Most Insurance policies for businesses are often covered by a commercial combined policy, it’s a general insurance which has a very standardised and wide wording. You pick the sections you want for instance Buildings, Employer’s Liability, Stock and Contents. The Policy will then be worked out based on that information.
You can always buy separate policies as well for the cover mentioned above but this can prove expensive as most policies have a minimum amount that is charged for them. Usually putting them all together is the best way but it’s not always possible.
If you are in certain industries there can be extra cover that companies will include either as part of the wording or as optional extras. These policies are known as Industry Specific.
1. Photography – If you’re in the photographic industry then although they say that the camera never lies there is a chance that you may come up against copyright infringement and for those that don’t know this is where you say that something you have produced was actually produced by someone else. Another thing to consider is libel; this is where you print something about someone and they challenge whether that statement is true. Industry Specific Photography Insurance will often have the defence of these situations built into the policy. They will also be much more flexible with their cover of smaller equipment and where it can be taken geographically. Photographers can often be on location for many days and although they look after their equipment it can be often left in unattended vehicles which are prone to theft.
2. Publishing – This is much like Photography but they may need the option of say Cyber Insurance. Publishers often use advertising to sell papers or magazines and can hold the information of many businesses on their secure systems at any one time. There is still a possibility of their servers being breached and this information taken. By having Cyber Insurance built in then it means that the situation can be dealt with and the adverse effects like the negative Public Relations can be defended. Like photographers, publishers can be regularly challenged over copyright and libel issues.
3. Electricians – Often a lot of electricians will take out a bulk standard Tradesmen’s policy this will generally only give them cover for Liability and Tools. An electrical contractor often knows how to install and service and maintain a wide range of electrical items from a plug socket up to a full fire alarm system. Here is where an industry specific product would definitely be more appropriate. An electrician who also offers this service can under an industry specific wording be afforded a level of professional indemnity. This means that if the electrician designs any system and that design causes their client consequential loss as a result of it then the Insurance company would pay out just as important efficacy is often written in to a lot of contracts. Efficacy covers a contractor against the failure of an item that they have installed. This could be very important with a Fire Alarm for instance that failed to let people know there was a fire.
4. Estate Agents and Letting Agents – A lot of time businesses from this industry will take a standardised office insurance package. These are readily available and will cover Buildings, Contents, Stock, Business Interruption and in office liabilities for public and employees. It may be prudent however to use an industry specific product in place though a lot of the above would be covered as standard but the specific industry product would also cover you for Professional Indemnity which is a requirement for a lot of governing bodies such as ARLA. There will often be automatic cover for the liabilities involved in sign boarding away from the premises which of course many estate agents do themselves.
5. Cleaning Companies – For most people who take out standard public liability the cover is restricted to not include the item you are working on. An industry specific product may cover you for this. So for instance if you are a commercial window cleaner and you are responsible for keeping large glass windows clean if something did happen whilst you were cleaning you would want the property damage aspect of your public liability cover to kick in. Often Cleaning firms have to keep a lot of keys and replacement locks for clients can be written in automatically too. Under this industry where you have large office blocks being cleaned late at night, you can even get cover to pay for your employees running up the phone bills at that business or organisation.
6. Marketing – So many marketing businesses take out no cover at all because they often operate digitally or from a small home office and don’t see clients face to face. Even if they take out a policy they rarely make sure they are covered for professional indemnity. So what we would advise here is to buy what can be a relatively cheap product that covers you automatically for a lot of things that comes under the heading of marketing. It could cover everything we mentioned in photography and publishing along with professional indemnity at some point you will give a client advice and you will take a fee. At this point you are liable if any campaign you have devised goes disastrously wrong and you are deemed at fault. Cyber Insurance is also extremely important as you will hold a lot of client details. A company such as Hiscox will already have wording that covers a lot of these areas and you will be able to add other things you feel you need to be protected against.
By talking to Oakes Insure you could save money and not be disappointed in the event of a claim. When you call to setup your Insurance make sure you ask if industry specific insurance is available for your business.