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Consider Specialist Insurance

Discussion in 'General Business Forum:' started by DesignersInsurance, Jun 7, 2014.

  1. DesignersInsurance

    DesignersInsurance New Member

    Before you think, "oh no, not another shameless plug/link to a comparison website" ..... let me firmly assure you, it's NOT.

    I decided to write this short article, with no links or websites mentions, to help any new graphic design business, or indeed any established business in the area of their own business insurance and to highlight the areas of cover that are readily available and why you should take that cover, or at the very least consider it as part of your day to day business.

    So, to start with let's think about the risks that you face every single day.
    Here are the main ones that we can see:

    • Your own Mistakes, Errors, Failure, Cock-Ups
    • Copyright and Trademark Infringement
    • Image Infringement
    • Physical Damage
    • Injury to the public/employees
    • Theft
    • Loss of your Business Equipment

    I am sure that you will recognise most if not all of those risks, whether you are a sole trader or an established business, but its making the next step that is often the hardest when you need to equate those risks with the covers that you see presented to you around the internet.

    In the current world we live in, you simply cannot risk operating your business without any insurance at all, the chances of avoiding any kind of dispute at all are remote and often the next step with a simple dispute is the dreaded solicitors letter and legal action - that is where you need robust and appropriate insurance protection.

    So what covers are available?

    The following gives a very brief overview of the terms that you need to look for when checking out insurance, obviously one company will then provide better and more in depth cover than the next, but at least you can look in the right areas to compare these:

    Professional Risks/Professional Indemnity:
    This is the cover that should form the basis of your insurance protection - this is the cover that protects you from the claims coming in from mistakes, errors, cock-ups, infringements and the like - insurers offer different limits of protection and different excess levels - a specialist broker can help you with this.

    Public and Products Liability:
    In simple terms, this cover protects you from your legal liability for claims arising from damage to third party property &/or injury to members of the public. Again different limits of indemnity are offered.

    Employers Liability:
    This cover is not always required. If you are a sole trader with no employees at all, you don't need it - however, if you employ anyone in any capacity at all then you have a LEGAL obligation to carry the cover - failure to do so is prosecutable and heavy fines can attach as well.

    Business Contents:
    This is cover for your contents contained at your business premises - whether that is an office or a spare room in your house (*remember always to inform your house insurers if you are working from home - most will be fine with this, but some need to be advised) - you choose the sums insured and the cover only applies to the premises.

    Portable Equipment and Kit:
    This is cover as the name suggests for anything taken away from the business premises/home. It's very important to check the "geographical limits" of the policy to make sure the kit is covered wherever you travel - the limits can the UK only, European Union or Worldwide depending on your needs. There may also be an individual policy limit, so again check that in the wording.

    There are lots of other additional covers that can be added into this mix of "core" covers, but as a starting point we feel that every business should run through that checklist and make sure they are happy that the risk to them is assessed and where needed insured.

    I really hope that helps going forward, but by all means drop me a line if you want any more advice on the details posted here.

    Cheers
     

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