Business Insurance FAQs

Business insurance policies provide protection for you, your business, your employees and your customers. Here we offer some answers to some of your questions about business insurance and the different types of cover available to you through QuoteRack.

What is buildings insurance?

Whatever your business, if you operate from business premises then if you are responsible for the maintenance of the property’s buildings, you should consider adding buildings insurance cover to your overall business insurance policy.

What are business contents and stock insurance?

For companies that manufacture, supply or stock products, the value of these products can be insured against their loss or damage due to fire, theft, flood and other risks, depending upon the type of products.

What is business interruption insurance?

Business interruption insurance provides you with cover for any loss of profit and the increased costs of continuing to work, following damage to your property that is sufficient to restrict your ability to continue trading.

What is cargo and freight insurance?

For businesses that send their products overseas, either as marine cargo by sea or as air freight, cargo and freight insurance is available that will cover the loss or damage to those products while they are in transit.

What is commercial combined insurance?

A commercial combined insurance policy includes various categories of business insurance in a single policy.

What is commercial property insurance?

Whether a business operates from a shop, a warehouse, an office or a combination of commercial premises, commercial property insurance can provide protection against the financial loss caused by damage to the property.

What is cyber insurance?

Cyber insurance covers the cost to businesses of the effects of interference or attack by external, potentially malicious third parties with the business’s internal and external systems.

What is directors and officers insurance?

Directors’ and officers’ insurance is a business liability insurance policy taken out by a business on behalf of its directors and senior company officers. If these company directors are sued personally in respect of the roles they hold within the business, the D&O insurance policy will protect them against the loss or seizure of their personal assets.

What is employers’ liability insurance?

Employers’ liability insurance is legally required by any business that employs staff. It protects your business against financial claims made by your employees if they suffer an accident or injury at work.

What is engineering insurance?

For a manufacturing business, engineering insurance provides cover for the damage and breakdown of the company’s machinery and equipment.

What is fleet insurance?

A business may own or lease several vehicles, including cars, vans, trucks and other ‘special types’. Insuring these vehicles under one fleet insurance policy makes it easier to manage the company’s vehicles and may work out cheaper than insuring them individually. Smaller fleets of up to 5 vehicles can also be insured under a mini-fleet insurance policy.

What is goods in transit insurance?

For businesses that rely on sending their products by delivery driver, courier or other means of transport, insuring their value against loss or damage while in transit is available under a goods in transit insurance policy.

What is hazardous materials insurance?

The manufacture, storage, processing and/or supply of toxic and hazardous products requires specialist business insurance.

What is HGV fleet insurance?

For businesses that rely on a fleet of heavy goods vehicles – HGV’s – a specialist HGV fleet insurance policy makes managing the fleet more straightforward and cheaper than insuring each vehicle separately.

What is HGV insurance?

If only a few heavy goods vehicles are being operated by a business, it may be cheaper to insure them individually under a standalone HGV insurance policy.

What is legal expenses cover?

Often included under a standard business insurance policy, legal expenses cover provides protection against the cost of potential litigation against the business.

What is manufacturing insurance?

For businesses that manufacture and supply goods to either the wholesale or retail markets, manufacturing insurance covers several industry-specific types of cover, including product liability insurance.

What is motor trade insurance?

For those in the motor trade, whether working from home or from garage premises, motor trade insurance provides a range of cover options, including road risks insurance.

What is office insurance?

Office insurance covers the contents of a company’s office, including office equipment and machinery.

What is product liability insurance?

The products a business manufactures need to be insured in the event that they lead to potential legal proceedings following their use or because of a potential manufacturing defect. Product liability insurance covers you if a product that you manufacture, sell or supply is found to be defective and causes injury or harm to someone.

What is public liability insurance?

Public liability insurance covers a business in the event that a member of the public is injured or its property damaged as a consequence of your business activities.

What is refrigerated truck insurance?

If a business manufactures, sells or distributes chilled or frozen goods, they are likely to use refrigerated trucks to transport their products. The business can insure these under a suitable refrigerated trucks insurance policy.

What is theft of takings insurance?

Whatever type of business, the loss of takings by theft will directly affect the business owner. Insurance that covers them against money being taken, either as cash or by bank fraud, is available under a standard business insurance policy.

What is trade credit insurance?

Trade credit insurance protects businesses if their customers who owe them money for products or services either do not pay their debts, or they pay them late.

What is tradesman insurance?

Available tradesmen such as electricians, plumbers and similar trades, whether they are sole traders, limited companies or contractors, tradesman insurance provides protection against most business risks, including tools insurance.

What is truck insurance?

Trucks are usually those vehicles that have a gross vehicle weight or more than 7.5 tonnes. Truck insurance can be done either individually or as part of a combined fleet insurance.

What is van insurance?

Vans tend to be smaller vehicles than trucks, typically less than 7.5 tonnes GVW. As with trucks and HGV’s, van insurance can be taken out separately or as part of an overall business fleet insurance policy.