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If you own a second property that is let for rent you will require what is known as a residential landlords insurance policy. This type of insurance provides coverage for risks that might cause damage or loss to the let property buildings or contents. A landlords insurance policy is similar to a domestic household policy and offers basic buildings, fixtures and fittings cover with the option to add contents insurance to cover the landlords possessions in furnished let properties. All policies will include cover against the major perils of fire, flood, storm and theft where contents covers have been included for furnished lets. For an additional premium buildings and contents accidental damage cover can be added. Covers can also be added for loss of rent and alternative accommodation in the event of a claim for example, for a fire. Most policies will also provide escape of water cover, loss of keys cover and property owners liability cover. Legal protection cover and claims assistance,...

One of the most popular shops for first time business owners is the takeaway. Most people make the big mistake of thinking it's an easy option and this is the reason that takeways make for a huge percentage of the small business ventures that fail. As a takeaway you don't have the same challenges as a restaurant but the business still requires careful consideration and planning. The first decision is what kind of takeaway. For some it is a matter of culture or ethnicity. Indian and Chinese takeaways are very popular and tend to be run by people from those races. Others, like kebab shops, fish and chip shops, pizza house or sandwich bars are more general. The key to any business is sales so you need to give major consideration to location and trading times. For example a sandwich bar near a large industrial estate is going to be good for daytime trade but it's probably pointless being open in the evening or weekends. A kebab or pizza shop would probably do well close to pub...

Liability is legal responsibility for damages. When we think of liability, we tend to think of the risk associated with business. Professional liability, however, applies even to individuals, particularly those that are in a service-providing or advice-providing field. Even when subcontracting, it is very possible that the liability falls on the individual, which is why insurance for the self employed is so crucial. Self employed insurance protects the individual like a business but also protects personal assets. What is Liability Insurance? Liability insurance is a hedge against risk. The most common form of it in the US is errors and omissions (E&O). Professional liability insurance is also called, especially in other parts of the world, professional indemnity insurance (PII) and professional liability insurance (PLI). All of these different types of policies can be extended as self employed business insurance. The primary difference is that the policy has additional features to...

If you employ a tradesman to carry out any sort of work on your property it is essential that you check that they have the adequate liability insurance cover in place. Failure to check whether a tradesman is bona-fide and insured against all his trades liability risks, has in some extreme cases, cost the homeowners employing tradesman, their houses. There are many risks that a tradesman will expose a homeowner to during the course of their work, and as a result of their work. All these risks involve injury to members of the homeowners family, or the public or the tradesman's employees. The type of accident and injury that can occur which could lead to a tradesman being sued for damages, varies according to the trade. For example, you as a homeowner are responsible for the condition and safety of your property's roof. You recently employed a local roofer to carry out some repairs to the house roof and replace some roof tiles. You were satisfied with the work and paid him. Some...

Shops have always been the targets for thieves and since the emergence in the early nineteenth century of shopping rows, have presented their owners with various security considerations to deter organised crime. Most of these security requirements were insisted upon by insurance companies before they would underwrite the risk. Today it is no different a risk for insurers, with the exception that the types of goods to protect and security considerations that retail outlets have to manage have changed somewhat over the years. Likewise today, all insurance companies when offering shop insurance to retailers will insist on what is known as a 'minimum level of security', in order for the policy to be valid. The responsibility of making a shop building secure to the minimum level of security will usually lie with the owner of a property. If the shop is owner-occupied then the retailer will require an all risks buildings and contents shop insurance policy. The buildings section of th...

Commercial insurance policies provide cover for buildings and property against all kinds of perils, but it is important to consider what it would cost to get your buildings reinstated following a total loss catastrophe such as a fire or major flood, and to ensure that your business insurance policy contains provisions to cover all the costs of reinstatement expenses. If you under-estimate the total rebuilding costs of your commercial premises when initially applying for cover, then following any future claim, any payouts agreed will be subject to reductions by what is called 'average'. Average will reduce the claim payout proportionally by the amount of under-insurance of the declared value from the actual current rebuilding costs. For example if your premises costs 150,000 to rebuild and you have declared the sum insured at 120,000, your claim will be reduced by a fifth. If allowances are not made for all the costs of rebuilding, including those that may not at first be appar...

As smaller plant items are designed to be easily transported or carried by hand, it makes them much easier to steal and so strimmers, mini-diggers and other portable pieces tend to make up the bulk of plant insurance claims in the UK. The extent of the problem is widely disputed, but many agree that it is commonplace. According to statistics published by IMIA, plant theft costs contractors and insurers around £1.5 million every week. Of course the best way to prevent such thefts is to secure compounds and storage facilities to put off opportunists; but construction sites can be huge and contractors often find themselves working with staff from other companies who have been contracted in to fulfill other parts of the project. Managing site security then, can become difficult and with so many unknown persons on-site, the risk of inside jobs occurring can be much greater. This then presents other problems. Many contractors hire their plant for specific tasks, and so in the event of the...

Of the respondents surveyed, a third of those admitted that at least one of their tenants had gone into arrears. Landlords then need to take steps to protect their business and to manage the associated risks. The current economic climate can make this difficult however. Given the unwillingness of the banks to lend money to would-be first time buyers, there is an abundance of young people looking to rent. Well finished, affordable apartments and studios are in high demand; but how can a landlord assess and reduce the risks of letting their property to someone who may not be able to fulfill their obligations? There are a number of ways. The first, most well known method is to request a deposit along with a month's rent in advance. This protects the landlord in the short term, and assuming there are no damages, it gives them a sum of between a month and two months' rent that they can keep, should the tenant default on their obligations. This of course doesn't allow for the c...

Fleet insurance is basically a type of commercial insurance that gives coverage for all vehicles owned by a company. This way, the policy holder can have the same coverage for all the vehicles, or if they choose to, they can customize coverage based on specific needs. The vehicles covered do not necessarily have to be the same in make and model in order to be insured. The coverage policy of fleet insurance will depend on your particular business needs. Comprehensive and basic liability insurance is the most that you can get out of any insurance offers. This insurance is inclusive of repairs and medical expenses demanded when an incident involving any of your vehicle and driver occurs. Sometimes, insurance companies will offer coverage that temporarily replaces a vehicle when one of your own cannot be used. This type of policy will obviously cost more, but nonetheless, the offer is very well worth it. In liability coverage, the coverage only includes the other party in an accident. If ...