insurance faq

 

Sarah Gough - Office Manager

 
 
 
FREE IPOD
 
Free trial

I'm Sarah, this is the FAQs section of the website.

Here you will be able to find answers to questions you may have about insurance.

 

 

Why do businesses need insurance?

Insurance is a risk transfer mechanism - you transfer the possibility of loss occurring to the insurer in return for the premium.

 

The majority of businesses will require some sort of business insurance and the type of cover you will require depends largely on the nature of your business and day-to-day activities involved.

 

Our experienced representatives will be able to discuss your individual requirements with you to ensure that we provide the best policy(s) to suit your business needs.

 

Which types of insurance cover are compulsory?

 

There are certain types of Insurance that have to be affected to comply with the law. Failure to comply is a criminal offence. The aim is to ensure that any injured party does not have to rely upon the defendant's wealth to secure his compensation. The following types of insurance are compulsory: -

 

Motor Insurance (Road Traffic Act 1988)        

Employers Liability Insurance (Employers' Liability (Compulsory Insurance) Act 1969)

Professional Indemnity Insurance (under the rules of certain professional institutions or regulatory bodies)

Statutory Inspection of certain items of plant

Obligations to insure may also arise under contracts as with the Joint Contract Tribunal

 

We will be able to ensure that all your insurance arrangements fully comply with the laws relating to your business.


What type of business do you cover?

 

We are able to provide insurance advice for all types of business and professions from sole traders to large Limited Companies. Whether you wish to insure a small shop or a large manufacturing or construction business, Walmsleys Commercial can look after all your insurance needs.

 

Why use an insurance broker when I can go direct or use the internet? 

Insurance can be extremely confusing and complicated, and you need to make certain that you are covered for all possible eventualities - It's no use having a policy and then making a claim only to find that it is not covered due to something in the small print. Insurance brokers are there to make your life easier so that you can get on with running your business - to ensure that your insurance programme is properly tailored to suit your individual business needs, to make sure that you are fully aware of any terms and conditions that may apply and to provide the best possible cover at the most competitive premium.

 

Is Walmsleys Commercial regulated and, if so, by which regulatory body?

We are authorised and regulated by the Financial Services Authority (FSA). www.fsa.gov.uk

 

What insurance covers are available?

As independent professional Insurance Brokers, we are able to help you cover the vast majority of risks associated with the running of your business and also associated personal risks too such as the insurance for your private house, family car(s) etc. There are some risks that are sometimes uninsurable but these tend to be risks that would be against public policy (i.e. criminal or fraudulent activity) or where the risk is so high that the cost of insuring it would be prohibitive. These are rare and at Walmsleys Commercial, we seek to endeavour to find a solution to even the biggest insurance problems.

 

Some of the usual insurance covers requested are: -

Commercial Combined

A package policy that covers your business assets and employers, public and products liability exposures with optional sections that can also be included such as Business Interruption, Money, Goods in Transit, All Risks - Equipment away from the premises, Legal Expenses and Engineering Breakdown.

Commercial Vehicle

A policy providing cover for the insurance of goods-carrying vehicles, buses and coaches, agricultural and forestry vehicles, mobile plant and other special types. Policies can usually be extended to also include cover for tools and equipment kept within the vehicle.

Combined Liability

A policy covering 2 or more liability risks - Employers Liability, Public Liability &/or Products Liability

Contractors All Risks

A package policy specifically aimed at contractors of any kind. AS well as cover for your liability exposures (Employers, Public & Products), the policy will also provide optional cover for the contract works and site materials, site huts, own plant, hired in plant, contents of show houses and other relevant exposures on site.

Directors & Officers/Pension Trustees Liability/Employment Practice Liability

Covers directors, officers and any people in managerial or supervisory roles for losses arising from claims against them by reason of a wrongful act related to their duties. Wrongful Acts could be employment related, financial or statutory obligations - basically anything that you could get sued for as long as it is not in relation to a criminal act.

Engineering

Insurance of plant under one of four main headings: boilers and pressure plant; engine plant; electrical and mechanical plant; and lifting machinery. In addition statutory and non-statutory inspection services can be provided. The insurances cover self-damage, damage to surrounding property, third party risks and engineering interruption insurance. Also, cover can be provided for deterioration of stock, computer risks, contractors' plant and machinery erection and other miscellaneous insurances. The principal risks against which insurance is sought are explosion and collapse, breakdown, sudden and unforeseen physical damage, fragmentation risk/fragmentation policy (impact damage cover) and extraneous causes.

Group Personal Accident &/or Business Travel

A group policy that can be taken out to cover death and other benefits for all or specific levels of employees. An accidents only policy pays lump sum benefits following permanent total or partial disablement, dismemberment or death caused by an accident and weekly benefits for temporary total disablement. Hazardous pursuits (e.g. mountaineering) are sometimes excluded but can usually be bought back. A weekly/monthly benefit can be added for total disablement through sickness - a personal accident and sickness policy. Similar cover is also available for business travel cover with optional additional benefits to cover medical expenses, cancellation and other travel risks. Business travel can be purchased as an additional section on a Group PA policy or in isolation.

Hauliers Liability

Covers liability for loss or damage to customers' goods. Policies are rated on annual haulage charges. The rate varies according to the conditions of carriage.

Marine Transit

Provides cover for loss of or damage to goods whilst in transit and in storage during the normal course of transit, including imports, exports, inland transits, loading and unloading, and returned goods on a worldwide basis. Goods can be raw materials and/or finished goods and claims are paid based on the value of the goods, rather than weight, subject to the policy limits specified.

Motor Fleet

A multi vehicle policy covering 3 or more vehicles on the same policy. Open driving for all drivers is usually provided rather than named drivers although the policy can be done on a named driver basis if required for a reduced premium. Temporary additional vehicles can be included easily and all vehicles have full business use by all drivers if required. Please refer to our sister site www.fleetcover.co.uk for more information.

Motor Trade

A package policy to cover all the risks associated with businesses in the Motor Trade sector. Cover is available to insure your buildings, contents, tools, own and customer's vehicles, business interruption, money and wrongful conversion, goods and vehicles in transit, employers and public liability including defective workmanship/service indemnity, engineering breakdown, statutory inspection and road risks. Please refer to our sister site www.garagecover.co.uk for more information.

Package policies - Shops, Offices, Surgeries, Hotels, Restaurants, Public Houses

Bespoke package policies catering for the needs of these businesses. As well as providing cover for your business assets such as buildings, contents and stock, the policy extends to automatically include additional covers for employers, public and products liability, business interruption, money, goods in transit and other covers specifically linked to the trade (i.e. Loss of Licence).

Property Owners & Investors

Specialist policy aimed at Property owners &/or Investors. Cover is provided for buildings, contents of common parts, other contents, where needed, loss of rent and property owners liability. Insurers normally automatically provide additional covers to cater for the needs of property owners such as temporary alternative accommodation, damage to landscaped grounds and others. 

Professional Indemnity

A policy protecting ‘professionals' against civil liability arising from a breach of professional duty subject to an annual aggregate limit. Insured's own costs are covered in addition. Extensions include loss of documents cover.

 

Whatever your requirements, speak to us - we will be able to assist!

 

What is a policy excess?

This is the first amount of any claim that you will have to pay. Your insurers will pay the balance.

 

What premium payment options are available?

We accept the following payment methods:

Cash or Cheque

Credit or Debit card

Direct debit or

BACS


We also offer a range of direct debit options over 6, 10 or 12 monthly instalments to give you the flexibility to split your payments. Please ask us for further details if this is of interest to you.

 

Who do I contact if I need to make changes to my policy?

Any of us would be happy to assist you - you can contact your account executive or account broker directly if you have their details. Alternatively, you can ring the office on 01942 765333 or email one of us via the contacts page of this website. Please note that any alterations advised by email will not take effect until you have received our written confirmation that your insurers have been advised and have confirmed acceptance.

 

How long will it take to get a quotation?

This really depends on the complexity and size of your business and the type of insurance required. For some risks, we should be able to give you an indication of premium over the phone but for larger risks, we normally like to visit your business premises so that we can get a good understanding of your business so that we can ensure that you are fully covered. Whether you need cover today or in the future, give us a call.

 

How long are quotations valid for?

 

Quotations are usually valid for a period of 30 days. If we have provided you with a quotation and you wish to go ahead after the 30 day period, please let us know. In the majority of situations, the existing quotation will still be available subject to no changes in the risk information or claims and cover being requested within a reasonable time period following the quotation.

 

How do I accept a quotation if I wish to proceed?

 

Most insurers will accept verbal confirmation of cover so just give us a ring and we can incept cover on your behalf. We will ask for payment details and may require a deposit if the premium is being paid by instalments. 

 

How do I report an incident or a claim?

 

Please see the ‘Report a Claim' section of our website. This gives details of what to do in the event of a claim or incident and also has some downloadable forms to you to complete and return. If the incident arises outside business hours, please also see the ‘Emergency Contacts' section for mobile phone contacts for use if you require urgent assistance with anything.

 

Do I need to notify you regarding all changes to my business?

 

You need to notify us of all material changes to your business/premises or any increases or reductions in sums insured, cover or limits contained within your policy. A material change would be something that would influence the judgement of a prudent underwriter in deciding whether to accept a risk for insurance and on what terms. You have a duty to disclose material facts at the inception, at renewal and in respect of mid-term alterations where there has been a change in risk. Please ring us for more guidance if you are unsure.

 

What is a ‘Minimum Standard of Security'?

 

Most insurance policies include a Minimum Standard of Security Condition which details the basic level of security that is acceptable to them. Although this does vary from insurer to insurer, usually you will be required to at least have:

  • Locks on all external doors that comply with British Standards approved locking systems
  • Key operated window locks to all ground floor and accessible opening windows

In some cases, insurers may insist on intruder alarm or other forms of protection but if these are conditions of cover, details of these will be included within your quotation.

 

Failure to comply with the security conditions contained within your insurance policy may invalidate your cover. If you are in any doubt whether you are able to comply, please let us know.

 

What happens when my policy falls due for renewal?

 

We will be in touch with you well in advance of your renewal date. It gives us an opportunity to check if there have been any changes to your business over the previous 12 months and whether any amendments to the cover or sums insured is required before we start the renewal process. We pride ourselves on the procedures that we have in place and always endeavour to provide you with your terms for renewal in good time to give you enough time to consider all the options available.