All risks
All risks allows you to cover specific business essential items,
such as laptops while they are away from your business premises.
Our business insurance can be adapted to include all risks cover
should you need it.
Accidental damage
An indispensable extra layer of cover that will safeguard you
against costly breakages. At Towergate we include accidental cover
as part of both our buildings and contents packages. No additional
premium necessary.
Buildings insurance
Buildings insurance covers the cost of rebuilding your business
premises as it stands – not in as-new condition. This is a totally
different valuation than the current market value of your property.
Don't forget your outbuildings including sheds and garages.
Business Interruption
Business Interruption is an essential element of cover for all
types of businesses. It covers lost income while a business is out
of commission. And also includes the costs of repair necessary to
get your business back up and running.
Contents
Contents refers to items inside the insured building and will
generally include all contents that are used in connection with
your business, that are owned by you, or for which you are
responsible.
Contract Works
Contract Works insurance covers temporary and permanent
construction works plus materials should they be damaged or the
materials stolen prior to the completion of a contract. Contract
Works can be used to cover new builds, refurbishments, repairs or
extensions.
Deterioration of stock
Deterioration of stock insurance is designed to provide cover
against loss or damage due to your stock becoming spoiled. For
example, should your stock in cold storage perish because of
refrigerator failure.
Employers liability
Employers liability will enable you to meet the legal costs
should your employees be injured or become ill while undertaking
any work in connection with your business, whether on or off site.
Employers liability is a legal requirement for all employers.
Escape of water
It's an important part of any business insurance policy – escape
of water is one of the biggest sources of insurance claims. Escape
of water refers to leakage from fixed water tanks, apparatus (e.g.
washing machine) or pipes.
Excess
The excess is the amount of money you are required to pay in the
event of a claim. The higher it is, the more you will have to pay
when claiming – but you will enjoy a lower premium. Be careful that
your excess is appropriate for your level of business insurance.
Talk to Towergate if you're not sure.
Goods in transit
Goods in transit insurance covers you for any loss or damage to
the goods related to your business while in transit by any of your
own vehicles. It even includes damage incurred during loading and
unloading.
Legal expenses
This will allow you to meet the legal costs incurred if it
becomes necessary for your business to defend itself in various
types of legal disputes arising out of your business activities. It
is a standard part of our policy when also taking out Employers
liability.
Loss of License
Loss of Licence insurance covers you for the difference in the
value of your business with and without a licence. This is a
standard feature in our Hotels and Guest Houses insurance.
Loss of Money
Covers the loss of money from an insured business premises, at
an employee’s home or in transit up to a specified limit. A
standard part of our business insurance for businesses that deal in
cash.
Malicious damage
Cover for malicious damage is included as standard in our
insurance packages. That gives you supreme peace of mind that any
damage caused by ‘malicious persons' will be covered in the event
that your business premises is broken into, or any damage caused to
the exterior by such persons.
Policy
Policy is the name sometimes given to your contract of
insurance. It refers to the level of coverage that you have agreed
with your insurer, outlines the terms, and details any particular
conditions that you need to be made aware of, or that you need to
make your insurer aware of.
Products liability
This gives you protection should your business need to pay
compensation and claimants’ cost in relation to accidental injury
to any person, or damage to material property, caused by any
products you have provides as part of your business.
Public liability
Public liability insurance covers any damages awarded to a
member of the public as a result of an injury they have received or
damage to their property directly caused by you or your businesses.
It covers compensation, claimants’ costs and legal expenses.
Temporary employees
This covers all people who are working for you on a temporary
basis. If the employees are working for you for less than a set
amount of days as stated in your Employees liability insurance,
they will be covered by that. Otherwise you will need to include
temporary employees insurance as part of your policy.
Terrorism
This covers damage caused by persons acting on behalf of or in
connection with any organisation that carries out violent
activities directed towards the government in the United Kingdom.
It is an exclusion in the majority of our business insurance
policies, but if it is an essential part of your business insurance
needs, talk to us.
Tools
Your hand tools are a significant business investment. And our
Tools insurance allows you to protect them against theft and
damage.
Underwriting
Underwriting is the process that insurers go through when
assessing any new risk for insurance cover. They have to consider
any property risks or material facts that have been brought to
their attention, and must also review your ability to meet any
required payments.
