What is commercial insurance?
Whether you want to call it Commercial Insurance, or business insurance in Mansfield, the outlying villages in and around Nottinghamshire or over the border into Derbyshire or South Yorkshire the basis of insurance remains the same. For many businesses buying insurance for their business is something that is a necessity, it’s just something you do, but do you understand what you are buying? It’s our job to ensure you do.
Many commercial insurance policies are tailored for specific types of industry, engineers insurance, plastics manufacturers insurance, and all different types of insurance for the construction sector, and where a specific policy isn’t available then we bespoke a product to exactly fit what your business insurance needs are.
For the retail, hospitality, and leisure sectors insurance policies usually come in packages, they provide a wide range of covers to meet the demands of the type of business the insurance is covering. We have a dedicated department for this type of business, so whether you are looking for insurance for your shop, cover for your takeaway or coffee shop, or insurance for small contractors we are here to help.
Whatever type of business you have we can arrange specific and bespoke business insurance cover from the many insurance policies and packages available, call us to discuss your Mansfield business insurance requirements.
What does business insurance cover?
Just like any business is unique, the insurance cover it requires is also unique too, but what is the cover provided, a business that is based in or around Mansfield is no different from anywhere else when it comes to insurance.
Depending on the trade sector your business is in depends on the cover required, for example, business insurance that manufacturers, distributes, or retails products would usually have a premises insurance requirement.
If you have a building you will need insurance to cover you against any loss or damage that may occur to it such as fire, storm, flood, or even theft damage. Sometimes even if you are a tenant your landlord may require you to take out insurance.
Usually though if you are a tenant you will only be insuring the contents of your business as well as liability insurance cover of course, what needs to be covered can be quite wide, if you have done work to the building such as internal walls, building offices, installing suspended ceilings these would be covered under a tenants improvements section, after all, you have spent money on your landlord’s property and would need to replace if it was lost.
What is Business Contents Insurance
Contents can be anything your business requires to operate, key things to think about is machinery, if you are manufacturing then the machinery you use to make the product, all the cabling to the machinery, all the contents and associated items in the manufacturing process, forklift trucks, compressors, and air receivers as well as your racking for storage for instance.
Likewise, if you are a coffee shop insurance would cover all your contents from the specialist coffee making machines through to the seating, the tables, the point of sale equipment.
For many businesses trading without computers and associated POS systems is unthinkable, it’s essential therefore that electronic business machines insurance is covered, this might also include things like telephone systems, larger copiers, and scanners, or other more specialist electronic equipment depending on what your business does.
Whether you manufacture, distribute or you are a retailer, stock insurance needs to be in place, this is easily covered and can be combined with all your other cover requirements on one policy.
Sometimes even with the best precautions, health and safety in place, high levels of security on your premises, things can and do unfortunately go wrong which means you suffer a loss at your premises. Most businesses will be aware of business interruption and it’s essential to keeping your business “in business”.
If you do unfortunately suffer a loss at your business premises, as a result of something like fire, flood, or perhaps storm damage, commonly referred to as a material loss then business interruption insurance is there to continue paying the essentials whilst the business is put back to the position it was before you suffered the loss for as long as the indemnity period was chosen on the policy lasts.
An indemnity period is a period that you have chosen on your policy, this is something that usually has to be given much thought as it’s a critical cover, business indemnity periods vary but are usually 12, 18, 24, or 36 months although longer periods can be arranged. Speak to us about this as we can guide you in obtaining the right indemnity period.
Other insurance covers are available as standard, these can include Money Insurance, Goods In Transit Insurance, Frozen Foods, Legal Expenses, Cyber Insurance, Breakdown Insurance. Discuss with us your requirements for your business insurance in Mansfield.
Both Public Liability Insurance as well as Products Liability Insurance will protect you against loss, damage, or injury that you or your product have negligently caused to a third party, this might be a customer, at a supplier’s premises, or whilst working on someone’s property.
If legal action is taken and you are subsequently found responsible for the loss, your insurance company will pay any legal costs as well as compensatory awards that might be made against you or your business. This is usually paid to a maximum amount commonly referred to as an indemnity limit.
What is Public Liability Insurance? Public Liability covers you for any loss or damage you might cause say to someone or their property, or cause injury to them. This need not just be at your business premises in Mansfield but can be anywhere in the UK or overseas if you work there. A typical example might be that a visitor to your premises slips on a wet floor, they might damage their clothing due to an exposed object, or if whilst you are making deliveries to your customer you accidentally knock over that priceless Ming Vase in their reception.
Product Liability Insurance works in a very similar way to public liability, but this is about the product causing damage, as an example one of the goods you have sold causes a fire whilst charging at your customers home, you sell food, perhaps in a restaurant, your customer alleges food poisoning due to what they have eaten. The reasons for someone claiming against you are infinite and can come from the most ridiculous incident, it’s essential therefore that you have cover in place and to a sufficient indemnity limit.
What is a public or products liability indemnity limit, quite simply this is the amount you choose when you take the policy out. It’s important that you get this right and will depend on your business exposures, manufacturing a product with heavy machinery as opposed to selling a simple product online doesn’t have the same sort of exposure and therefore it could be considered that a lower or higher indemnity limit is required.
Indemnity limits for public and product liability usually start at £1million although £2million is generally considered the minimum as is £5million. Higher indemnity limits are available, for many employers allowing contractors on site they might have a minimum of £10million, circumstances are different, discuss with us which is the best limit for your business; we can help you consider the options.
Employers Liability Insurance
Businesses grow, whether you are a Precision Engineer in Mansfield, a Coffee Shop in Mansfield Town Centre, or a Building Contractor in Mansfield Woodhouse it is inevitable that you will need to employ people. Employers Liability is not only a statutory requirement meaning that you must have it by law; it protects your business against costs from employee claims.
Employees can suffer an injury whilst carrying out their duties for you, this could be a simple damaged finger to a serious injury or worse. Your insurance company will provide all the necessary legal defense needed and pay compensation awards to the injured party.
It’s not just for directly employed people either, whilst there are a few exceptions an employee can be a voluntary person, someone who spends a short time of work experience, and self-employed people are all included.
What an employee is can become complicated, particularly if your business is in the construction sector where there are workers who provide Labour Only and others who are referred to as Bona Fide Contractors too, sometimes these cross over, and it can be difficult as to who is on which side. We can help you through this, share your headache and speak to us.
What business sectors do we provide insurance for in Mansfield?
Mansfield and surrounding areas have for many years been a center for manufacturing, engineering, metalwork and fabrications, and hosiery to name a few. We can arrange insurance for your Mansfield business whether it’s one of the specialist policies for metalworking, plastics, distribution and if one isn’t available we can bespoke the policy to meet your exact needs and requirements.
Motor Trade Insurance
There are many motor trade businesses in and around Mansfield, whether that is Service & Repair Garages, Car or Commercial vehicle Sales, or Body Shops. At Real, we are one of the area’s specialist insurance providers in this sector we cover the UK and are probably one of the largest insurance providers to the Smart Repair and PDR Sector.
Being specialists we have access to some of the UK’s best insurers for motor trade insurance in and around Mansfield.
Automotive Sector Liability Insurance
Expanding on the repair side of the motor trade we cater for everything from vehicle accessory shop insurance, importers of car accessories and spares through to the specialist manufacturing of car parts in the UK.
Online business Insurance
Online retail insurance, is a specialist area, selling anything online is no different from that of a high street retailer, the exposures can be worse because you are selling your products, possibly imported from around the world. We are one of the few specialists in the UK for Amazon sellers insurance; this is very specialist to ensure compliance with the requirements of Amazon.
For online sellers product liability insurance is one of the essential covers required, we deal with some of the UK’s specialist insurers for Amazon, and being specialists ourselves we can place your business insurance requirements quickly and competitively.
Construction Industry Insurance
Whether you are a Sole Trader requiring just Liability insurance, a small contractor, or a larger organisation needing much wider cover such as contract works or cover for own or hired in plant insurance, speak to us.
Our clients range from small self-employed plumbers, electricians, and plasterers to bridge manufacturers and installers and everything in between.
Insurance for Mansfield Properties
Mansfield property insurance, dealing with a wide range of insurance companies as well as specialists at Lloyds of London we can help you find competitive cover for all types of buildings insurance.
Block of Flats
Unoccupied Premises Insurance
Commercial Property Insurance
Property Owners Insurance