Insurance for the Businessman - Cost

This depends on the risk and varies from building to building. Brick buildings with tiled or slated roofs are safer than timber buildings with thatched roofs ; clothes shops with inflammable goods have a high fire risk; wooden doors are worse than metal ones. Your premium will be cheaper if you have adequate fire-extinguishing apparatus regularly inspected and tested together with an automatic sprinkler system. Your insurer usually sends at his own cost a representative to examine the premises to suggest safety improvements.

If you have a factory or workshop with inflammable chips or cuttings, you should show your insurer that your employees regularly clean the premises. if you own a garage with petrol pumps, the inspector will only be satisfied if the pumps are well away from the showrooms ; if they are not, you probably will be asked for a higher premium before the risk is accepted.

A standard fire policy may be extended to cover a number of special hazards. You need not insure for all these; choose the protection you think you need for your own business, bearing in mind the points raised in each Section .

Explosions: As the standard fire policy provides only a restricted form of cover for explosions ( 22o), you may wish to extend the insurance to cover damage caused by any explosions, whatever the cause or source.

Storms and floods: If your stock and machinery are particularly vulnerable to damage from hail, rain, wind or snowstorm, you need this extra cover. Many areas of Britain (especially parts of Scotland, the West of England and the Thames Valley) are susceptible to flood.

Most insurers discourage small claims by making you pay the first L30 of each loss yourself, but you can usually have this clause deleted if you are prepared to pay a correspondingly higher premium. The charge for the storm and flood extension varies with the location of your property, and the policy usually excludes subsidence, damage to fences, gates or glass, and frost damage.

Burst pipes, tanks etc.: You can obtain this extension cheaply, but the exact charge depends on the installation you have, and where your premises are situated. Under most policies you have to pay the first L30 of every claim yourself, and you will, not be covered for any damage if your premises are left unfurnished. However, you can claim for damages caused by overflows from adjacent buildings. You need this insurance if you have stock or machinery which could suffer from overflowing; burst pipes, etc.

Earthquakes, subsidence: You can insure against fire and shock damage resulting from an earthquake very cheaply. The chances of earthquake tremors occurring in Britain are, however, so small that this form of insurance is unnecessary. Similarly, most businessmen do not require subsidence cover unless their premises are in a mining area. In this case an insurer will probably make a careful survey at his own expense before accepting a proposal.


Business Costs

Payroll Giving
It’s all very easy to organise.
Just ask the Personnel or the Payroll Department at your company and, if they already have a scheme, they will give you the relevant forms.  HM Revenue & Customs’ website has a list of Payroll Giving agencies and explains payroll giving in more detail.

Salon Gold Insurance

Cheaper Insurance for Salons, Freelance Hair and Beauty, and Mobile Businesses - click here

read on: Insurance for the Businessman -Aircraft

This depends on the risk and varies from building to building. Brick buildings with tiled or slated roofs are safer than timber buildings with thatched roofs ; clothes shops with inflammable goods have a high fire risk; wooden doors are worse than metal ones. Your premium will be cheaper if you have adequate fire-extinguishing apparatus regularly inspected and tested together with an automatic sprinkler system. Your insurer usually sends at his own cost a representative to examine the premises to suggest safety improvements.

If you have a factory or workshop with inflammable chips or cuttings,... see: Insurance for the Businessman -Aircraft