Insurance for the Businessman

Here we look at insurance from the employer's point of view, and attempts to answer the questions: For what risks is an employer vulnerable? What policies are available? Every employer must by law have insurance to cover accidents to his employees, and we have already seen in Section 9 that the state provides industrial injuries benefits to employees.

That leaves fire and theft policies for offices, shops and factories, damage to shop windows, loss of profits, mishaps to employees and to the public, goods in transit, libel and similar hazards.

Special package policies are available for the businessman, and while these are cheaper than several policies covering different risks separately, they are not always the most suitable. They usually provide only a fixed amount of cover for certain benefits, and this could be inadequate for particular businesses. Although the cover required varies with the type and size of business, package policies are usually most suitable for small businesses, shopkeepers, offices and professional people.

Fire

Despite its name a standard fire policy not only protects you from fires - it usually also covers loss or damage caused by lightning and explosions of gas used for lighting or heating the building, whether or not they actually cause a fire.

How much insurance?

Insure the whole value of a building and its contents. Although you may feel that a total loss is very improbable, you will have to bear part of any claim if you are under-insured. Insure your stock under the assumption that a fire could break out at the worst possible time for you, say just before Christmas. If you ask specifically, insurers usually agree to an average value of stock throughout most of the year, with an automatic percentage increase for seasonal fluctuations. If you cannot estimate these fluctuations in advance, arrange to insure your stock by making monthly declarations of its value. At the beginning of every year, you pay a notional average premium, which is adjusted up or down at the next renewal date, depending on your experience during the year. Add about 10 % of the value of the buildings for the architects' and surveyors' fees which you would incur if rebuilding were ever involved.


Insurance for the Businessman

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 - Cost

Here we look at insurance from the employer's point of view, and attempts to answer the questions: For what risks is an employer vulnerable? What policies are available? Every employer must by law have insurance to cover accidents to his employees, and we have already seen in Section 9 that the state provides industrial injuries benefits to employees.

That leaves fire and theft policies for offices, shops and factories, damage to shop windows, loss of profits, mishaps to employees and to the public, goods in transit, libel and similar hazards.

Special package policies are... see: Insurance for the Businessman - Cost