Wednesday, May 29

Finance

What is Professional Indemnity?
Finance

What is Professional Indemnity?

In short, professional indemnity refers to compensating a client for a loss that results from negligent advice or expertise provided by a professional or company. When a business enters a contract with a client it is expected to deliver advice and service that is up to standard. But if negligence, a mistake, or an error results in harm or financial loss to a client, the business can be held professionally liable and forced to pay damages. What is professional indemnity insurance? Professional indemnity insurance (also called PI insurance or PII) protects a business from legal claims by customers who allege they have been harmed or lost money as a result of professional design, advice, or service that was provided. This could be from a mistake, negligence, or other failures of professio...
What is Shop Insurance?
Finance

What is Shop Insurance?

Shop owners can be exposed to a number of risks. Claims from the public or employees or losses due to theft are common. Having the correct insurance will guard against financial liability, and owners should compare shop insurance quotes to get the best deal. There are several types of insurance the shops will need to be fully protected, but at the minimum public liability, employer liability, and contents insurance will be purchased. Other policy types and add ons are available, and shop owners will need to consider which coverage is needed for their business carefully. Types of shop insurance Selling items and having frequent contact with the public means that shop owners could receive a number of different claims types. For example, accidents on the premises, damage to property, or ...
Does A Solicitor Need Run-Off Insurance?
Finance

Does A Solicitor Need Run-Off Insurance?

Any SRA authorised solicitor who ceases trading or whose company ceases trading, merges, or is acquired must purchase run-off cover as a condition of their SRA membership. Solicitors who are not SRA authorised may not be required to purchase run-off cover as a condition of any regulatory oversight. Still, the cover is often specified as a contractual obligation with clients in certain industries, such as construction. Even if run-off is not a contractual or regulatory requirement, run-off policies serve to protect the interests of both clients and business owners if negligence claims are made following business closure or acquisition and should be considered an important protective measure. NimbleFins' comprehensive solicitor insurance guidance provides comprehensive information on solic...
Why Do Solicitors Need Professional Indemnity Insurance?
Finance

Why Do Solicitors Need Professional Indemnity Insurance?

Solicitors need professional indemnity (PI) insurance to comply with the law and the Solicitors Regulation Authority (the regulatory body for solicitors). According to insurance experts, NimbleFins, solicitor PI insurance is a mandatory requirement for solicitors. This is courtesy of the Solicitors Act 1974, which requires that all law firms must buy solicitors PI insurance. In accordance with this act, the Solicitors Regulation Authority (SRA) has strict rules requiring solicitors are covered by adequate PI insurance before they give advice. The rules also stipulate the level of cover that needs to be in place for its members. As part of this, the Solicitors Regulation Authority requires firms to self-assess and ensure that any level of PI cover obtained is commensurate with the level of...
What Does Public Liability for Events Cover?
Finance

What Does Public Liability for Events Cover?

Public liability for events covers claims made by event-goers who have been injured or had their property damaged. If these situations are blamed on the event, and its organisers, public liability insurance for events can provide financial assistance and legal guidance. Policies cover both legal costs (e.g. paying solicitors to help defend against a claim) as well as any compensation owed to the injured parties. In addition to public liability, many event organisers also buy employers’ liability insurance (which is legally required to protect workers, employees and even volunteers), insurance to protect against damage to event equipment and insurance to cancel the event, including adverse weather conditions. Note, post-pandemic, and it is now much more difficult to find and buy event insu...
What Pet Insurance Covers Pre Existing Conditions?
Finance

What Pet Insurance Covers Pre Existing Conditions?

Four pet insurance companies cover pre-existing conditions in the UK, albeit in varying degrees. According to insurance expertsNimbleFins, the companies providing some level of pet insurance for pre-existing conditions are: Bought by Many, Scratch & Patch, Lifetime Pet Cover and VetsMediCover. However, some of them only protect against pre-existing conditions if two years have passed without issue. Bought by Many Specific pre-existing conditions policy. Valid if the pet hasn't had treatment, medication or advice in three months before policy. Pays out up to £500 for these conditions in the first year, £1,000 in second and £7,000 in the third year. Dental treatment is only included in 'complete' package. No age limit. All other policies cover pre-existing conditio...
How Much Commercial Property Insurance Do I Need?
Finance

How Much Commercial Property Insurance Do I Need?

The type and amount of commercial property insurance a business needs depends on whether they are a tenant, owner-occupier or landlord. The amount of commercial building insurance depends primarily on the rebuild value of the structure. The amount of commercial contents insurance needed depends on the value of the furniture, furnishings, and other items within the property. Commercial tenants typically take out contents insurance, but do not need to take out building insurance and may have other types of business insurance like a public liability. Landlords can choose not to have contents insurance if they are happy to replace the few items they have in a property. Some other extras some commercial property owners choose to take out, such as rent guarantee or income protection. A brief ...
How Much is Employers’ Liability Insurance?
Finance

How Much is Employers’ Liability Insurance?

Employers' liability insurance is a legal requirement, so it's a certain expense for which businesses with employees need to budget. But how much does it cost? According to business insurance specialist NimbleFins, employers' liability insurance costs in the range of £50 to £300 for one employee depending on the danger of the job; the premium then rises with the number of employees. How much is employers liability insurance: average cost per employee One office worker in a low-risk industry can cost as little as £50 to insure in the UK's employers' liability (EL) insurance market.  Office workers in higher-risk industries, for instance, a building company office manager, could cost 60% more to insure. Workers that perform riskier tasks and are out working in the main business cost mor...
Mobile Beautician Insurance
Finance

Mobile Beautician Insurance

Having your own mobile beautician business is a dream come true for many people, but it's important to secure the right business insurance as with all small businesses. According to NimbleFins, self-employed mobile beautician insurance costs as little as £40 to £60 a year for basic public/product liability and treatment cover, so it's well worth buying (read more here: https://www.nimblefins.co.uk/business-insurance/beauty-insurance-mobile-freelance). Mobile Beauty Therapist Insurance Mobile beauty therapists need business insurance because they deal with members of the public and deliver potentially harmful treatments—and because they are not covered by an employer's business insurance products like a salon employee would be. Here is a rundown of common types of business insurance t...
What Does Taxi Insurance Cover?
Finance

What Does Taxi Insurance Cover?

Taxi insurance covers the use of a vehicle to carry passengers in return for payment. You may see it referred to online as private hire insurance or hire & reward, and all 3 can cover you for taxi driving. It’s important to be diligent, though, as some forms of hire and reward aren’t designed for carrying passengers (but instead food delivery, furniture removal, etc.) and thus won’t cover you sufficiently to take paying customers to their destination. This article should answer any initial questions you have, but you can find out more about taxi insurance at NimbleFins to compare quotes, see average costs and more. What exactly you’re covered for will depend on the level of coverage you opt for. Just like social, domestic & pleasure (SD&P) vehicle insurance, taxi coverage come...