Business Insurance
As an independent insurance broker, we have a wide selection of Business Insurance options to address various types of risks such as: fires, thefts, damage to buildings, and injury which may lead to possible financial burdens.
Our primary goal is to find the right insurance product for our clients, while aiming to ensure that it is offered at a competitive price.
What is Business Insurance?
Business Insurance or sometimes known as Commercial Insurance refers to different types of cover designed to protect your business in the wake of unexpected circumstances such as theft, loss of assets, damage, vandalism, or injury/illness and liabilities.
It can also help to cover the cost of any legal expenses. Business Insurance policies can cover a wide range of risks, such as general liability, commercial property, professional liability, cyber liability, and business interruption.
It is a legal requirement for any business in the UK that employs staff members, to have Employers' Liability Insurance to cover any possible financial burdens that you could face as a result of unexpected events.
Why do you need business insurance?
Business Insurance can provide essential protection against a wide range of risks and liabilities that can potentially damage your organisation's or business's financial stability and reputation.
Business Insurance could provide cover for property damage, liability claims, or employee injuries, aiming to mitigate these risks, therefore, helping to ensure smooth operations. By having Business Insurance, you could help to protect your work, staff, reputation and livelihood.
Types of Business Insurance
No matter the industry, Businesses Insurance can provide essential coverage against risks. We work with companies spanning many different sectors, and have experience in providing cover for a wide range of organisations.
Find out more about the different types of Business Insurance we can offer, or speak to a member of our team for more information.
Why BIG Insurance?
As an independent insurance broker, we are able to form strong trading relationships with providers, enabling us to offer our customers competitive rates. We can continually review arrangements throughout the lifetime of a policy to ensure that it meets the evolving needs and requirements of our clients.
Working in construction, facing risk is a part of your everyday life, whether you are an individual or run a large construction company. To mitigate your exposure to these risks you need an insurance partner who really understands your business.
We have been looking after the insurance needs of clients in the construction industry for over forty years. Our experienced team of professionals pride themselves on really getting to know and understand our clients and their insurance needs.
It is this level of understanding coupled with the strong relationships we have built with top quality insurers that enables us to create precisely the right solution for you at a competitive price. We can advise you on Employers and Public Liability Insurance and make sure that you have the correct limits in place for the valuable contracts you have won. We offer high quality insurance policies to protect you when a contract is in place and can insure any plant you own, or hire-in anywhere in the country.
WHAT IS CONTRACTORS' ALL RISKS (CAR) INSURANCE?
As a contractor you are often working on site facing risks outside your control on a daily basis. What you need is an insurance broker who understands your business and works with you to minimise your exposure to risk, one who can act quickly to safeguard you at all times, We can help you.
At BIG insurance we have built up a varied portfolio of contractor clients over many years of trading, and we understand what is required in your sector. We will call upon this experience as we get to know you and your business, working with you to accurately assess your risks, then create a unique blend of covers to safeguard you, your clients and the precious contracts you have won.
BENEFITS
- Flexible excesses
- Statement of Fact basis or Proposal Form
- Tailor made wordings available
ADDITIONAL COVERS THAT CAN BE INCLUDED
- Hired-in-Plant
- Own Plant
- Employees Tools & Personal Effects
- JCT 6.5.1 cover
- Legal Expenses including Contract Disputes cover
- Cover for speculative builds
TARGET BUSINESS
- Builders
- Groundworkers
- New House Builders
- Plumbing & Heating Engineers including Air Conditioning
- Demolition Contractors
- Roofing Contractors
- Landscaping Contractors
- Structural Steelworkers & Fabricators
- Cladding Contractors
- Mechanical Engineers
- Internal Subcontracting Trades
WHAT IS CONTRACTORS LIABILITY INSURANCE?
The main exposure to a company is generally injury to other people and/or damage to their property. These risks are covered under the Public Liability and Employers Liability insurances.
Public Liability is an optional cover but is a ‘must’ for anybody working in the construction sector these days. Employers Liability is a legal requirement for any company employing other people.
Public Liability Insurance covers the costs arising from claims brought by third parties (other people) in respect of property damage or injury caused by the business or one of its employees.
Employers Liability Insurance covers the company for injury to an employee, caused by negligence on behalf of the company, whilst carrying out their day to day work duties.
You may also require Products Liability, covering you against injury or loss to a third party caused by products manufactured or supplied by you. BIG Insurance will always advise you as to the covers best suited to your business requirements.
CORE COVER
- Employers Liability £10m
- Public/Products Liability £1m, £2m or £5m
- Higher limits available if required
ADDITIONAL COVERS AVAILABLE
- Efficacy & Financial Loss
- Higher limits of indemnity
- Legal Expenses including Contract Disputes
- JCT 6.5.1. cover
- Contractors All Risks
- Products Liability
WHAT IS EMPLOYERS' LIABILITY COVER?
Employers' Liability Cover is a legal requirement for most businesses in the UK, whether that be a small or large company. This cover can protect you against the cost of possible compensation claims made and in the event of an employee injury or work-related illness, Business Insurance can protect you from possible financial burdens.
WHAT IS AN EXCESS LAYER INSURANCE POLICY?
Nowadays, it is becoming increasingly common for Contractors to be asked to have increased limits on their contractor’s liability Insurance.
Excess Layer Insurance, also known as Excess of Loss, is a policy designed to provide increased limits of liability over your primary insurance cover.
Excess Layer Insurance policies are becoming a cost-effective way of purchasing higher limits of indemnity.
BENEFITS
- Same-day quotations and policy documentation
- Statement of Fact basis – no proposal form required
- Applicable to most trades
CORE COVER
- Excess of Loss Public/Products Liability
ADDITIONAL COVERS
- Excess of Loss Employers Liability
TARGET BUSINESS
- Annual policies
- Contractors with high turnovers
- Hazardous & high-risk trades
- Complex Construction Trades
WHAT IS DESIGN AND CONSTRUCT PROFESSIONAL INDEMNITY INSURANCE?
Professional Indemnity insurance, sometimes known as errors and omissions insurance (E&O), covers the insured against its legal liability for damages, costs and expenses arising out of the Insured's Professional Activities. Design and Construct Professional Indemnity insurance is tailored specifically for business’s working in the construction sector.
In the event that a client suffers financial loss as a result of your alleged negligence, error or omission, Professional Indemnity insurance will meet the cost of defending claims and any damages payable.
Any company or person who gives advice, designs, or offers similar services in a professional capacity is seen by clients as an expert, and may require Professional Indemnity insurance.
BENEFITS
- Any one claim or aggregate limits of indemnity available
- Various Limits of indemnity available from £250,000 upwards
CORE COVER
- Breach of statutory regulation relating to building Construction work
- Costs and expenses in order to mitigate financial loss
- Data protection and CDM regulations 2015
- Financial loss arising from the dishonest or fraudulent act of an employee
- Libel slander and/or defamation
- Loss and/or damage to a document
- Negligent acts, errors, omissions or breach of duty of care in the professional services
- Unintentional breach of confidentiality
- Unintentional breach of intellectual property rights
ADDITIONAL COVERS
- Employers & Public Liability for certain professions
- Primary or excess layer basis available
TARGET BUSINESS
- Architects
- Building Services Engineers
- Design & Construct firms
- Party Wall Surveyors
- Planning & Development Consultancy
- Project Managers
- Quantity Surveyors
- Structural Engineers
WHY IS JCT CLAUSE 6.5.1 INSURANCE PURCHASED?
JCT Clause 6.5.1 (formerly JCT 21.2.1) insurance is purchased to provide protection against damage to property neighbouring the contract site. Your company may be legally liable for claims, expense, loss, or proceedings that arise due to non-negligent damage to property (other than the contract works) whilst undertaking a building contract.
The key difference to this cover from a standard Public Liability policy is non-negligence. Where, under a Public Liability policy, there must be negligence on you part to make a claim, JCT 6.5.1 will cover damage to other property caused indirectly by your works such as; Collapse • Subsidence • Heave • Vibration • Weakening or removal of support • Lowering of groundwater.
CORE COVER
- Property includes the employer’s own property if this does not constitute the contract works, and third party property.
- The insurance is required to be arranged in joint names of employer and contractor.
TARGET BUSINESS
- Available to all contracting Trades
INFORMATION REQUIRED TO INDICATE PREMIUM
- Name and address of employer
- Name and address of contractor
- Address of contract site
- Value of contract
- Details of the nature of the contract
- Contract period
- A split in the contract value (Demolition / Ground works / Super-Structure / Fit-out / Landscaping / Car parking)
WHAT IS HIGH RISK LIABILITY?
High Risk Liability Insurance Is designed for particular high-risk trades. It covers:
- Public Liability – whilst employers liability covers people who work for you, this insurance covers the cost of claims made by members of the public for incidents that occur in connection with your business activities. Public Liability insurance covers the cost of compensation for; personal injuries; death and loss of or damage to other people’s property, especially relevant if you’re working on site and using heat equipment.
- Employers Liability – this is compulsory insurance if your company has more than one director and/or has PAYE employees and/or casual or voluntary labour. You are legally obliged to have Employers Liability insurance. Employers liability insurance covers the cost of compensation for employees and any associated legal fees.
BENEFITS
- Most high-risk contracting trades quoted
- Statement of Fact basis – no proposal form required
- Wide policy wording, often with no height or depth limits
- Legal Expenses including contract disputes included
CORE COVER
- Employers Liability £10m
- Public/Products Liability (limits can be arranged as required)
ADDITIONAL COVERS
- Contractors All Risks available separately
- Excess of Loss Public/Products Liability available
TARGET BUSINESS
- Civil Engineers
- Demolition Contractors
- Diamond Drillers
- Groundworkers
- Plumbing & Heating Contractors
- Refrigeration & Ventilation Engineers
- Roofing Contractors
- Cladding Contractors
- Rope Access
- Scaffolders
- Steeplejacks
- Welding & Fabrication
WHAT ARE HAZARDOUS AREAS/LOCATIONS?
Hazardous areas or locations are where the potential for fire or explosion exists because of gases, dust, or easily ignitable fibre’s or filings in the atmosphere. Also, locations where the risk of the cost of the damage caused could be higher than your Public Liability limit of cover. Examples of such locations are;
Airports, Runways, Railway lines, Dams, Reservoirs, Storage lakes, Canals, Oil Rigs, Wells, Tunnels, Docks, Piers, Jetties, Wharfs, Mines, and off-shore property.
Hazardous Locations can be included, but you will need to speak to your account handler at BIG Insurance to arrange specific cover.
BENEFITS
- Available for Construction and non-Construction risks
CORE COVER
- Employers Liability
- Public Liability
ADDITIONAL COVERS
- Contractors All Risks can be included separately
TARGET BUSINESS
- Airside Work
- Offshore work
- Oil Rigs
- Any Trade working in hazardous locations excluded under a standard liability policy
- Bridges & Tunnels
- Dockside
- London Underground
- MoD Sites
- Nuclear Installations
- Red Zone Rail Areas
WHAT IS PROFESSIONAL INDEMNITY INSURANCE?
This cover aims to protect you and your business if a client claims that there is a fault in your work or operations. Professional Indemnity can cover: Professional negligence, defamation, breach of confidence breach of copyright, and lost or damaged documents.
WHAT IS PUBLIC LIABILITY INSURANCE?
Public Liability Insurance can provide protection against claims of third-party bodily injury or property damage while on your premises or during operations. While running your commercial business, accidents could happen unexpectedly which could lead to costly legal expenses.