Products

The term Commercial Combined Insurance is used to describe a tailored package of insurance covers rather than any one individual product. These are popular with many SME sized business that fit an insurer’s quote model for them to provide a range of insurances under one policy. These can include some or all of the following products;

• Employers Liability
• Public Liability
• Products Liability
• Material Damage/Office & Contents (including portable equipment)
• Buildings Insurance
• Business Interruption
• Personal Accident
• Legal Expenses
• Goods in Transit
• Machinery and Computer Equipment Breakdown
• Theft by Employees/Fidelity Guarantee
• Loss of License
• Internet & Email Insurance
• Specified All Risks (Property)
• Glass
• Deterioration of Stock

Protects the policyholder (contractor) against claims arising from their negligence in their duty of contract within a larger overall contract. i.e. a small contractor is taken on to provide the cement mixture for a new building’s foundations before the main structure is erected. If the contractor’s cement is not of sufficient quality or production is delayed then the consequential contract costs can be very expensive.

Cover is also provided to protect the contractors own tools and hired machinery from damage or theft in their course of carrying out the contracted work.

JCT 21.2.1 – Property Developers Contingency

An extension to CAR cover that provides protection against alleged damage to neighbouring property. It is most relevant to work where a contractor is involved in excavation and underpinning.

Trustees’ Liability provides protection against claims of negligence arising from the alleged misappropriation, mismanagement or misuse of funds within a trust – whether it be a pension, charitable, investment or inheritance fund.

The recent economic climate has seen a number of trusts reduce in value due to the falling price of shares in which funds have been invested. The trustees, in their collective position of responsibility, will be protected in the event of a claim arising in such circumstances provided they acted in accordance with the investment guidelines agreed with stakeholders.

Under a Trustees’ liability policy, Trustees are also protected against a claim arising from the alleged negligence of one of their fellow trustees. This is an important point to note given recent events in the financial sector. Although joint and several liability applies to Trustees, if one member has breached the trust, the remaining members are protected by this policy.

Often referred to as D&O or Management or Corporate Liability cover, this insurance provides protection for individuals holding a position of responsibility within an organisation.

An organisation can range in size from a global corporation to a national company right down to a non-profit committee and should be a consideration for all given the growing culture of litigation in the UK.

Mandatory insurance cover for all UK businesses, with the exception of sole traders. Where a sole trader’s business has a Limited company status however, Employer’s Liability is also required.

Cover is provided to protect the policyholder (Company) from claims arising from illness, injury to or death of employees where the company could be found to be negligent in their duty of care to employees.

In many cases, claims for illness allegedly caused during a period of employment arise many years after an employee has left a company. Records of Employers Liability Insurer are to be kept for up to 40 years from the year of cover.

From April 2011, a centrally held database will record a company’s Employers Liability Insurer for each year of cover.

Standard cover is £10,000,000 any one claim.

Provided as an extension of a Directors and Officers policy, entity defence dovetails with the Directors cover to ensure that both individuals (Directors) and the company (Entity) are protected in the event of a claim.

The cover also often extends to meet the costs of appointing a Public Relations consultant to handle media enquiries in the wake of an incident. Having a contingency such as entity defence cover in place is invaluable in the current economic climate where a company’s reputation is vitally important to its success.

Also referred to as cyber-liability, Internet and Email insurance is a relatively new product to the insurance market and is a key consideration for office based firms with a heavy reliance on internet and email usage.

With the rapidly expanding importance of the World Wide Web in the way we do business today, a breach of internet security or a virus spread by email could have devastating commercial consequences.

Furthermore, the nature of electronically generated and exchanged information is such that once a statement is made, it’s content can be traced and used as evidence should it need to be in a disciplinary or court case for example. It is crucial for businesses of all sizes to document and circulate to staff an internet and email usage policy in order to protect against potentially crippling legal action.

Many office insurance providers now include Internet and Email insurance within a standard packaged offering as it is fast becoming a key consideration for business protection.

Within the property insurance sector there are a number of liability requirements to protect tenants, property owners and landlords.

The primary insurance responsibility of a landlord is to ensure that the property being leased is of sufficient standard to comply with regulations that make a property fit for rental purposes.

In the event of injury to a tenant, a landlord insurance policy would provide public liability coverage.

A landlord insurance policy may also extend to cover the cost of damage to contents or replacement of locks/glass.

Additional covers can include loss of rent, employer’s liability and alternative accommodation costs in the event of an insured peril such as fire or flood.

Provides protection against a claim for loss or damage by a third party resulting from alleged error or omission within the service you provide. Professional Indemnity Insurance extends to cover alleged negligent acts such as breach of duty of care, breach of confidentiality and breach of contract.

A compulsory Insurance cover for many professions such as Solicitors, Surveyors and Accountants, PI should be considered by all businesses with a consultancy or advisory responsibility.

In the course of your professional duty, whether it be a manual or clerical role, there is almost always a possibility of causing injury or damage a 3rd party or their property.

The exposure to this risk varies with the type of work undertaken and location that it is performed at. For example, a company accountant visiting a local client for a tax audit presents a lower risk than a plumber visiting the same client purely buy the nature of the service they provide.

Whether you produce, sell or distribute products ranging from stationery to precision forged widgets products liability provides protection against claims arising from alleged defects.

The cause of a products liability claim could be a design, construction or functionality flaw of a defective product and can lead to potentially huge financial consequences for the manufacturer or distributer given the often mass produced nature of products in which a defect may lie.

Often the two covers are combined under one policy, minimum cover available is £1,000,000

Often referred to as D&O or Management or Corporate Liability cover, this insurance provides protection for individuals holding a position of responsibility within an organisation.

An organisation can range in size from a global corporation to a national company right down to a non-profit committee and should be a consideration for all given the growing culture of litigation in the UK.

Trustees’ Liability provides protection against claims of negligence arising from the alleged misappropriation, mismanagement or misuse of funds within a trust – whether it be a pension, charitable, investment or inheritance fund.

The recent economic climate has seen a number of trusts reduce in value due to the falling price of shares in which funds have been invested. The trustees, in their collective position of responsibility, will be protected in the event of a claim arising in such circumstances provided they acted in accordance with the investment guidelines agreed with stakeholders.

Under a Trustees’ liability policy, Trustees are also protected against a claim arising from the alleged negligence of one of their fellow trustees. This is an important point to note given recent events in the financial sector. Although joint and several liability applies to Trustees, if one member has breached the trust, the remaining members are protected by this policy.

The insurance market for non-profit and charitable organisations has developed substantially in recent years, largely through better understanding of the diverse range of exposures faced from one organisation to the next.

This increase in insurer expertise has led to more competition, resulting in better product offerings and more favourable premiums for many social welfare service providers. With the number of funding cutbacks announced by the government in the last year, our priority is to achieve the best insurance coverage for our clients to suit an ever tightening budget.

Trustees’ Liability provides protection against claims of negligence arising from the alleged misappropriation, mismanagement or misuse of funds within a trust – whether it be a pension, charitable, investment or inheritance fund.

The recent economic climate has seen a number of trusts reduce in value due to the falling price of shares in which funds have been invested. The trustees, in their collective position of responsibility, will be protected in the event of a claim arising in such circumstances provided they acted in accordance with the investment guidelines agreed with stakeholders.

Under a Trustees’ liability policy, Trustees are also protected against a claim arising from the alleged negligence of one of their fellow trustees. This is an important point to note given recent events in the financial sector. Although joint and several liability applies to Trustees, if one member has breached the trust, the remaining members are protected by this policy.

Protection can be purchased to offset the legal costs incurred in pursuing a claim against a third party. This occurs more frequently in business circumstances due to recovery of an outstanding debt or for a claim to be brought against a former employee for example.

There are only a few providers of this type of Insurance in the UK and are useful in providing cost effective guidance to potential claimants over the procedural matters involved.

After The Event Insurance (ATE)

This type of Legal Expenses cover is taken out by claimants following an incident to cover the legal costs incurred should their claim be unsuccessful. This type of cover is commonplace in no-win, no- fee cases in order that the appointed solicitor’s fees are paid, regardless of the result.

A critical consideration for businesses, particularly those with a production line, is how to continue to serve clients and protect against loss of income following an insured peril such as fire or flood damage.

The following policy covers are available to ensure your business continues to operate with minimum disruption or financial loss in the wake of unforeseen circumstances.

• Gross Profits – cover provided for interference or interruption to the business resulting in loss of income. The GP figure is calculated by subtracting operating expenses, stock and property from total turnover.
• Increased Cost of Working – cover provided to cater for the financial amount incurred in avoiding a reduction in turnover. e.g. relocating premises at short notice.
• Book Debts – financial compensation in the event that records of outstanding debtors is irretrievably lost or destroyed.
• Goods in transit – compensation for damage to property used by the policy holder whilst in transit, e.g., damage to laptop whilst on business trip resulting in loss of income.
• Failure of Public Utilities – protection against the failure of water, gas, electricity or telecoms supply to the business due to accidental damage caused to the utility provider’s facilities.
• Denial of Access – protection against loss of revenue resulting from the policy holder being unable to access the business premises, e.g., street cordoned off due to crime scene investigation
• Supplier Extension – protection against failure of a key supplier to deliver as a result of an insured peril, e.g., fire or flood at manufacturer’s premises
• Customer Extension – protection against a key client no longer requiring your business’s products or services as a result of an insured peril, e.g., fire, flood at property development

In addition to the insurance products listed above, Hutt Professional provide risk management advice for disaster recovery and business continuity purposes. Please ask about our Business As Usual service for further information.

Cover is provided for acts of fraud or dishonesty committed by employees whilst under a contract of service with the policyholder.

Whilst still rare, these policies can be difficult to detect until well after the act has been committed and can be potentially crippling to a business.

The type of fraudulent and dishonest acts that Fidelity Guarantee Insurance provides protection against are theft (of money or property), fire, forgery and acts that are intended to cause the company a loss.

Cover is provided for acts of fraud or dishonesty committed by employees whilst under a contract of service with the policyholder.

Whilst still rare, these policies can be difficult to detect until well after the act has been committed and can be potentially crippling to a business.

The type of fraudulent and dishonest acts that Fidelity Guarantee Insurance provides protection against are theft (of money or property), fire, forgery and acts that are intended to cause the company a loss.

With businesses today trading more electronically than in cash, the values of sums insured under Money Insurance policies have decreased dramatically but the cover remains a key business protection concern.

The insurance cover provided extends to cash held on site (usually petty cash) up to specified limit as well as cash off-site (for example while being taken to a bank to pay in).

As with a number of non-business critical insurance covers, Money Insurance is usually provided within a packaged product at a minimal additional premium.

Marine is the oldest of all insurance products and was formally established in the late 17th century as a way of merchants protecting their business against the cost of vessels or cargo being lost or damaged whilst at sea.

The term Marine Cargo refers to cover provided for items transported in many different ways via land, sea and air.

Businesses of all sizes send component parts or client orders by post and protection is therefore required for any loss or damage arising to these items during transit. In many cases, couriers will offer an insurance policy per consignment but this is often a far less cost effective way of obtaining financial protection against lost or damaged shipments than an annual marine cargo policy.

Further Marine Insurance covers such as Marine Liability, Marine Casualty, Hull and Offshore/Onshore Property are also provided by specialist insurance markets with whom we will be able to put you into contact with for these requirements.

Marine is the oldest of all insurance products and was formally established in the late 17th century as a way of merchants protecting their business against the cost of vessels or cargo being lost or damaged whilst at sea.

The term Marine Cargo refers to cover provided for items transported in many different ways via land, sea and air.

Businesses of all sizes send component parts or client orders by post and protection is therefore required for any loss or damage arising to these items during transit. In many cases, couriers will offer an insurance policy per consignment but this is often a far less cost effective way of obtaining financial protection against lost or damaged shipments than an annual marine cargo policy.

Further Marine Insurance covers such as Marine Liability, Marine Casualty, Hull and Offshore/Onshore Property are also provided by specialist insurance markets with whom we will be able to put you into contact with for these requirements.

Although company owned motor fleets are smaller today than in the past, many businesses do still arrange motor fleet insurance for both privately owned and commercial use vehicles.

With the recently reported increases in the cost of personally owned motor insurance policies, providing insurance cover via a fleet policy is a cost effective way of keeping down the rising cost to employees.

In addition to commuter and occasional business use vehicles, we arrange insurance policies for vehicles used specifically for business purposes such as hauliers and refrigerated vehicles for transporting fresh food.

The market for motor fleet insurance, particularly for commercial use vehicles remains competitive whereas the cost of insuring a privately owned vehicle has seen large increases – due largely to wide scale fraudulent road traffic accident claims.

With the advent of online quote systems in recent years, we have less of an involvement now in arranging motor insurance policies for private owners.

The increased competition through online insurance providers has seen rates steadily reduce during this period to a point where reports in the press suggest that many market leading insurers are looking to increase the currently unsustainable pricing.

In addition to the factor mentioned above, the private motor insurance market has been plagued with fraudulent road traffic accident claims over recent years that have led to insurers paying out an estimated £1bn each year in compensation – a factor that will impact premiums directly going forward.

Furthermore, the recent EU decision that using a vehicle owner’s gender to rate car insurance cover as discriminatory will almost certainly lead to an increase for many female drivers. It is unclear at present whether male drivers will see a reduction in the cost of motor insurance as a result.