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Home |
Ask a Question |
Insurance Glossary |
Understanding Risk & Insurance |
Benefits |
Get a Quote |
Contact
Feel free to call us for advice on any technical aspect of insurance.
| Cover | Simple Explanation | Real Life Examples |
|---|---|---|
| Buildings | To protect someone who owns a practice if it is damaged or destroyed by an insured peril. | In the case of a fire or flood the practice is rebuilt to the level before the damage occurred. |
| Contents | Protects the contents of your business against loss, damage or destruction by an insured peril. | Theft of contents or damage to contents folowing a fire. |
| Business Interruption: Revenue | Covers loss of revenue following an insured loss. Suits practices where expenses involved in generating sales are largely fixed e.g. retailers and manufacturers. | Cover for loss of turnover over a set period. In the event of a fire claim your practice is closed causing inability to trade, pay wages and generate income. There is a need to claim for not only materials but also for loss of profit and cost of wages (as no income to cover this). |
| Business Interruption: Gross Profit | Covers loss of earnings (this varies in the industry but is defined in the policy wording). Suits practices because expenses of generating sales are variable e.g. brokers, solicitors & estate agents. | |
| Employer's Liability | Provides insurance protection to meet a legal requirement. Protects employers from liabilities arising from disease, fatality or injury to employees from workplace conditions or practices. | Employee slips on hazard, slips and hurts themselves. This causes Employee to sue occupier. |
| Public Liability | Protects against Third Party property damage and third party bodily injury at your premises, or when you are working away. | Patient slips and falls, causing the patient to hurt themselves, leading to the patient suing the business. |
| Products Liability | Covers against your products causing third party injury or property damage. Whether or not you are the original manufacturer. This can still come back on those who modify raw products or retail. | Glasses cause injury due to a fault. Although a manufacturers fault you may be first in line to be sued. |
| Computer | Computer equipment and software is vital to the successful running of your business, this cover protects software, hardware and cost incurred after loss. | Fire or Escape of water claim destroys server and equipment or in the even of theft and malicious damage. |
| Portable Equipment | Cover for your portable office equipment and your testing equipment (Low Vision Kits etc.) such as laptops, mobile phones and iPads. Whilst out of office where cover can be either UK, EU or worldwide. | Theft while away from premises, loss or accidental damage occurs. |
| Data / Cyber | Loss of data, or business interruption due to malicious third party activity. | 1. A hacker encrypts your network and demands a ransom to be able to regain access. 2. A computer is stolen with all your patient records on it. |