BUSINESS INSURANCE
TAILORED TO YOUR SPECIFIC RISKS

Understanding a clients attitude to risk is fundamental to having the right insurance cover.  We categorise risk and importance from high to low exposure and identify the potential impact on the business.

Certain risk profiles are common, however, there are others depending on the business operations.  We carry our a Busines Impact Analysis which not only looks at the risk profile within the business but produces ideas and recommendations for survival in the event of a disaster.

Once the exercise has been completed, recommendations can be made as to the type and degree of insurance required.  It is only by carrying out this exercise that an insurer can understand fully the risks that they are insuring against and provide a competitive premium. More importantly, it prevents any misunderstanding in the event of a claim.

Commercial Combined

For many businesses a Commercial Combined Policy is ideal for providing cover against potential risks that can occur. A number of insurers can provide such policies whereby all required insurance covers are under one policy for a single premium which makes life much simpler.

We arrange covers specific to your individual business requirements:

Assets e.g. buildings, contents, machinery and stock.

Business Interruption.

Public and Products Liability.

Employers Liability.

Professional Indemnity.

Personal Accident.

Computers including IT.

Goods in Transit.

Legal Expenses.

Directors & Officers Liability/Management Liability.

We would be pleased to arrange the right policy for you.

Contract Works

Riskworks can arrange insurance cover specially developed for the construction industry.

The ranges of cover available are as follows:

Contractors all risks covering the contract works plus existing structures, plant and tools, hired in property, employee tools and personal effects; and temporary buildings.

Public Liability.
Employers Liability.
Advanced profits which need to be put in place should the construction be delayed through an insured peril thereby preventing future revenues and profit.
JCT contract conditions.
Professional Indemnity.
Design and construct.
Legal Expenses arising out of disputes.

Credit Insurance

Credit Insurance protects your business for non-payment of commercial debt. It ensures your invoices will be paid and allows you to reliably manage the commercial political risks of trade.

While Credit Insurance indemnifies losses incurred from non-payment of commercial debt, the ultimate goal is to help your business avoid catastrophic losses and grow profitably. The key is having the best information about companies, sectors and economic trends to make informed credit decisions and therefore avoid and minimise losses.

There are a range of policies available from specialist Underwriters.

We can help you choose the right cover for your business and trading pattern.

Cyber Liability

The advance in computer technology and systems and the reliance on companies to transact their business affairs has led to a new range of potential insurance risks which need specialist cover.

The risk increases when services are outsourced such as Web Hosting, Cloud Technology and Facilities Management. Cyber risks are generally excluded under a standard Business Interruption or liability insurance policy. We have made arrangements with a number of key Insurers to provide cover for potential cyber risks.

The cover available is in two parts:

Own damage – exclusive for loss or damage to the computer system and can include the hardware, its failure and subsequent potential business interruption.

Third party exposures where companies can be sued for loss of confidential information, breach of confidentiality, infringement of Data Protection Act and invasion of privacy.

Riskworks can assist you in obtaining the relevant cover to meet your risk exposures request a cyber proposal form now by calling Jon Davies on 01625 547754 and we can get to work on making sure you are adequately covered.

Motor Insurance

Cover is available for fleets – whether small or large.

Cover includes:

Loss or damage to vehicles.
Uninsured loss or recoveries.
Personal accident cover.
Medical expenses.
Theft of keys.
Windscreen cover.
Cover also extends to include passenger and third party risk.

A courtesy car which can be arranged if necessary (subject to availability)

Riskworks also carry out detailed analysis of claims and manage the claims process.

Gap Insurance

Riskworks can arrange for a flexible policy to protect the financial investment in a companies’ fleet in the event that their vehicles are written off following an accident, vandalism, fire, theft or flood.

If a vehicle from your fleet is stolen or written off it is likely that your motor insurer will only pay the current market value for your vehicle. This amount could be less than what is needed for you to purchase a similar vehicle or cover the outstanding amount on the finance or lease agreement.

‘Top Up’ Fleet GAP will pay the difference between the motor insurer’s settlement figure and the outstanding amount owed to the finance or lease company OR 25% of the motor insurer’s total loss settlement figure. Whichever calculation is the greater.

Example: After a total loss, the fleet motor insurer pays out £26,500, however the termination charge from the leasing company is £27,613.71. Leaving a financial shortfall of: £1,113.71. The GAP insurer pays the greater of the outstanding finance/lease or 25% of the motor insurer’s settlement. In this instance the GAP Insurer pays £6,625 (25% of the settlement amount).

Legal Expenses

With the risk of litigation faced by businesses in today’s marketplace, it makes sound financial sense for companies to protect themselves against the considerable costs that could be incurred.

Types of disputes can range from many different areas of law from employment issues to criminal, health and safety prosecutions.

A Legal Expenses cover can be a comprehensive product offering cover for criminal prosecutions, employment disputes, tax protection, property disputes, data protection, contractual issues, statutory licence, personal injury and construction contract disputes.

Riskworks have arranged policies with a number of key insurers and we will be happy to provide a quotation for you.

Directors and Officers Management Liability

With regulation on the increase in areas such as Employment Practice, Trading Standards, Corporate Governors and Health & Safety, our compensation culture means businesses could be exposed to unexpected costs and disruption.

Riskworks can arrange cover in the following areas:

Directors & Officers Liability – protection for Company Directors, Officers and Senior Managers against claims arising from their decisions and actions taken whilst managing their businesses.

Employment Practice Liability – protection for disputes arising from Employment.

Entity Protection – this means the company is protected against potential action, not just the individual Directors and employees.

Pension Trustee Liability.

Marine

Many companies continue to have insufficient insurance cover for their goods, often due to lack of awareness of their responsibilities and the terms of the purchase and carriage.

Riskworks can design covers specifically for individual companies’ contractual arrangements. Following a detailed analysis of the flow and distribution of goods, cover can be arranged as follows:

Marine Cargo and UK Goods in Transit protection for loss or damage to goods during any course of transit by land, sea or air. Cover can include value for cost or sales price.
Freight liability – protection for carriers and business involved in storing and carrying and facilitating the movement of third party goods.
Stock throughput – There are a range of seamless covers available which are designed to cover companies who store and distribute goods. This can include protection for loss or damage to goods wherever they may be, ie. in storage or in transit anywhere in the world.

Products Liability

There are a number of insurance covers available in relation to Product Liability. It is important that any company makes sure that they have the right wording and cover which meets their contractual obligations.

Policy wordings can be on the following basis:

Injury to third party persons or damage to third party property arising out of products sold or supplied.

Cover for defective products supplied.

Financial loss incurred arising from a defective product for which the company is legally liable. This would be a financial loss outside any injury or damage.

Product Guarantee which involves the costs of removal, recovery, repair or alteration treatment or replacement any product or part sold.

Cover for failure for the product to perform the function for which it was manufactured.
Product Recall – reasonable costs necessary in recalling the product arising out of malicious product contamination, extortion, malicious tamper.

Property Owners /
Property Management

We have expertise in providing Property Insurance and Risk Management Solutions for Owners, Managers, Agents, Developers and Investors.

There are a number of Insurance covers that relate to property and property management such as:

Damage to buildings – loss of rent or income.

Property Owners Liability.

Theft and damage to buildings.

Fly tipping.

Cover under the Landlord and Tenant (Covenant) Act 1995.

Valued Added Tax.

Latent defects.

Title and restrictive covenant issues.

Environmental.

Professional Indemnity

Professional Indemnity insurance should be considered by any business or person providing a service such as advice, design, skills or knowledge in a professional capacity.

Having Professional Indemnity cover in place provides protection against meeting the costs of defending a claim and any damages payable.

Understanding the conditions of contract for delivery of service is key to arranging cover and limits of indemnity – the more the underwriter knows the better.

Riskworks specialise in providing cover for all types of professions and providers of service such as:

Solicitors
Chartered Surveyors
Accountants
Architects
Design and Construct, Advertising, Graphic Design, Media
Information Technology and Software providers
Management Consultants
Other professions

Risks can include negligence, loss of professional documents, dishonesty or defamation.