Saturday, February 24

Finance

How Does Employers’ Liability Insurance Work?
Finance

How Does Employers’ Liability Insurance Work?

Employers' liability insurance acts to protect both businesses and workers financially should a worker become ill or injured due to their work. According to the employers' liability insurance guide by NimbleFins, businesses required to have EL insurance must have a minimum coverage amount of £5 million. Still, many insurers supply policies with £10 million of protection. This may need to be higher if a business carries out more dangerous work or has a high number of employees. What is employers liability insurance coverage? Employers' liability insurance is a mandatory type of business insurance that covers legal and compensation costs if an employee should become ill, injured, or die as a result of work carried out for their employer. It covers current employees and previous employee...
Workshop Safety Tips
Finance

Workshop Safety Tips

Workplace accidents are one of the most common claims received by insurance companies. Businesses need to make sure they are fully protected and should review workshop insurance quotes to ensure that they have all the required policies. Companies of all sizes that operate a workshop based business will need to observe important safety rules to keep their business safe and accident-free. Avoiding hazards and taking some precautions can help to reduce the risk of accidents and personal injury. While many incidents may be small or inconsequential, some workplace accidents can be fatal or life-threatening. Workplace accident prevention can be managed and improved by observing some simple rules: Reduce trip hazards Keeping the workspace organised and free from clutter can help to reduce a...
When Does My Car Insurance Run Out?
Finance

When Does My Car Insurance Run Out?

Having car insurance is critical to ensure a motorist is driving legally, which is one reason to stay on top of when car insurance runs out. Another reason to know the renewal date is to check prices ahead of time to look for better deals in the market. According to NimbleFins, car insurance companies should alert motorists to their renewal a few weeks ahead of time. Still, below we’ll discuss other ways to find out when car insurance runs out. How To Check If My Car Is Insured Car insurance, also known as vehicle insurance, is insurance for vehicles and is essentially a contract between an individual car owner and an insurance company.  The terms of the insurance policy vary depending on the circumstances of the person insured, the make of the car, and the history of the driver. It i...
How to Get Massage Therapist Insurance?
Finance

How to Get Massage Therapist Insurance?

Training to be a massage therapist is challenging, with most time spent learning the likes of effleurage techniques and relaxing clients and ultimately removing their discomfort. So, for anyone branching out to become a self-employed massage therapist or open their own massage location, there can be a lot to wrap your head around regarding the administrative side of things. One such aspect to consider is sorting out business insurance. To some degree, all businesses need to have to ensure they are financially protected should they suffer loss or have legal action brought against them. If you are a massage therapist, here are explanations of the types of insurance you will need to arrange for yourself and anyone else you happen to employ. For further information and to get massage therapi...
What Insurance Do I Need for A Commercial Building?
Finance

What Insurance Do I Need for A Commercial Building?

The law does not require commercial property owners to purchase insurance. Still, certain types of coverage are required to protect the property and the public and reduce the property owner’s exposure to costly claims. Additionally, local authorities or other organisations may demand that certain coverage is in place and specify required limits (e.g., public liability). According to NimbleFins, one commercial building insurance claim can easily outweigh the premiums paid for the policy, making it well worth the cost. The core component of cover is commercial buildings insurance. This covers damage due to covered events like a fire, flood, theft or vandalism. In addition, it covers the structure of the building, such as windows, doors, walls, floors, electrics and pipes. But it doesn’t co...
What Should Landlord Insurance Cover?
Finance

What Should Landlord Insurance Cover?

Landlord insurance should always cover building insurance and public liability insurance at a minimum. These are the two basic elements needed in any landlord insurance package in the UK. Building insurance safeguards the fabric of any property – anything permanently part of it, such as walls, or attached to it, such as guttering. Public liability insurance provides a safety net against a legal claim against a landlord from a tenant, worker or any other third party. For example, it applies if a third party is injured, or property damaged as a result of something the landlord is responsible for going wrong at the property. Building insurance and public liability insurance are both explained in more detail below. Some landlord insurance also provides other aspects as standard, such as bo...
Does Any Pet Insurance Cover Pre-Existing Conditions?
Finance

Does Any Pet Insurance Cover Pre-Existing Conditions?

Yes, a few pet insurance companies in the UK offer cover for pre-existing conditions; however, the way they each cover pre-existing conditions is a bit different. This article will discuss some of these differences. Read the NimbleFins guide to buying pet insurance for pre-existing conditions in the UK to learn more about Scratch & Patch, Bought by Many, Lifetime Pet Cover and VetsMediCover pre-existing options and to get quotes. Definition of a pre-existing condition for pet insurance Each pet insurance company has their own definition of ‘pre-existing condition’. It’s possible to find out how a specific insurance company defines a ‘pre-existing condition’ by looking in their policy documents. For example, this policy wording booklet by VetsMediCover spells out on page 8 that a pr...
Do I Need Professional Indemnity Insurance As A Limited Company?
Finance

Do I Need Professional Indemnity Insurance As A Limited Company?

Professional indemnity insurance is advisable for limited companies selling their service, expertise or skills. This product funds compensation payments and associated legal costs defending and settling claims from clients who claim the work provided cost them money. This could be in lost revenue, future loss in earnings, or added costs to put right the issue due to bad advice or workmanship. While some limited companies may pay tens of thousands of pounds a year, the cost of professional indemnity insurance for a limited company can be as little as £80 a year (Read more here in the full NimbleFins guide to limited company insurance). Professional indemnity insurance is not a legal requirement, nor is it essential for all businesses, but certain fields are a lifeline. Think about the typ...
How Much Cyber Insurance Do I Need?
Finance

How Much Cyber Insurance Do I Need?

Cyberattacks can be costly, so having enough cover is critical. According to the UK government's Cyber Security Breaches Survey 2020, released by the Department for Digital, Culture, Media and Sport, businesses that faced breaches with material outcomes suffered an average cost of £3,230 in the past 12 months. For medium and large firms, this average cost is £5,220. And breaches are common, with 46% of businesses and 26% of charities reporting at least one cybersecurity breach or attack in the last 12 months. According to NimbleFins, the amount of cyber insurance a business needs depends on factors like the organisation's size, the nature of your work and your annual turnover. Risks such as the type of data you hold and whether you have a private networked IT system (and the size of that ...
What Does Courier Insurance Cover?
Finance

What Does Courier Insurance Cover?

Courier insurance is a form of vehicle insurance designed to protect you against the additional risks of driving while making deliveries. It is a form of hire and reward insurance covering your vehicle's use in return for payment. Simply put, driving to make deliveries is significantly more risky than social, domestic & pleasure (SD&P) road usage. You'll be rushing around to meet tight delivery deadlines, regularly driving down roads that you don't recognise, often spending long hours on the road at any time, and you may need to park curbside briefly to collect or deliver. The amount you pay for courier insurance reflects this - it is significantly more expensive than regular SD&P cover. Courier insurance comes in three levels (just like SD&P) - Third Party Only (TPO), Th...