Insurance

Clear Insurance Management Ltd www.thecleargroup.com

Robin Thomson – Business Development Director

E: robin.thomson@thecleargroup.com T: 07917 846 059

What Is Business Insurance?

Most businesses take out commercial insurance.  Insurance protects against losses caused by action or inaction on the part of the company or its employees in addition to providing protection against potential litigation. Some businesses also take out business interruption insurance to cover the risks to the normal business operation.

Setting up effective business insurance cover requires both an understanding of the type of insurance coverage available and the business needs to minimise the potential risks to the business. For example, if members of the public frequently visit the business locations, liability insurance and property insurance are beneficial. Most insurance carriers offer comprehensive insurance plans designed for different types of businesses.

Clear are very prompt; I always get an answer straight away, certainly the same day. They're helpful and always give more information than you need. When it comes to renewal time they always go out there get us the best deal. We get...
Sarah Hicks
23/01/2019

Commercial Liability Insurance

Commercial liability insurance covers claims against the business. Claims generally stem from accidents that occur on the business premises or injuries to third parties for which the company becomes legally liable. The business owner may be held legally responsible for any injury, depending on the circumstances. In addition to insurance coverage for injuries to third parties, commercial liability policies typically cover damage to property and the companies products and may also provide independent contractor cover.

Business Interruption Insurance

The key purpose of business interruption insurance is to cover the loss or damage that occurs when a business has to stop operations. A business must generally show that the interruption caused a loss of income for a certain duration. The insurance policy will provide compensation for the income the company would have received if there had been no interruption. Put another way, when business operations are temporarily stopped due to the damage that caused the interruption, the insurance will compensate the business.

Considerations

Some insurance policies contain clauses, and wording in the contract may be ambiguous. Most insurance policies can be cancelled by either party, and there is usually a grace period for late payments.  Your Insurance Advisor should be able to explain these terms and their meaning to you.

Clear Insurance Management Ltd  www.thecleargroup.com

Robin Thomson – Business Development Director

E: robin.thomson@thecleargroup.com T: 07917 846 059