Getting the right level of Liability Insurance
Developing a company risk assessment will be one of the key tasks you will undertake when setting up your new franchise business. You may well be given a template to get you started but you’ll need to personalise it to your specific risks. No template will meet all eventualities.
So, being able to ascertain risk, determining the likelihood and severity of any incident and how you can mitigate those risks is a vital skill you will need to demonstrate.
However, even if you think you’ve got all your bases covered there may still be occasions people try to claim against you.
Understanding your liabilities is an imperative part of managing your business
Your liability will be the costs associated with any compensation paid to an employee or customer who has suffered an injury or illness while at your place of work. Of course, in the worst case scenario it could be the compensation paid to a relative in the case of any bereavement.
Determining your liabilities and insuring against them protects you against the costs associated with this compensation. There are many types of liability insurance – but the two main ones are Public Liability Insurance and Employer’s Liability Insurance. As the names suggest, one covers members of the public, and the other your employees. It is also worth remembering that even if you only have a cleaner working for the company, you are still required, by law, to have employer’s liability insurance in place.
How can a broker help? A broker can act as your expert in the field. They will take the time to understand your business, consider the risks, advise on levels of appropriate cover and search out the right product for you.
You could use the internet to compare business insurance, but do you really know what you’re getting? Will you read all the exclusions and limitations or just tick the box to say you have? Liability Insurance bought online, for example, is quite often limited in terms of cover.
It has been designed to be attractive to a price conscious customer. A broker’s job is not just limited to recommending a product. At Alan Boswell, our advisers will be there whenever you need support and especially when you need them most - when you need to make a claim.
So why use Alan Boswell Group?
Alan Boswell Group has built an enviable reputation within the franchise sector. They have the market knowledge and expertise to ensure that your insurance needs are met; Buildings, contents, indemnity, legal, public and employer’s liability insurance should all be considered.
However, they take a holistic view to insurance and does not just focus on your insurance needs. With access to specialist risk management advice and a dedicated claims team, they can help you reduce your risks, thereby minimising your liabilities and supporting you through any claims. It’s a complete end to end solution.
Don’t just take their word for it More than 300 franchise businesses trust Alan Boswell Group to provide the right advice at the right price, including major firms such as Cash Converters, Platinum Property Partners and Tax Assist Accountants, so you can rest assured that your business insurance needs are in safe hands.
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Alan Boswell Insurance Brokers Ltd is authorised and regulated by the Financial Conduct Authority.