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About Howell Insurance

Why use Howell Insurance?

Can you offer insurance for small business owners?


About business insurance in general

How can I make sure that I have adequate cover for my business and assets?

How will my claim history affect me?

How do I file a claim on my business insurance?

How do I adjust my insurance cover to reflect a new asset I’ve just bought?


About Key-Man Insurance

What is key man insurance?

Do I need key man insurance?

How much will the policy pay out?


About Indemnity Insurance

What does indemnity insurance cover?

Why do I need professional indemnity insurance?

Is indemnity insurance cover compulsory?

What limit of indemnity insurance do I need?

What is a retro date?

What is a “claims made” policy?


About Stock Insurance

What is stock insurance?

What is cargo insurance?

What is deterioration of stock insurance?

How much stock insurance cover do I need?


About Liability Insurance

What is liability insurance?

What types of liability insurance cover are there?

Why do companies need liability insurance cover?

What does liability insurance cover cost?


About Premises Insurance

Who is responsible for insuring my premises?

How much cover do I need?

What other types of insurance need to be considered?


About Landlord Insurance

What does landlord insurance cover?

 

About Howell Insurance


Why use Howell Insurance?

Large and small business owners come to Howell Insurance because we make it our business to find a suitable policy for you.  No need to spend all your spare time online, trawling the internet for cheap business insurance.  Just put yourself in the hands of an experienced adviser, who’ll find you the suitable cover, with the right options, at a competitive price from a range of Insurers.


Can you offer insurance for small business owners?

We arrange insurance for all types of small business owners, as well as larger companies.  Large or small, protect your business against any Insurance peril.

 

About business insurance in general


How can I make sure that I have adequate cover for my business and assets?

As part of your insurance review, Howell Insurance will ask you to create a list of any business assets (large or small) such as tools, fixtures and fittings, equipment and stock – anything that you would want to cover or would struggle to replace.  We’ll then check all your existing insurance policies and guide you through your options.


How will my claim history affect me?

Typically before an insurance company will provide you with a quote, they will look at all your previous claims, including ones that were unpaid.  If the insurer notices several claims in the last few years they are likely to increase your premium.


How do I file a claim on my business insurance?

It’s easy for business owners to file a claim with Howell Insurance:

    Notify us as soon as possible

    Tell the police immediately if you have suffered a theft or malicious damage

    Take all possible action to prevent further loss or damage and thereby minimise the loss.  Take immediate action to prevent it happening again

    Don't admit liability or offer to pay compensation to anyone.  Pass all correspondence to Howell Insurance immediately - unanswered

    Tell Howell insurance immediately if you receive a solicitor's letter or legal notice and DO NOT acknowledge it


How do I adjust my insurance cover to reflect
a new asset I’ve just bought?

When you buy a new business asset, you should inform us so we can include it in your business insurance policy.  New insurance documents will be issued as soon as possible and the extra cover will be included as part of your policy when you come to renewal.

 

About Key-Man Insurance


What is key man insurance?

Key man insurance is designed to cover a business should a key person die or be seriously ill and unable to work.  The policy is designed to cover costs and lost sales revenue – either until the key person recovers, or until a replacement is appointed.


Do I need key man insurance?

Small business owners often depend on specific individuals for success, and there could be serious consequences if these individuals are absent for any length of time.  It’s not just about seniority: a key person could be anyone from a director to a workshop employee with special expertise.


How much will the policy pay out?

This should reflect the potential loss to the business if the key person is unavailable.  Normally there are three ways of estimating the sum assured:

    Multiple of profits: up to five times annual net profit or two years gross profit, divided by the number of key persons

    Multiple of salary: up to ten years salary of the key person

    Proportionate share of payroll: key person salary / total payroll x annual turnover x years required to recruit and train a replacement.

 

About Indemnity Insurance


What does indemnity insurance cover?

Indemnity insurance provides cover for an individual, company or partnership for claims made against them by a third party.  Typical claims include negligent acts, errors or omissions occurring in the course of business that result in financial loss to the claimant.


Why do I need professional indemnity insurance?

Historically, professional indemnity cover was arranged by traditional professions - accountants, architects, engineers, surveyors and solicitors - but with the increase in litigation in the UK anyone involved in providing advice or services should consider professional indemnity insurance cover.


Is indemnity insurance cover compulsory?

Professional indemnity insurance cover is not compulsory for a business, unless required by your professional body.  However, many clients demand that you have sufficient financial cover before dealing with you.  As Independent Financial Advisers, Howell insurance can identify suitable cover from a range of indemnity insurance products.

 


What limit of indemnity insurance do I need?

No two businesses are the same, so it’s important to look at the damages and legal costs your business could incur.  Cover is normally issued with indemnity levels between £100k and £1 million, but the potential risks for some businesses could require cover into tens of millions. To avoid under-insurance we would not normally recommend a policy for under £250,000 – even for small business owners.


What is a retro date?

A policy that does not contain a retro date means it will not provide cover for advice and services you have provided in the past.  As indemnity insurance is a “claims made” policy it’s important your policy has a retro date in line with advice and services you have provided in the past.


What is a “claims made” policy?

A "claims made" policy requires that there is indemnity cover in force at the date of claim, rather than the date the advice or service was provided. You should therefore consider maintaining cover for as long as there is reasonable risk of a claim - which could be several years after you have completed the contract.

 

About Stock Insurance


What is stock insurance?

Most companies have basic business insurance, but all too often it doesn’t include specific high value stock items.  Stock, of course, could be anything from spare motor parts to frozen chips - and storage could be anything from a warehouse to a refrigerated vehicle - but, whatever it is you sell, you need to consider the consequence of losing it. 

 

What is cargo insurance?

Transport companies may need to consider cargo insurance to cover transport and delivery door to door.  Many early stage companies simply cannot afford to lose an entire shipment to a major supplier. You should also ensure that your suppliers provide cover to your door, as many try to limit insurance to the point of supplies leaving a warehouse.


What is deterioration of stock insurance?

As it says on the tin, deterioration of stock insurance is designed to provide cover against stock deteriorating: for example, stock in cold storage might perish because of refrigerator failure.


Apart from the loss of the stock itself, cover could include:

    reasonable costs incurred to avoid further damage

    obtaining a condemnation certificate

    loss or damage caused by refrigerant fumes


How much stock insurance cover do I need?

Stock should be insured for the amount it would cost to replace it - ie the cost price and not the selling price.  But be careful not to undervalue stock, as payment on a claim could be seriously affected.

 

About Liability Insurance


What is liability insurance?

Liability insurance protects companies against claims made by employees, third parties or members of the public related to negligence or fault made by the company. Liability insurance covers claims against injuries, illnesses and even death if the company should be responsible for the incident.

It is up to the business owner to arrange the most suitable cover for their activities.  As long as the correct insurance is in place, the company will not have to pay out for claims made against them or for any related legal fees.


What types of liability insurance cover are there?

There are several types of liability insurance cover:

    Employers' liability insurance

    Public liability insurance

    Professional indemnity insurance

    Product liability insurance

    Directors' & officers’ liability insurance


Why do companies need liability insurance cover?

Your company needs insurance cover against the risk of being sued by an employee or a third party. Compensation is a term we hear all the time and there are companies who help people claim the highest possible amounts - sometimes we're talking millions of pounds.


If your company doesn't have suitable insurance cover, the consequences of a claim could be catastrophic. Aside from compensation payments and legal fees, the business owner can also be held liable for negligence in the event of injury, illness or death


What does liability insurance cover cost?

The amount you pay for your liability insurance cover depends on a number of factors:

    Type of business

    Claims history

    Perceived risks to your business

    Number of employees (for employers' liability insurance)

    Company turnover and business activity

 


About Premises Insurance


Who is responsible for insuring my premises?

If you’re the owner of the property that your company is working from, it’s up to you to insure the building. If you do not own the property you will need to check with your landlord that cover is in place.  Never assume this, or you could be caught out in the event of a claim.


How much cover do I need?

Insurance cover for the property must be adequate to cover the cost of rebuilding it to a similar standard. The cost of rebuilding does climb so you should check regularly on the value.  A chartered surveyor will be able to help you calculate this.


A suitable insurance policy should also ensure you have cover for a variety of risks, such as floods, explosions, fire and storms. Howell Insurance will help you decide on the appropriate level of cover.


What other types of insurance need to be considered?

You should consider contents insurance to cover your business for all equipment on site, and public liability insurance to cover any damages to members of the public who enter your property. You should also note that employers’ liability insurance is a legal requirement for every company that employs one or more members of staff.


Although you will have cover for the physical losses when insuring your property, the interruption in work (caused by a fire, for example) may cause your business to struggle – so we recommend that business interruption is also included in your cover.

About Landlord Insurance


What does landlord insurance cover?

Landlord insurance serves to protect landlords if they are prevented from using their property to earn an income.


Couldn’t find what you needed to know?  Call Howell Insurance on 01446 792505 and we’ll be happy to help.