that offers financial protection to those who are the director, partner or officer of a company. It is designed to cover the cost of claims for compensation made against the insured individual. 

Being a director, partner or officer of a company brings with it certain responsibilities – to employees, members of the public, investors and regulators. It also exposes the individuals holding the positions of director, partner or officer to personal liability for the actions or omissions they make in the performance of their company duties. This means that they can personally be the subject of claims which could lead to the payment of fines, compensation or imprisonment.

With Hiscox directors’ and officers’ cover you can be confident that you and any other insured directors, partners or officers are protected against the cost of defending or settling:

• a health and safety or manslaughter claim
• an employment claim

and claims arising from:

• a breach of duty or trust
• negligence
• defamation
• wrongful trading under section 214 of the Insolvency Act 1986
• the operation or administration of a pension or employee benefit scheme
• pollution.

Call 020 3321 5571 to find out more.

Our legal expenses cover will help you defend and pursue your rights. 

Running a small business can bring great satisfaction and reward, but it also brings worries. There are the clients, possibly suppliers and employees, plus a whole range of other interactions and arrangements that all come together to make your business unique – and operational. The problem with all of these hourly, daily, weekly encounters is that they bring the potential for disagreement or dissatisfaction and possibly a costly and stressful legal dispute. And that’s the last thing you need when you’re putting everything you have into making your business a success.

Hiscox Legal Protection Insurance can help to ease the worry of what you would do if faced with a dispute. It’s underwritten by the market leaders in specialist legal insurance, DAS, and covers the cost of the commercial legal advice and representation required to defend legal rights relating to employment disputes, legal proceedings, property protection, bodily injury and tax protection, along with commercial disputes and debt recovery.

Call 020 3321 5571 to find out more.