As well as providing you and your business with value for money Business Insurance policies, at NCi we also look to provide UK businesses with advice and help so you get the cover you need at a price that suits your budget. Here are some FAQ's along with answers but if you have any questions about your companies insurance needs please feel free to call us on 0800 046 1446 and a member of our Commercial Insurance team will be happy to help you find the answer:

How can I make sure I get the right cover at the right price for my business?

What is Liability Insurance and do I need it?

What exactly is Commercial Insurance?

How can I make sure I get the right cover at the right price for my business?

1. Be honest. It may sound the most obvious statement but forgotten or inaccurate information could affect your insurance at a later date. Your motto should be, if in doubt, disclose it. Whether you’ve had a small bump in a supermarket car park or have made a claim against your liability insurance - tell your insurance broker or company up front or when it happens.

2. Use an insurance broker if you can’t spare the time to phone or shop around yourself. An insurance broker like NCi will search a large number of leading insurers for you so you could save money as well as time. When deciding which insurance broker to use things to look for are:

• Are they well established?

• Do they have facilities with the leading insurance companies?

• Are their staff experienced and do they understand your industry?

At NCi we can answer a resounding YES to each of these questions so if you’d like a quote or would like to see how we can help you with your business insurance contact us now.

3. Choose your insurance provider carefully. A recent survey conducted by Holden Pearmain, the market research company, showed that 63% of small and medium sized businesses (SME’s) preferred using a local supplier when it came to choosing their insurance provider. And 42% surveyed felt using an insurance broker was the best way to get the best deal. When choosing your insurance provider look for a company that understands your needs and has facilities with leading insurance companies to ensure you get the right cover, at the right price.

4. Make sure you are covered correctly. Insurance can be confusing so if you are unsure of anything, ask your broker or insurance company before taking out a policy. They are the experts so take advantage of their knowledge.

5. Increase your excess. If you’re looking to reduce your premium without sacrificing cover, you could opt for an additional voluntary excess on top of your compulsory excess. By increasing your excess you could reduce your premium.

6. Make sure your premises are secure. Many insurers will only offer cover on certain premises if they are fitted with a certain level of security. Find out the exact type of security your premises has as this could reduce your premium.

7. Consider putting all your insurance policies with the same insurance broker or company. Not only will this make your administration far easier, but you may also qualify for discounts for having more than one policy with them. Certain insurance brokers and companies also offer discounts for recommending them to your friends and family. If in doubt, ask.

8. The cheapest isn’t always the best. As insurance isn’t a “sexy” purchase, many businesses opt for the cheapest is best option. Don’t always assume this is the case. Make sure the policy you buy gives you the level of cover you require. Don’t leave it until you make a claim to find out if the policy meets your needs. Make a list of what you need from an insurance policy and make sure the policy you buy includes it.

9. Don’t forget the additional cover. When buying insurance for your business, remember that there are several types of additional cover that maybe offered to you. Whilst not all of these will be necessary, there are certain types of cover that maybe of real benefit to you. Some examples of these include:

•  Legal Protection
•  Personal Accident
•  Directors & Officers Liability
•  Public & Employers Liability
•  Business Travel
•  Key Person Insurance

10. Don’t worry. Buying insurance for your business can be a minefield with so many insurance providers and insurance policies available. However, there is no need to worry as providing you choose the right insurance provider, they should have the experience and expertise to guide you through your options and make sure you get the best deal.  At NCi we feel our experience, expertise and honest approach to insurance will mean we can help you with your insurance so contact us now and let us help you get the very best deal on your business insurance.
 

What is Liability Insurance and do I need it?

Employers Liability. This is required by law and it covers personal injuries sustained in the course of their employment by your employees. It will also cover an employee (current or former) if they become ill as a result of their work. Failure to take out an employer’s liability policy can result in fines of up to £2500 for any day you are without suitable cover.

Public Liability. This covers injury to a member of the public or damage to their property caused by you or your business. Premiums depend on the type of business you run, your turnover and the number of employees you have.

Products Liability. If you sell (or give away) a product you are legally responsible for any damage or injury that the product you supply may cause. Products Liability will cover you against any compensation awarded as a result of damage or injury caused by your product. Cover is also available to protect you against costs incurred in having to recall a product. With some recent high profile product recalls (SAAB announced it was recalling 33,100 cars in the UK and 297,000 units Worldwide due to a ignition problem) now, more than more, is it crucial to ensure you have the correct level of cover.

Directors & Officers. Directors & Officers (or D & O) is a policy that protects officers and directors of a corporation from liability in the event of a claim or lawsuit against them claiming wrongdoing in connection with the company's business. Premiums for this type of cover have risen dramatically in recent times so the use of a good insurance broker is highly recommended to ensure you get the best deal.

Liability Insurance and Business Insurance doesn't have to be complicated and it doesn't have to be expensive. Choose your Insurance Broker or Insurance Company wisely and make sure you get the protection, peace of mind and cover you need.

What exactly is Commercial Insurance?

Put very simply, Commercial Insurance is protection for your business. From new start businesses to those well established; an unexpected event could destroy your business if adequate cover isn’t in place.

With so many insurance products and providers, it would be easy to think Commercial Insurance was a complicated matter. It doesn’t however need to be this way. Commercial Insurance can easily be broken down into 3 keys areas:

1. Keep it legal
2. Protection
3. How to buy

Keep it legal

Certain types of cover are required by law. Employers Liability insurance, which covers claims from employees for accidents and sickness they may suffer as a result of working for your business, is one type of cover that must be purchased. You will also need to purchase at least third-party motor insurance for all motor vehicles used by the company.

Protection

Ensuring you have the right cover and protection is vital so time should be taken to ensure you find a policy (or policies) that give you exactly the level of cover you require. This again need not be a complicated task if you break down your requirements:

Insure your people – many firms are often dependent on the people they employ. Insurance is available which will protect the business in the event of employees being unable to work. Types of cover available include Keyman insurance, income protection, directors & officers insurance and private health & critical illness cover.

Insure the common risks – certain risks are common to all businesses. These include fire, theft and equipment failure. It is worth investigating (or getting someone to investigate for you) whether common risks such as buildings and contents insurance, cover for money and goods in transit and business interruption insurance can be covered under an all-risks type policy. This may save your business time as well as money.

Specialist cover – depending on your industry and requirements, policies can often be packaged together with some even being industry specific with packages tailored to cover specialist sectors like engineering or manufacturing. Other specialist cover available includes public and product liability and professional indemnity cover.

How to buy

Commercial Insurance is more often than not purchased using an Insurance Broker. The benefit of using a Broker like NCi is that we are insurance professionals who can recommend policies to you whilst searching the market to find you the best possible deal.

A good Broker will offer a personalized service and will understand your needs and that of your business. When looking for an insurance provider it is often worth checking to see if they are well established, have schemes with the leading insurance companies and whether they offer a local and personalized service. If you follow these simple tips then the chances are you and your business will get the right cover, protection and peace of mind.