Legal Expenses Insurance

This helps cover the majority of your costs in the event of a legal dispute. This usually covers legal costs for employment tribunals, prosecutions under acts such as The Health and Safety at Work (etc) Act 1974, contract disputes, and costs caused by an in-depth Internal Revenue or Custom and Excise investigation. Some legal expenses policies also provide free legal advice, as well as cover for employee time lost during jury service or as a witness in a case.

Business Travel Insurance

This covers you against the loss or damage of business equipment such as laptops and product samples. This often also covers the costs of an emergency courier to deliver replacement items if needed (say, for an important meeting). Some policies also provide cover against the death or hospitalisation of an employee on a business trip, covering the costs for a colleague to take their place.

Product Liability Insurance

This is a less common form of business insurance that covers you against legal liability if a product you manufacture (or supply in some cases) is faulty, not to satisfactory quality, or not to specification; and causes damage to a person or business.

E.g.: A woodcutting tool that operates incorrectly, causing large amounts of wasted material and employee time to the company that bought it.

Business Interruption Insurance

This covers your business against unforeseen risks that cause the business to lose money due to a loss of capacity or inability to continue business for a period of time.

E.g.: If a flood damaged critical electrical equipment causing all manufacturing to shut down, the insurance would cover income that was lost while the equipment was replaced or repaired. This figure should also take into account the lower outgoings during the period of interruption.

Goods in Transit Insurance

This covers goods and property in transit from one set place to another. It usually covers transport in a company vehicle, or with a third party delivery/transport service. The method of transport is sometimes specified on the policy. If the goods are lost, stolen, damaged, or late, then you are able to claim for damages or replacement.

For overseas transit, there is a special Marine Insurance, which covers transport by sea, as well as the following journey over land to deliver the goods.

Commercial Motor Insurance

Third Party Cover -	This insures your liability to others in the case of a car crash or other motor vehicle incident. This includes death or injury to anybody (but not death or injury to employees while they are working, as they are covered by employers liability insurance (see below).
Fire and Theft (third party) -	This is an optional addition to your third party cover.
Comprehensive Insurance Cover -	(Including the above) This covers you in the event of accidental damage regardless of whose fault it was. If you use your own private vehicle in your work, then you should inform your insurers as you will not be covered for business use (travelling to/from work is usually OK).

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Commercial insurers are of a different breed to those that deal with personal insurance (for your car, home insurance and contents etc.) It is of the utmost importance that the commercial insurance broker has specialist commercial experience and professionalism in the areas of:

 

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