Commercial Combined

This cover will be tailored to meet your requirements. It can include all or any of the following:-

Public Liability
Products Liability
Employers Liability
Property / Material Damage
Stock / Contents
Business Interruption / Increased Costs of Working
Engineering services
Professional Indemnity

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Business Insurance

At HISL Brokers Limited, we can help you to explore and understand the risks that your business faces and build a business insurance programme that will help protect you. Our role is to give you total peace of mind that, in the event that the worst should happen, your premises, staff and tools of your trade are covered so you can continue trading with the minimum amount of disruption.

As a business owner, it’s important that you have the correct business insurance cover in place. Read on to find out how HISL Brokers Limited could help you to protect your business today.

Do I need business insurance?

In short, every business will need an element of business insurance. Business insurance policies will help protect your business in the event that something goes wrong and you need support to recover and continue operating.

Different businesses face different risks so business owners will need to consider taking out business insurance for a range of reasons. These risks could be within or outside of your control. Some insurance covers will be a mandatory requirement, some may be commercially necessary and some may optional.

The important thing is that your business, your people and your customers are effectively protected.

What business insurance covers

Business insurance can help protect your business. There are many types of business insurance and they could help you to recover in the event of incidents relating to areas such as your operations, employees, the work that you do, your products or services, your premises or the equipment that you use.

Depending on the types of business insurance policy that you have, business insurance could protect against the financial risk of theft or damage to your tools and equipment, claims against the work or advice that you deliver, as well as damage a third-party’s property.

At HISL Brokers Limited, our job is to work with you and your team to understand the precise risks that you are exposed to and then recommend an insurance portfolio which includes the covers needed by your business.

Types of business insurance policies

There are several types of business insurance policies that you may need to consider for your business. These include:

Public liability insurance: Provides protection if your business activities kill or injure a member of the public or damages their property.
Professional indemnity insurance: Provides cover against bad client advice or if your work causes a problem for your client.
Employers’ liability insurance: This is a legal requirement if you employ any member of staff (including permanent, temporary, contractors or freelancers). The minimum level of protection is £5m, which will cover the cost of compensation claims if they get injured or ill at work.
Business interruption insurance: Provides cover for financial losses if your business can’t operate from its premises as normal as a result of a fire, major theft or a flood.
Commercial buildings and contents insurance: Provides cover for your business premises in the event of flooding, a fire or theft.
Credit risk insurance: Provides cover in the event that your clients don’t pay their invoices.
Key man insurance: Provides cover if an essential member of your team (for example your CEO) is unable to work for you due to reasons such as sickness, disability or death.
Landlord insurance: If you are a landlord, this type of business insurance cover will provide protection if your rental property is damaged or there is a fire.
Product liability insurance: Provides cover if an individual suffers damage or injury as a result of a product that you designed, repaired or serviced.
Business assets insurance: Provides cover for the things that your business needs to operate, such as computers, mechanical equipment, tools, machines and stock.
Cyber insurance: Provides cover against data breaches or cyber hacks that affect your computer systems and networks.
Stock insurance: Provides cover in the event that your stock is damaged or stolen.

These are just examples of some of the types of business insurance policies that we look after at HISL Brokers Limited. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.

The cost of business insurance

At HISL Brokers Limited we understand that cost is important to your business, but it is crucial to ensure that you are properly protected in line with the risks your business faces. With that in mind, we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.

The premium that you pay for your business insurance policies will depend on the specific needs of your business.

When considering the amount of cover that you need for your business premises, equipment or stock, it’s important to think about the total cost to reinstate or replace these on an equal basis in the event of any potential loss. Remember, if the worst were to happen and you have under-insured, you could be left out of pocket and the impact of that could be critical.

What else do I need to know about business insurance?

As well as being important for the owners of SMEs or larger businesses, business insurance is also important if you are a self-employed sole trader. If you don’t have any employees then employers’ liability insurance will not be a requirement, however, if you work as a consultant and offer advice or a professional service you should consider taking out professional indemnity insurance. You’ll also need to consider public liability insurance if there is the possibility that someone could be injured or have their property damaged as a result of your work.

In terms of the types of business insurance cover policy that you need, you may be able to take out combined cover, or you may have to purchase separate policies, depending on the needs of your business. To find out more, speak to HISL Brokers Limited and we can help to meet your specific requirements.

How can I get business insurance?

HISL Brokers Limited have a team of specialist advisers ready to help you get the right protection in place for your business.

We will take the time to understand the specific needs of your business and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.

To find out how much peace of mind costs, contact Paul Kerner by calling (0)20 7220 9020.

Business Interruption

Not only will business interruption insurance help you to pay the bills during unexpected operational disruption, but it will also help you to continue maintaining relationships with your suppliers and clients too. Without it, would your business be able to survive?

As a business owner, it’s important that you have the correct business interruption insurance cover in place if the worst should happen. Read on to find out how HISL Brokers Limited can help to protect your business today.

What is business interruption insurance?

Business interruption insurance (also known as time loss, consequential loss and loss of profits insurance) provides cover for financial losses if your business can’t operate from its premises as normal as a result of a fire, major theft or a flood. It provides protection if material damage to your office, warehouse or shop means that you need to stop operating and will help to maintain your income for up to 12 months even if you can’t trade.

Many business owners believe that their other insurance policies (such as buildings insurance and contents insurance) will provide protection if the worst should happen and a break-in, fire or flood means that their operations are interrupted. However, this is not the case, and whilst they might cover the initial damage, they will not cover any loss of income that you incur by not being able to sell your products and services.

When you might need business interruption insurance

Business interruption insurance can provide invaluable protection in the event of the following:

A fire damages your building: If a neighbouring fire spreads to your building and causes damage that prevents you from accessing it, it is likely that you would need to find temporary accommodation whilst the repairs are being made. In addition, if the damage is severe, this could mean that you need to find new permanent premises, which could take time and result in a loss of trade.
A key supplier suffers a flood in their office: Imagine the scenario – a key supplier calls you to tell you that their office is flooded and they cannot operate as a result. As you rely on their products in order to operate, your customers may switch to using the services of an alternative business instead, resulting in a loss of sales and income.
The road where your premises is located is closed by police: If a police cordon is set up on your road due to an incident such as a gas explosion, and you can’t access your premises for days, weeks or even months, your trade and income could suffer.

If any of the events above occurred, would your business be able to cope with the financial hit without having business interruption insurance in place?

What business interruption insurance covers

A typical business interruption insurance policy will provide cover for the following:

Physical damage that occurs to neighbouring premises which means that access to the insured premises is affected.
The breakdown of your equipment and computers.
More than 24 hours of utilities interruption (including the supply of water, gas, electricity, telecommunications or internet services) as a result of damage to the service provider’s premises or the networks (however, damage caused by a flood or earth movement will not usually be covered.)
If one of your customers or suppliers is located in the European Union, you will be covered for any interruption as a result of damage to their premises which affects their ability to trade with you.
A civil, statutory, government or public authority restricting access to your business premises for more than 24 hours due to an incident taking place within a one-mile radius.
Damage to your business premises causing interruptions to your operations.
A cyber-hack that caused your computer systems, programs or data to be blocked for more than 12 hours.

These are just examples of some of the types of business interruption insurance policies that we look after at HISL Brokers Limited. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.

Do I need business interruption insurance?

If the unexpected happens and your business cannot trade, business interruption insurance will provide you with important peace of mind. If a large-scale event such as a fire, flood, storm, power interruption or major theft would affect the ability of your business to operate (particularly if you need a large premises to operate or store a lot of stock) then you should consider taking out a business interruption insurance policy – even if you only run a small business.

The cost of business interruption insurance

What else do I need to know about business interruption insurance?

Unfortunately, it’s impossible to predict the future, and as a business owner you never know what’s around the corner. Although it may be hard to assess the impact a potential disaster would have on your business, it makes sense to be prepared in the event that the unexpected happens.

As well as providing cover for loss of gross revenue and profit, business interruption insurance can help you pay your employee’s salaries and rent, something which can be especially helpful if you need to pay for new equipment or staff in order to keep your business running.

In addition, it’s important to carefully consider the sum that you’ll be insured for in the event of an incident occurring. This means taking the time to work out how many years it could take for your business to start operating again after a disaster has taken place, and what your estimated gross profit or revenue would be for this period. If this is mis-calculated, your business could be under-insured, something which could also be extremely damaging.

How can I get business interruption insurance?