Business owners put many hours and time into establishing, maintaining and growing their business. Regardless of whether the business is a sole trader who is just starting their journey or a multi million dollar well established business, insurance products are required. Be this as a statutory or regulatory requirement or for the purpose of transferring risk as part of a risk management program. Colne Risk Advisory have the skills, experience and knowledge to assist with your insurance needs.
Below is an overview of some of the covers that we can offer solutions for:
Professional Indemnity Insurance: Professional indemnity insurance, sometimes referred to as professional liability insurance or PI insurance, covers legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded, if you are alleged to have provided inadequate advice, services or designs that cause your client to lose money.
Public Liability Insurance: Public Liability Insurance provides covers for you, your employees and your business for losses or damage relating to bodily injury or property damage which a third party suffers (or claims to have suffered) as a result of your business activities.
Business Insurance: Business insurance policies provide some of the most fundamental insurance covers which a business requires. Business Insurance Policies are tailored insurance policies which include numerous coverage options. These can include liability covers, money covers, property insurance, contents insurance as well as electrical equipment and machinery breakdown o name a few.
Industrial Special Risk Insurance: Industrial Special Risk (ISR) insurance is a unique insurance policy which is designed and tailored for the individual business. The cover is best suited to those businesses which have multiple premises and high asset values. The policy itself provides cover for consequential loss and property damage. Examples of these are as follows:
Reinstatement or replacement of the assets – building, stock, contents, machinery, theft, money and glass; and
Removal of debris, reinforce damaged property, interim repairs
Following a claim the increased costs to limit any decline in turnover or revenue ( increased cost of working). This may include any valid expense incurred to get the business operational again such as the use of back up facilities or sites, overtime payments to employees, importing equivalent products etc; and
Payments to professionals and other expenses to prepare a claim
Cyber Liability Insurance: Whilst a relativity new insurance product in today's business world it is gaining traction owing to the prevalence of cyber crime, hacking and ransom ware attacks. The cover itself provides a range of first party (your own losses) and third party losses (those sustained by a third party). Examples of some of these covers are as follows:
First Party Losses - losses sustained by you
Business interruption. This is a crucial inclusion and provides cover for any loss of income and related costs when a cyber attack or data breach means you are unable to conduct your normal business. This ensures you have sufficient funds available to continue trading until the situation returns to normal; and
Forensic investigation and data recovery. In order to determine whether a cyber attack has occurred, you may have to pay for technical, legal or forensic services. Your insurance will provide cover for this expense, and may also reimburse you for the cost to restore, repair or replace lost data.
Third Party Losses - losses sustained by someone else
Regulatory defence expenses. If a data breach results in a regulatory claim from a government agency, your policy will provide cover. Coverage is available for fines, penalties and investigations; and
Notification costs. This covers any cost involved in notifying your customers of a data breach.
Management Liability Insurance: Directors and Officers insurance is not really suitable for smaller and medium sized businesses. With this in mind the insurance market has created Management Liability Insurance. This policy includes a number of inner covers with the main ones being Directors & Officers, Company Reimbursement and Employment Practices Liability