Business Indemnity Insurance

Whilst indemnity insurance is not a legal requirement, many types of business offering a service, advice or consultancy need it, as having a compensation claim made against you for breach of duty can be very costly to defend. Our business indemnity insurance policies can include professional indemnity insurance. This will not just cover legal and defence costs, but the cost of a successful claim against you up to the policy indemnity limit selected by you.

Yes. If you are a retail business and your stock levels seasonally fluctuate, we can allow your stock sums insured value to be increased by an agreed percentage for your busy times of the year e.g. 25/30%. Commonly this will be prior to bank holidays or over the Christmas period, but we recognise that not all businesses are the same and that other periods my suit you. Just let your adviser know if you wish to add this into your business indemnity insurance package.

We recommend that you:

• Report all accidents to your insurers
• Meet your legal obligation to record accidents in your accident book
• Do not accept responsibility or agree to pay compensation even if you think it is obvious that it is your fault
• Allow your insurers to investigate and advise you of the best course of action to be taken

Do not admit any liability without referral to your insurers, as this could prejudice your and your insurers' ability to deal with any claim made against you.

Yes, we can add cover to your indemnity insurance for keeping money in your business' premises during and outside of business hours. There may be terms as to how Insurers will require you to keep cash in order to minimise risk. I.e. for amounts in excess of £150 kept overnight you will need a safe and you should explain your requirement to our adviser.

When your business consultancy stops trading or you retire, we recommend you still hold insurance known as ‘Professional Indemnity run off’ cover. This would protect you from allegations of negligent advice raised against you after the business has stopped trading or in retirement, that arise from past contracts and services performed. Legal limitations permit claims to be made against you for up to 6 years at from the time the breach of contract was committed, known legally as the ‘date cause of action’ accrued. Claims in Tort can be longer. For more information refer to Section 5 of the Limitation Act 1980.

Many Professional bodies insist on Professional Indemnity ‘run-off’ cover being in place for retired practitioners – i.e. Chartered Accountants, Surveyors and many more.

To help you spread the cost of your premiums, we offer a quick and easy direct debit scheme for spreading payment over ten months. Please visit our dedicated Direct Debit page to find out more.

If you would like to know more about our monthly payment option, please visit our dedicated Direct Debit page.