Protection For Your Business Against Financial Loss Claims
Sometimes, in the trade business, accidents happen – they’re an unfortunate part of life in the business world. But injury or damage to a customer, their property or a member of the public isn’t the only unintended consequence of an accident – sometimes, you might be faced with another business suffering financial loss as the result of the actions of your business. These types of claims can easily run you into the tens of thousands without the proper insurance in place.
Financial loss insurance is designed to protect against claims like these. They protect businesses against financial loss caused to a third party NOT as a direct consequence of accidental physical loss of, or damage to, material property. This means that, in the event your business were to be faced with a claim for financial loss, these costs would be met by your insurer.
If a customer suffers a financial loss as a result of an injury caused to them or damage to their property, this would be covered under your public liability insurance. But, if there is no injury or damage, you would need cover for financial loss to settle the claim.
An example of where financial loss insurance was a life saver was in the case of a flooring contractor who was contracted to lay a new floor in a warehouse. The contractor did not follow the spec and laid a floor which was not fit for purpose. As a result, the floor needed to be re-laid which delayed delivery of a new machine. The client was liable for additional storage costs and transportation costs for the new machine due to the delays. These additional costs were met by a financial loss insurance policy.
Tradesman Saver - Automatic Covers
Tradesman Saver - Optional Covers
Can't fault the cost. No other company could offer the same level of cover for the price.Chris Doyle
Very easy site to use and very competitive. Friendly all from the administration staff after on line quote . All in all pleased at the service so far.Dermot Devlin
The Limits of Financial Loss Insurance: What Do You Get?
Our standard cover starts at £10,000, and this can be increased up to £50,000 for a small additional premium.