Hints and Tips

The world of insurance can be a complicated one. Here on our Hints and Tips page we aim to translate all the legal and industry jargon in to language that is much easier to understand, and scenarios you will be able to relate to.

Please give us a call on 01844 260936 if your have any questions.

Commercial Legal Expense Insurance

Posted by on May 9, 2013 in Hints and Tips | 0 comments

Commercial Legal Expense Insurance

An important and often neglected cover that provides real protection for your business. Commercial Legal Expenses Insurance cover can provide you with assistance in respect of a variety of legal disputes including:- • Employment • Tax • Property • Health & Safety • Contract or Debt disputes To discuss how Commercial Legal Expense Insurance can help protect your business please call us at Pearson Insurance Services on 01844 260936. Many thanks for your time…speak...

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Motor Insurance Legal Expenses

Posted by on Mar 12, 2013 in Hints and Tips | 0 comments

Motor Insurance Legal Expenses

In a nutshell, Motor Insurance Legal Expenses will pursue all your losses from the person who caused the accident. These can include the following; Policy excess Personal Injury Compensation Loss of Earnings Replacement Hire Vehicle Vehicle Repair Costs Medical Fees Loss of Use Vehicle Recovery Storage Charges Out of Pocket Expenses We hope these points have helped you to form your opinion of us and our service level. We would love the chance to help you with your next insurance requirement. Many thanks for your time…speak...

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Public Liability Insurance

Posted by on Mar 12, 2013 in Hints and Tips | 0 comments

Public Liability Insurance

Public Liability Insurance protects you and your business if a member of the public sues you after an injury caused by your negligence. Who is classes as a member of the public? For insurance purposes, anyone who is not an employee is classed as a member of the public. Whether you are a business owner or tradesman, Public Liability Insurance will cover your legal costs if you are sued by a member of the public if injured as a result of your negligence.  It also covers any compensation costs following a legal claim against you – potentially keeping you in business after such a trauma. Public Liability Insurance features At Pearson Insurance Services we understand the subtle differences in requirements between occupations and professions, so we have a wide range of public liability policies to offer. With flexible limits of indemnity, the policies we recommend regularly have the option to include: Varying levels of indemnity up to £10,000,000 Contract works – to protect the materials you are using both on site and in transit Options to extend to cover your tools and plant Option to extend to cover temporary employees We hope these points have helped you to form your opinion of us and our service level. We would love the chance to help you with your next insurance requirement. Many thanks for your time…speak...

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Employers Liability Insurance

Posted by on Mar 12, 2013 in Hints and Tips | 0 comments

Employers Liability Insurance

If you use Labour Only Sub-Contractors (LOSC) they are regarded as direct employees as they are under your control. You give instructions and they generally provide labour only. They are usually paid an hourly or daily rate. Insurers charge a premium for LOSC’s. There is a different type of sub-contractor, which are not charged for under the Employers’ Liability section. These are Bona-Fide Sub-Contractors (BFSC). To ensure you are paying the correct premium, you need to separate the two types. Otherwise, you may be paying too high a premium if you include all sub-contractors as labour only. Pearson Insurance Services will help you to classify your sub-contractors correctly to ensure you are adequately covered and not paying more than necessary for your liability insurances. A BFSC is usually a business in its own right, often providing materials in addition to those you provide. They hire their own plant, have their own employees and insurance and will invoice you for payment, generally on a pre-agreed contract price. BSFC’s will be rated under the Public Liability section of your policy. Be aware of an Endorsement Condition on your policy schedule, requiring Bona Fide Sub-Contractors to have the same amount of Public Liability cover as your policy. If your policy has £5m indemnity limit but your BFSC has only £2m, the contingency cover under your policy will be compromised. We hope these points have helped you to form your opinion of us and our service level. We would love the chance to help you with your next insurance requirement. Many thanks for your time…speak...

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Protecting Your Business

Posted by on Mar 12, 2013 in Hints and Tips | 0 comments

Protecting Your Business

A business continuity plan is there to make sure that a crisis is managed effectively, before it can become a full blown disaster. When carefully thought-out it will make coping in the eventuality of a crisis situation easier and help you minimise disruption to your business activity and customers. Many forget to prepare for every eventuality but it’s always best to be prepared for the worst – rather than not – whether you are a small business or a sole trader. Staying in business after a major incident is crucial to your business’ survival, otherwise you could end up losing customers or worse – lose your business. How to create a Business Continuity Plan Step 1 – Analyse your business Look at all your processes and procedures; and identify the critical activities of your business. In an emergency, you’ll have to concentrate on the tasks and activities that must be done to keep your business trading. It is important to look at every angle, including how it may impact staff as well as IT, communications and environmental risks. For instance if 3 key members of staff became ill, or resigned – what impact would this have on your business, could you still function without them? Would your business still function if your phone and internet systems failed for more than a few days? Would you be able to contact your customers? Step 2 – Assess the risks Consider how various risks could affect your business, always from the worst case perspective. Then work out how to either remove the risk altogether, reduce the risk, or accept the risk with suitable back up plans. If you have any service level agreements, would you be able to keep to them? Where would you operate from, if your business premises were destroyed? In the 2012 floods, some businesses couldn’t operate for months, how would that affect your customers? Would they stay loyal to you until you were back up and running? Step 3 – Develop a strategy Having analysed and assessed all your potential risks, you need to work out the scale of disruption these risks could cause the critical activities of your business. What resources would you need to recover and maintain your business’ activity? Who is going to be responsible for implementing this strategy? Step 4 – Develop an action plan At this point, you need to establish exactly what needs to be done and work out what procedures are needed to initiate your continuity plan. Look at your communication procedures – like who needs to be contacted and by whom? Ensure your business continuity plan includes key contacts, staff, suppliers and customers. Decide how long it will take for ‘normal business’ to resume. Write down a timetabled plan, so you will know precisely what to do, and when. Step 5 – Test your plan This is crucial as an untested plan can be just as bad as no plan at all. It’s essential to know that your business continuity plan works, is relevant and adequate. Remember to update your plan regularly, to account for changes in business operations and your business’ changing circumstances. We hope these points have helped you to form your opinion of us and our service level. We would love the chance to help you with...

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Liability Insurance Overview

Posted by on Mar 12, 2013 in Hints and Tips | 0 comments

Liability Insurance Overview

Liability Insurances for Businesses Depending upon what type of liability insurance you have you will be protected if, in the course of carrying out your work, you cause injury to a member of the public, another employee, or be accused of not completing work to a satisfactory standard. Liability insurance also covers you for accidental damage caused whilst carrying out your work. For example, if a member of the public trips over your equipment while you’re working, or if you knock over an item of value while working in a customer’s home. In these examples, public liability insurance will cover the legal fees if a member of the public claims against you. It will also cover you for any compensation you need to pay. Employers’ Liability Insurance As a small business, whether you own commercial property or run a business from home – you will need Employers’ liability insurance if you have one or more employees. It protects your business as well as your employees. What is Employers liability insurance? The Employers’ liability (Compulsory Insurance) Act 1969 states that employers are responsible for the health and safety of their employees whilst they are at work. This is in case your employee becomes injured at work, or through the course of being under your employment in the UK. If they make a claim for compensation and you are found responsible, the Employers’ liability (Compulsory Insurance) Act 1969 makes sure that you have enough insurance to cover you against such claims – which could run into hundreds of thousands of pounds. Having Employers’ liability insurance will enable you to meet the cost of compensation for any injury or illness suffered by your employee – whether it occurred on or off site. Even former employees can make a claim against you, if it’s found that their injury or disease/illness resulted from their work whilst under your employment. By law, as an employer, you must have Employers’ liability insurance and you must be insured for at least £5 million. You are also required by law to post details of the insurance certificate for staff to see. The Health & Safety Executive (HSE) is the body responsible for enforcing the law on Employers liability insurance and can fine you as a business up to £2,500 for every day that you don’t have this insurance in place. How do you define an employee? An employee is defined as someone who works for you and: They are under a contract of service You deduct national insurance and income tax from their salary when you pay them You control when, where and how they work for you You supply their work materials and equipment They can’t employ someone else as a substitute to do their work for them if they’re unable to work The Employers Liability Database It’s imperative that you keep a record of your Employers liability insurance cover in case an employee does make a claim. Remember even former employees can make claims against you years after they’ve left, therefore in the event of this happening you’ve covered yourself and can turn to the insurer that was covering you at the time. On 1 April 2010, the Association of British Insurers announced that the Employers’ Liability Tracing Office would be established, to help anyone suffering...

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