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Commercial Insurance

A vital part of the Hera Indemnity service is to provide clients with help and advice with all their commercial insurance requirements. We have been providing advice and support to clients in this regard for more than ten years and for them our ‘one-stop-shop’ approach has proved to be a real bonus. It is essential that clients get insurance cover that is tailor-made for their firm, whether it’s for Professional Indemnity Insurance or Commercial Insurance requirements. The following list will give you an insight into the products we typically deal with on a regular basis.

Commercial Property and Building Insurance
Commercial Property and Buildings Insurance is a must! Property owners, landlords or property managers of a commercial building will require specialist insurance for their property to be fully protected against, for example, fire, lightning, storm, flooding, structural and subsidence problems and disputes with tenants.

There is no single policy that will cover all these issues. It is vital therefore that your insurance gives you a high degree of flexibility so your cover is designed to your specification. We will arrange such a policy for you with one of the country’s leading property insurers and underwriters and it can be tailor-made to your specific requirements.

As with all property owners insurance, the building should be insured for their full re-building cost and not for the market value. Liability insurance is generally included as standard with a commercial buildings policy, however cover is restricted to just the building.

Cyber Liability Insurance
Cyber Liability Insurance will help your company from going into financial losses due to the hacking of your website or network. It looks to address first and third party risks associated with e-business, the internet, networks and information assets and covers exposures arising from internet communications.

The risk category includes privacy issues, the infringement of intellectual property, virus transmission or any other serious issue that may be passed from first to third parties via the web.

Office Contents and Liability Insurance
Office Contents and Liability Insurance is essential for any commercial office to provide cover against loss, damage and theft. Naturally each office differs in size, contents and value and we will offer you a dedicated service to help assess your particular needs to ensure you have the right level of insurance and protection.

Working with quality insurers will also give you access to a number of useful optional extras that you may want to consider, for example, computer breakdown, public liability, employers’ liability, business interruption, buildings and legal expenses insurance. You may not require cover for them all, however we will be pleased to advise you.

Public and Employers’ Liability Insurance
If your business premises are visited by clients, suppliers and the general public or if you are carrying out business at places of work owned by third parties, it is essential that you have Public Liability Insurance. No one expects visitors to your office premises to be injured, but accidents do happen and if they are caused by something your business did or failed to do, the injured person may bring a claim against you for compensation or damages. The premium is based on turnover and the number of employees and the policy will meet your legal costs for defending such a claim.

If your business employs staff, including part-time staff, trainees or sub-contractors you are required to have this cover by law. Employers’ Liability Insurance is usually set at £10 million and will give adequate cover should any employee be injured at work or by a former employee who became ill as a result of their work while in your employment. This type of business insurance, importantly, will protect the employer as well as the employee. Many insurers will offer Public Liability and Employers’ Liability as a group of policies along with your Professional Indemnity Insurance.

Product Liability Insurance
This is an important policy if you are a manufacturing company or supply products with your company name on them. If these products fail in some way, the purchaser or user may sue for damages or compensation for the costs of the product fault or failure. Product Liability Insurance will protect you against such action.

Management Liability Insurance
Management Liability Insurance is designed to protect the Directors and Officers of private companies, Limited Liability Partnerships and Not-for-Profit organisations. The insurance is designed to protect company directors and board members against the legal costs of an alleged or actual negligence, error or corporate malpractice.

Directors and Officers may be exposed to claims brought against them by shareholders; investors; employees (for example claiming for wrongful dismissal, harassment or failure to promote); auditors; regulatory bodies and legislation (for example the FCA involving alleged breaches of Directors’ fiduciary duties); the Government; banks; customers or creditors.

Management Liability Insurance will provide indemnity cover in relation to the following claims - legal costs and expenses in the defence and investigation of a claim, representation costs where a Director is legally required to attend an enquiry or investigation and compensation required to be paid by the insured in order to dispose of a Directors and Officers claim.

The policy will also cover for actions taken against the company, including losses sustained, from employment liability claims, representation costs in respect of an occupational health and safety investigation or direct financial loss. If you are a member of the Board of Directors of a proprietary company you should certainly consider Management Liability Insurance.

Employment Practices Liability
Employment issues for employees are becoming increasingly complex under UK and European law. For example unfair dismissal, racial discrimination and harassment claims are growing more than ever. Companies that have offices overseas also have to be aware that the risk of being sued for regulations and exposures with which they are usually unfamiliar, or for an obligation that they may not be aware of, could be very high.

Employment Practices Liability insurance will normally extend to any form of discrimination or harassment or any other ‘civil liability’ based on employment; cover third party actions arising from discrimination or harassment committed by an employee. The ‘insured’ will include the company, partners, directors, senior managers and employees.

Partner Protection Insurance
There are hundreds, if not thousands, of business partnerships in the UK ranging from two people to multi-million pound accountancy firms. The larger organisations will have well-defined terms set-out in a formal partnership agreement, but many of the smaller firms do not have a legal agreement in place.

However, key problems can arise when a partner of a small firm unfortunately dies. Unless stated in the partnership agreement that it must continue, a partnership dissolves on the death of a partner. If there are only two / three partners in a firm it can be difficult as the ‘share’ of the partnership of the deceased would pass to his or her beneficiary. They in turn may have no interest or experience in the business and yet want their financial rewards whether that means buying them out or them becoming a sleeping partner.

Partnership Protection Insurance is an important way of ensuring that the surviving partner(s) will have the option to carry on with the business, if that’s what they want, and for funds to be made available to recompense either the estate of the deceased partner.
Why Hera Indemnity?
Commercial Property and Buildings
Cyber Risk and Financial Crime
Office Contents & Liability
Public & Employers’ Liability
Product Liability
Management Liability
Employment Practices Liability
Partner Protection Insurance
Authorised and regulated by the Financial Conduct Authority (FCA).