Life rarely comes without a few bumps in the road; mistakes can happen and injuries or illness can come out of nowhere. General Insurance, Income Protection and Life Cover are just a few of the ways you can account for the unexpected, giving you peace of mind that you and your loved ones are covered should the need arise.
What insurance do I need?
Public Liability covers the legal liability to pay damages to members of the public for death, bodily injury or damage to their property which occurs as a result of business activities.
Also covers legal fees, costs and expenses such as representation at any coroner’s inquest, fatal accident enquiry or other court hearing because of an accident.
Owned buildings should be insured for the full rebuilding cost, including professional fees and the cost of site clearance.
Contents, such as stock and work in progress should be insured at its cost price. • Plant, machinery & business equipment will usually be insured for their replacement cost.
Damage to property could seriously disrupt your business, leading to loss of income and extra expenses. This cover will compensate for the short-fall in gross profit and pay any increased working costs and extra accountants’ fees incurred.
By law, all employers must insure against their legal liability for injury, disease or death to employees sustained by them and arising from their employment.
How can I protect my income?
Income protection insurance or permanent health insurance aims to give you an income if you can’t work in the event of sickness or illness. Income protection pays you an income if you can’t work due to accidental injury or ill health. This type of policy can replace up to 65% of earnings in some circumstances, although the more likely level of cover is 50%.
A critical illness policy would pay out a lump sum if you’re diagnosed with an illness listed in the policy. Leaving you and your family to deal with your recovery, rather than how to pay the mortgage and other bills.
The younger and healthier you are, the less this type of policy costs, so it is important not to delay.
Life insurance pays out a cash lump sum if you die within the term of the policy. Cover is usually on a level or decreasing basis. With level term the amount of cover remains the same throughout the policy. With decreasing term, the amount of cover reduces over the term of the policy.
Most UK residents are entitled to free healthcare from the NHS. Private Medical Insurance can pay some or all of the medical bills if you or your family are treated privately.
It gives you a choice on the level of care you all get, which hospital you attend and more importantly, how quickly you are seen.