Business buildings insurance is cover against damage to the physical building or buildings from which your business operates.
The specific level of cover varies by insurer and by specific policy, but in general business buildings cover should include; damage as a result of burglary or theft, fire, burst pipes/water ingress, social unrest, accident, and subsidence. Cash and stock kept on business premises can also be covered as can legal expenses and business interruption.
Buildings insurance for commercial properties isn’t a legal requirement and is only needed if you own the building or buildings from which your business operates. If you rent the property in which you run your business then it won’t be up to you to find buildings cover. Our experts will provide tailored advice and guidance to ensure that you have the cover that you need.
Directors and officers liability insurance (also known as D&O) offers liability cover for all past, present and future directors and officers of your business in relation to; breach of trust, breach of duty, neglect, error, misleading statements, and wrongful trading.
D&O insurance will cover the expenses incurred by compensation claims made against the directors and key managers (officers) of your business for the unintended consequences of their actions and/or decisions within the scope of their role.
If your business has directors or key managers, then taking out some level of D&O insurance will almost certainly be a sensible option. The legal costs of defending civil or criminal proceedings for an alleged wrongful act can be punitive as can settlement of any court awarded damages. D&O cover reduces the financial burden of litigation for an alleged wrongful act on the part of a director or key manager.
Business interruption insurance indemnifies the loss of income that a business may experience following a specified but unexpected event such as a fire or flood.
In general, business interruption insurance covers events that would impact a business’s ability to trade. This includes occurrences such as fire or flood, internet outages, cyber-attacks, machinery breakdown and supply chain issues. At Romero we understand that no two businesses are the same, our industry-leading experts are on hand to help you understand what is and, just as importantly, what is not covered by business interruption insurance.
Almost every business would benefit from holding some level of business interruption cover to make sure that an unexpected event wouldn’t leave it any worse off than it was prior to its occurrence. At Romero we can help you to find the right level of cover to suit your needs and give you peace of mind that the business you have worked so hard to build is protected in unforeseen circumstances.
If your business relies on computers, has a website, or stores sensitive information about your clients or customers then you should consider taking out cyber insurance to cover expenses relating to cyber attack and any compensation that you may have to pay as a result of a data breach.
Cyber insurance covers losses relating to loss of information from IT systems and networks, and malicious damage caused by cyber-attacks.
Cyber-attacks can be very costly and are unfortunately becoming more common as businesses hold large amounts of sensitive customer data and use electronic payment systems. Most businesses of any size would struggle to have the infrastructure to prevent every attack from occurring so it is important that they are covered to mitigate the expenses arising as a result of a data breach or malware attack.
Employers’ liability insurance is a legal requirement for almost all businesses that employ staff, no matter their size, and indemnifies the business against claims made by employees.
An employers’ liability policy reimburses the cost of compensation, medical costs and loss of earnings incurred by injuries or illness as a result of work carried out on behalf of the business. The policy can also cover the legal expenses involved in defending the claim.
Employers liability insurance is a legal requirement for the vast majority of businesses that employ staff. Employers can be fined up to £2,500 a day if they fail to have employers liability insurance in place.
If you are self-employed and work alone then no, you will not need employers’ liability policy in most circumstances. If you carry out contract work then you should always check your insurance requirements with the contractor who is engaging your services.
Motor fleet insurance provides cover for multiple vehicles for use by multiple drivers
Motor fleet insurance covers your vehicles for a variety of business uses including transportation of goods, private hire, business travel, and courier services. Road-registered plant and agricultural vehicles can also be covered on your motor fleet policy for the time spent on public roads between worksites. There are also motor fleet policies designed to cover multiple valuable, rare or classic cars for personal, non-business use, Romero’s dedicated team are available to talk you through your options and point you in the right direction.
If you are a business or an individual with two or more vehicles then you may benefit from motor fleet insurance as it is often cheaper to have all of your vehicles on one policy rather than insuring them individually. Having all of your vehicles on one policy gives you peace of mind too, all you need to do is notify your dedicated Romero client handler of any changes or claims and we will do the rest.
Professional indemnity (PI) insurance offers protection from any adverse consequences of your professional advice.
PI insurance indemnifies you for the legal costs that could result from a client taking legal action against you as well as reimbursing some or all of the compensation that would be incurred if you cannot successfully defend the lawsuit. The cover is based upon your professional skills and specific area of expertise whether that be construction, engineering, architecture, accountancy, legal practice etc.
If you give advice to your clients, offer a professional service or manage creative projects then you may benefit from taking out PI insurance. Romero’s insurance industry experts are on hand to guide you and help you to make the right decisions to give you peace of mind.
Public liability insurance indemnifies you against incidents such as injuries, slips, trips and falls, and property damage which affect members of the public and for which you or your business could be held responsible.
Public liability insurance provides cover for legal costs and compensation claims for injury or property damage to any person who is not an employee of your business.
Unlike employers’ liability insurance, public liability insurance is not a legal requirement. However, if your business is open to the public or your business activities are carried out in an area where any member of the public could be at risk then it is sensible to have some level of public liability insurance cover in place. Legal costs and court awarded damages can be punitive; public liability insurance gives you the peace of mind that your business can continue in the event of a claim.
Business insurance or commercial combined insurance refers to a package policy designed to bring several types of cover together in one policy to protect your business in a variety of circumstances.
A combined business policy can be tailored to meet the requirements of your industry and the size of your business and would generally include public/employers liability cover, professional indemnity cover and office insurance. Cover can also be added for specialist areas such as cyber risks, management liability and business interruption.
In short, yes. Whether or not you need a combined business policy or separate policies for different areas of cover very much depends on the needs of your business and the requirements of your industry. Romero’s expert advisors are on hand to guide you through these decisions and find the right cover for your business.
Private clients insurance is cover specifically designed for high net worth individuals with high value homes and valuable possessions.
Private clients insurance includes; high-value buildings and contents insurance with cover for jewellery and fine-art and cover for second properties or holiday homes. Cover for valuable cars, boats and other specialist vehicle types is also included.
At Romero, we work closely with our individual clients to create bespoke high net worth insurance policies to protect buildings and belongings. Conventional personal insurance often isn’t as comprehensive as you might think, so speak to our dedicated private clients team for a confidential review and we’ll show you how made-to-measure insurance can keep you, your world, and everything in it safe from harm.
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Contact us today to get started with Romero Insurance Brokers. With your permission, we will be able to perform a confidential review of your business and insurance terms, able to go to insurers and determine our best offer which might be better than your current provider.