Sunday Times Fast Track 100 company Be Wiser have recently launched a portal for business insurance. The Reading-based company has offered car and home insurance for years and has won a host of awards in the process.
You may recognize their mascot Owl advertised in bus stops, football sidelines or service stations.
The launch of their new website Bewiserbusinessinsurance.co.uk caters specifically for small and medium size businesses in the UK. So whether you own a flower shop or hairdresser, you can acquire insurance through their new site.
Be Wiser act as an independent broker working with the leading insurers in the country to give small business owners the best deal possible. The prices are not available on the website as every quote is specific to the business owners’ needs. So Be Wiser encourages you to give them a call to receive a quote on the same day.
What Business Insurance Do They Offer?
Be Wiser offers insurance for companies including barbers, charity stores, bakers and restaurants amongst others. One of the most common products they offer is public liability insurance. This gives your business protection for any customers or individuals that come into contact with your business and are injured directly as a result of your business practices.
An example of this is if you own a shop or restaurant and a customer slips on your floor and gets injured, they have the right to sue you for damages. The idea is that the business owner takes out public liability cover in order to cover the cost of any compensation claims made by the injured person. Depending on the size of your business, you can take out cover ranging from £1 million up to £10 million.
Another common type of business insurance is professional indemnity insurance. This is where you give professional advice to a client and protect yourself if they make a financial loss. This is typical where there are large calculations involved because a simple error could cause the client to lose a lot of money and professional indemnity, also known as PI, provides cover if the client demands compensation.
Other causes for PI include the advisor losing important data or documents and then the business would have to pay to get new ones. In addition, any breaches of contract such as disclosing personal information or working with competitors means that the client can sue for damages. Professional indemnity provides cover to the advisor for all of these cases.
This is compulsory by law and offers cover to a company if any of their employees are injured or fall ill directly as a result of their work. This is common for tasks that involve manual labour or for those that work with chemicals or hazardous materials. If an employee suffers side effects, they are able to ask for compensation from their employer so having protection is essential.
Products liability is insurance for any of the products that you sell that negatively affect a customer. No matter how hard you check the quality of your products, something may become sharp or loose and this may harm your customer. In the event that a customer buys a product and it is defective and causes damage to an individual or their property, they have the right to their money back and compensation and this is where products liability insurance can offer protection.
This is where random and unpredictable actions can cause a fall in production. Loss of electricity and extreme weather conditions for example, may lead to a company being unable to produce its normal volumes and therefore they lose business and sales. Business interruption insurance is taken out by business owners to account for such occurrences and provide compensation to the business in these circumstances.
This is a very one typical for any landlord who is renting out their property. In the event of a fire or flood, the landlord will be worse off because they won’t be able to charge rent and they will have to pay to rebuild the property. This is why landlord insurance is essential to cover the costs of an accident and the loss of rent.
So overall as a business owner, there are lots of different types of insurance that you require for your business. Those working from home and hire family members usually require far less compared to those that own big premises, have lots of employees and have regular contact with the public.