We all insure our cars, bikes, homes, belongings, holiday travel and pets but what about our family finances? The loss or serious illness of a close family member in emotional terms is enough for most people to cope with but it can also cause a great deal of financial stress and worry for all of the remaining family. For a relatively low cost, you can insure your family finances against death, serious illness and disability, repay debts and pay tax liabilities. There are many different types of plans and benefit structures to consider, and we at Abbeygate are experienced in helping you tailor the right protection plan for you.
If something happened to you, your co-owners or employees, could your business survive? Business protection insurance can help mitigate or even avoid these risks altogether. As a business owner, you should know there are three main types of business protection: Key Person Insurance – provides a lump sum to the business on the death of an important member of the business. Shareholder Protection Insurance – provides a lump sum that will allow remaining shareholders to buy the shares of a deceased shareholder. Business Loan Protection – provides a lump sum to help a business pay any outstanding business loans.
If you are alleged to have provided inadequate advice, services or designs to a client, professional indemnity insurance provides cover for the legal costs and expenses in defending the claim, as well as compensation payable to your client to rectify the mistake. Regardless of your experience, there is always the possibility that you could make a mistake. Professional indemnity insurance covers against a wide range of scenarios, including, professional negligence, loss of documents or data, unintentional breach of copyright, defamation and libel, and loss of goods or money (your own or for which you are responsible).
In the course of operating your business, your employees can be injured or suffer from illness as a result of working for you, regardless of how safe your premises appear to be or how benign your business activities may seem. Employer's liability insurance covers your organisation against claims for damages and costs resulting from injuries and/or illness suffered by your employees during or arising from their employment with you, as well as the legal costs you incur in dealing with such claims. As soon as you become an employer, it is a legal requirement that you obtain employer's liability insurance with an authorised insurer for at least £5,000,000.
With NHS hospital queues still growing, private medical insurance can be very appealing. Premiums are worked out on the basis of age and the type of cover required and there is a wide range of different insurances to choose from. At the basic level PMI kicks in when you need specialist treatment, or you need to go into hospital. Some policies cover you if the NHS cannot provide treatment within a certain period of time. At the luxury end of the market there are policies that cover a wide range of medical services such as dentistry, eye care and even spectacles, although the more a policy covers, the higher the premium will be.