Frequently Asked Questions
Business insurance explained
As you grow and expand your business you need to underpin everything you do with adequate insurance cover from a reliable company – sometimes we all face a rainy day.
It can be the difference between a business hiccup and a financial disaster when you lose your laptop computer, experience a flood or get your van stolen.
We hope you don’t ever have to face such problems, but the law of averages says you will need us one day. And we promise to be there to help you every step of the way.
The legal position
Insurance is not just to cover your buildings, contents and income.
By law almost all employers must have liability cover of at least £5m. You could be fined up to £2,500 for each day that you don’t have the right insurance cover.
Keep in mind too, that your business could be sued if you cause harm to a third party. Insurance protects your legal position by covering your responsibilities towards employees, customers and the public.
The right level of cover
Too little insurance could mean disaster, and the end of your business. Equally it’s important you’re not over insured and paying too much either.
We help you to pay only for what you need.
These pointers may help:
Assets – such as buildings, contents and vehicles – should be insured for their current rebuild or replacement costs.
Keep Oval Online informed about any new assets.
Make sure contents and stock lists are kept up to date – including replacement values.
Getting the right level of public liability is vital as claims can run into millions of pounds. How many people you have on your premises at any one time influences the level of insurance you need.
When working out business interruption cover, remember not only to consider how much gross income and profit you would lose but also any additional costs you might suffer, like temporary rental charges.
Manufacturers and re-sellers may need the top level products liability cover.
Remember to include items of equipment not kept on the premises, such as laptops and goods in transit, when working out your liabilities.
The Oval Online team would be pleased to discuss your required level of cover. We want to give you even more reasons to choose Oval Online.