It is important that you realise that the UK’s hardening PI market has made it increasingly difficult for organisations to secure adequate levels of cover.

Recent disasters such as the Grenfell tragedy and the collapse of Carillion have generated unfavourable PI market conditions across the UK.

This market shift has even resulted in some insurers leaving the PI industry altogether.

Review the following guidance for an outline of how the hardening market affects PI insurance and top tips for securing adequate levels of cover during this market change.

How the Hardening Market Affects PI Insurance

A hard insurance market is characterised by high demand and a lower supply. Over the past few years, various large-scale catastrophes throughout the UK have caused a significant increase in PI claims.

This surge in demand for PI insurance has resulted in a major market fluctuation, leaving insurers to pay the hefty price tag of additional claims. Consequently, the PI market has lost half a dozen insurers in the past year.

As a result the insurers that have remained in the PI market have implemented a variety of measures to limit their exposures and reduce their risk. These measures include:

• Extra information—Prior to renewal time, insurers have begun requiring more detailed information from organisations regarding their business operations.
• Higher premiums—In order to compensate lost profits from a growing number of claims, many insurers have increased their premiums.
• Cover restrictions—Many insurers have implemented restrictions upon policy renewals, such as limiting cover to a single aggregate amount or imposing a higher self-insured excess.

Securing PI Cover in a Hardening Market

Despite the tough implications of the hardening PI market, you can help your organisation maintain adequate cover by:

• Communicating with your broker—Make sure you speak to us to discuss what level of cover and unique policy features your organisation needs. Ensuring frequent communication with your us will help you stay informed, supported and—most importantly—covered during these market conditions.
• Start the renewal process early—In a hard market, you can’t wait until the last minute to secure quality cover. With this in mind, be sure to engage in your PI policy renewal process as early as possible.
• Invest in risk management—Now more than ever, it’s vital to invest in risk management processes and provide documentation of these practices to your insurer upon renewal time.

Contact Edison Ives today for more guidance and PI insurance solutions.

The post Navigating the PI Insurance Market appeared first on Edison Ives.

A Guide to Commercial Landlord Insurance

What Is Commercial Landlord Insurance?

Commercial landlord insurance covers landlords who let to third party businesses. It should cover you, your tenants and members of the public who use the premises such as customers.

As a landlord you must ensure that your property is well maintained to minimise risk of injury and illness to people who work there. You also need to make sure that your buildings are protected from repair costs as well as any loss you incur from delayed rental income and intentional damage such as theft or vandalism.

As a landlord you must ensure that your property is well maintained to minimise risk of injury and illness to people who work there.

Why Is It Important?

Commercial properties such as shops, offices are busy spaces that often have a high footfall rate. If a third party does need make a claim for any reason related to the property i.e. a slip on a loose paving slab, or a flying tile you are likely to be claimed against.

As a landlord, you will need to consider the maintenance and upkeep of gas and fire safety, electrical safety and the upkeep of the property. Don’t get caught out! You can be prosecuted if you don’t follow healthy and safety rules for your property.

Don’t get caught out!

Looking for commercial landlord insurance quotes? We can help!

What Type Of Insurance Do I Need?

When you take out a commercial landlord insurance policy, it is vital that it is right for your property and will protect you in a worst-case scenario. You can find common types of commercial landlord insurance below:

• Buildings Insurance

This policy covers your business if repairs are needed due to damage or theft.

• Contents insurance

Contents insurance will cover you against loss, damage or theft of your items on the premises.

• Property owner’s liability cover

Public liability cover is essential for any business or property that is open to members of the public. If a member of the public suffers an injury or damage to their property, related to the premises, this policy will cover any legal costs.

• Rental income protection

This policy ensures that you still receive payment, should a tenant or be unable to pay their rent when expected.

• Employer’s liability insurance

If you employ one more people, your insurance will cover any costs that arise in the rare case staff suffer and accident or injury on the premises.

For more information, check out Our Services.

How Do I Get a Landlord Insurance Quote?

Edison Ives can provide both essential and bespoke cover to suit your unique needs.

We specialise in finding great insurance solutions for landlords, including the commercial sector. 

Edison Ives Insurance Solutions can provide essential cover and bespoke cover from the options below:

• Contents insurance
• Landlord building insurance
• Legal expenses
• Property owner’s liability
• Fixtures and fittings
• Theft by tenants
• Malicious damage
• Loss of Rent
• Alternative Accommodation

Your commercial landlord insurance policy should offer comprehensive cover for peace of mind. Need a hand with your commercial landlord insurance quotes? Ask our experts.

Looking for commercial landlord insurance quotes? We have access to a wide panel of insurers that enables us to source competitive quotes whilst giving you the comprehensive insurance cover you need.

All you need to do is fill in our contact form here, and we will get right back to you.

The post Commercial Landlord Insurance appeared first on Edison Ives.

What Is A Business Insurance Broker?

A business insurance broker is a professional firm that helps find the right insurer and relevant policies for your business. They offer specialist advice and build strong relationships with insurance agents on behalf of their clients.

Their aim is to provide expertise and advice, from finding an initial quote to relevant cover and help you with a claim, should the need arise. Each business insurance broker will have different specialisms.

It can be difficult for SMEs to get the right kind of specialist cover for their business.

Benefits Of Using Business Insurance Brokers

Get Expert Advice

Business insurance brokers must build and nurture relationships across their specialist markets. As a result, you can tap into business insurance broker’s expert knowledge to find the best cover for your SME.

Take a look at some of specialisms here

Competitive Pricing

Small business insurance brokers will find the very best insurance cover at competitive prices, whilst maintaining excellent standards of customer service. Their expertise is an ideal platform from which to drive down costs and search for relevant policies.

You can tap into business insurance broker’s expert knowledge to find the best cover for your SME.

They are regulated by the FCA

Business insurance brokers UK are regulated by the FCA (Financial Conduct Authority). This ensures that they adhere to a firm set of rules and guidelines that mean they act in the best interests of the client. This guarantees impartial advice on relevant policies at the best price possible.

Minimise risks and loss of assets

Let’s be honest – the world of insurance can seem pretty complex at times. Small business insurance brokers act as your guide to making sure your business has the right cover, should your worst-case scenarios happen.

Save Money

Most business and small business insurance brokers have serious negotiation skills. Their aim is to drive down prices for the best deal, while ensuring your business is fully covered. 

Let’s be honest – the world of insurance can seem pretty complex at times .

What Makes Edison Ives Different From Other Business Insurance Brokers?

We Are Unique

We are an independent insurance brokerage based in Leeds, West Yorkshire that work with SMEs – small to medium enterprises across Yorkshire and the UK. This is because we are a unique, independent business ourselves.

Personal Service

We are not a call centre. From the moment you get in touch with us, your business will be assigned its very own personal account manager. This means we can support you every step of the way, including how to make a claim. It also allows us to form strong relationships with our clients and maintain exceptional levels of customer service.

We Specialise In Unusual Cases

As business insurance brokers UK, we recognise that insurance isn’t a one size fits all. We understand it can be difficult for SMEs to get the right kind of specialist cover for their business. So, if your company has previous claims, needs unique cover or have high crime exposure – we’d love to hear from you!

Our promise:

• Make sure you have the right cover
• Help reduce your insurance premium
• Assist you, whatever your insurance requirements may be
• Deliver exceptional customer service
• Provide you and your business with honest advice
• Place your business at the centre of ours
• Utilise the latest technologies to streamline our processes
• Only recommend relevant policies for your business

About Us

We believe that failing to get the right insurance for your business could be the most expensive mistake you ever make. We’re proud to be independent, honest and innovative to provide you with personal, expert advice. Edison Ives are also a proud member of the Bluefin Network who represents independent business insurance brokers across the UK.

Get A Quote Today!

The post Business Insurance Brokers – How Can My SME Benefit From Their Services? appeared first on Edison Ives.

As a business that deals with the public on a regular basis, there are certain bar insurance options that are essential for your business. Please read on to find out more.

Public Liability Insurance

Firstly, Public liability insurance is a must have for any public facing business. It covers any legal costs that may arise after injury or property damage whilst on your business premises.  

As bars are busy public areas with a high risk of trips and falls, Public Liability Insurance is essential.

Employers Liability Insurance

Another aspect of bar insurance is Employers Liability Insurance. It is similar to Public Liability Insurance, however it covers employer costs for any claim by employees if an injury occurs as a result of their work for you. This is essential if you employ at least one member of staff, even if they are casual, temporary or volunteers.

Business Building Insurance

Do you own the building your bar is in? If yes, you will need Business Building Insurance. This is also an important aspect of bar insurance UK. It covers your expenses if your premises suffer damage due to events like theft, fire or flood.

Specialist Coverage

You may also need specialist insurance. Often bars, pubs and nightclubs provide entertainment such as live music, special effects or specialist equipment. Whatever it is that makes your bar unique, you must ensure to carry out a health and safety assessment and get the right bar or wine bar insurance for your business.  

Whatever makes your bar unique, make sure you are covered in the event of accident, damage or injury.

Alcohol Licensing

A consequence of misconduct by customers or staff can result in your alcohol license being temporarily or permanently removed. Your insurance can cover any profit loss your bar could suffer from such drastic events. 

What About Mobile Bar Insurance?

You will still need the above insurance if you are dealing with members of the public and employ staff. It is important to consider that your alcohol licence can be costly to set up and you can be competing with those who already have a licence. You may also need to apply for Temporary or Event Licensing too. Need a hand with your mobile bar insurance? Check out the NCASS for more information or contact us.

How Much Does Bar Insurance Cost?

Your bar insurance quote may be higher than it needs to be. This is why we value and review each business as an individual. We tailor your insurance options to your unique business circumstances. This ensures you have the right cover and never pay more than you need to. For your free quote, get in touch today.

Is Your Bar Insurance Cost Right For Your Business? 

Your insurance must be affordable but still provide you, your staff and customers with adequate cover. As many bar owners will know, the right insurance is essential in a fast-paced industry that serves alcohol and specialises in late night openings.

Why Edison Ives?

At Edison Ives, we pride ourselves on being unique; we aren’t a traditional insurance broker or impersonal call centre. We love to provide small, medium and unique businesses with UK leading standards of customer service. Edison Ives blend expert service with the latest technology to provide you with the right insurance, tailored to you. 

We specialise in:

• Public liability
• Employers liability
• Legal expenses
• Specialist cover

For a free, no obligation bar insurance quote, get in touch today.

The post Bar Insurance – What Kind Do I Need And How Much Will It Cost? appeared first on Edison Ives.

It is vital that your nightclub has the correct insurance due to the nature of your trade. Alcohol, loud music and flashing lights create a fun atmosphere that is unfortunately at high risk of trips, slips and thefts. In order to keep your customers and staff safe in busy conditions, there are a variety of specialist nightclub insurance UK options you can choose for your business.

Having the right insurance will protect your business, staff, customers and reputation. It will minimise the risk of losses, and should financially protect your business should the worst happen.

Read on to discover the different types of insurance you need for your nightclub.

Public Liability Insurance

Firstly, Public Liability Insurance is essential for any business that associates with the public, with a nightclub being a prime candidate. This type of insurance is important as it protects you and your company should any accidents or damage that occur on your property.

The right policy will cover you for any legal costs. If a claim is made and is successful, most compensation payments will be covered under the public liability section of your insurance policy.

Employers Liability Insurance

This type of insurance covers your nightclub in the same way that Public Liability Insurance does but with special protection for staff. Employers Liability insurance is a legal requirement if you employ any number of staff; this can be full, part time, or even volunteers.

Public and Employers Liability insurance minimises the risk of costly claims.

Contents Insurance

Busy venues are a target for thieves. Contents insurance allows you to cover expenses for your business. Furthermore, if your nightclub suffers damage from an insured peril, your insurance will ensure funds for any repair work or replacement of goods.

Entertainment

Specialist nightclub insurance is essential due to the unique nature of a nightclub venue. For example, there may be special events that involve live music, foam, pyrotechnics or inflatables. Your venue should assess any potential health and safety risks for each special event, and contact their insurance broker to make sure they are insured for such events. You need to make sure you are so that should an incident occur, your specialist nightclub insurance policy covers any third-party compensation.  

Similarly, a DJ, dancer or entertainer should be fully insured to carry out their role. It is important that you check the insurance of anyone that you invite into your business to provide a service. Failing to do so can invalidate your insurance, and leave you open to any claims that the third party incurs. 

Loss of License

Certain conditions can lead to the loss of your alcohol license. In this rare event, your nightclub insurance will cover you for your loss of profits over a defined period. Click here for more information on alcohol licensing.  Assault, overcrowding or selling alcohol to underage customers can all contribute to the loss of a license.

How Much Does Nightclub Insurance Cost?

The cost of nightclub insurance will vary depending on each venue. At Edison Ives, we stand out from other nightclub insurance companies. We offer personal and bespoke pricing after a full review so that you never pay more than you need to.

About Edison Ives

We love to get you the best price possible for the right amount of insurance cover you need. Our belief is that failure to secure the right insurance could be the most expensive mistake you ever make.  This is why we specialise in independent or unique businesses; we know that one size does not fit all.

Find out how we are different to other nightclub insurance companies – get in touch with us today.

The post Nightclub Insurance appeared first on Edison Ives.

So, what is Landlord Liability insurance? Landlord liability insurance guards landlords from compensation claims made by a third party. This could be a tenant, visitor or a tradesperson, whose person or property would have gotten injured due to a fault that can be attributed to your property. Accidents caused by, for example, a loose carpet or a wayward house tile can cause third parties to take legal action against you.

In such an eventuality, your liability insurance should cover all legal fees and compensation costs incurred by you or those awarded the claimant.

Landlord liability insurance guards landlords from compensation claims made by a third party.

Do You Really Need Landlord Liability Insurance?

Many landlords question whether they really need liability insurance. Unfortunately as much as you put all effort into ensuring that your rental property is in tip-top condition, accidents can happen. When they do, they are usually costly. So while landlord liability insurance may not be mandatory, it definitely is good to have in case something happens.

Besides protecting you, this type of public liability insurance also ensures that your tenants, or any other party that gets injured on your property, receive the right kind of care. Having liability insurance is a great way of taking care of your tenants and other people who may traffic your property.

Ready to Protect Your Tenants (and Yourself)?

Now that you know what landlord liability insurance is (and why you need it), why not take the next step to protect your tenants, their property, and yourself. At Edison Ives, we are dedicated to helping landlords like you get the best insurance deals. We are business insurance specialists, so you can trust us to get the best deals on the market.

At Edison Ives, we are dedicated to helping landlords like you get the best insurance deals.

Call today to discuss your insurance requirements on 0113 390 46 46. Or, if you’d rather your fingers do the talking, send us an email. We’ll walk you through all the options available to you and help you settle for the one that suits your needs.

The post Landlord Liability Insurance appeared first on Edison Ives.

Owning a commercial property is a dream come true for many. After all, it’s a great source of income. However, this investment can also cause you sleepless nights if it’s not insured correctly, because anything can happen to it and the potentially valuable goods it houses. On a regular basis we hear of landlords losing out on thousands as they have only insured the bricks and mortar. This is a common mistake and something that can be rectified very easily.

What is a Commercial Property?

Before we delve into the detail of commercial property insurance and how to make sure you are protected, let’s quickly define what a commercial property is.  In essence, commercial property refers to any building that you purchase for the sake of using it to generate income. This can be any building, or property, that is rented out to residential or commercial tenants.

On a regular basis we hear of landlords losing out on thousands as they have only insured the bricks and mortar.

What Commercial Property Insurance Should You Have?

So, what kind of cover should you get with commercial property insurance? The two absolute essentials are Buildings Cover and Property Owners Liability cover, but there is so much more to consider. Here is a quick guide to each option and a brief summary of what each section covers.

• Buildings cover.  This protects your investment in the eventuality of your building being damaged by an insured peril. Common perils include fire, escape of water, accidental damage, flood, storm damage and malicious damage. Not all policies are created the same so it is essential to read the small print carefully, or use a good quality insurance broker.
  
• Loss of rent. Protect yourself from the loss of rental income following damage to your property. Again, this would need to be as a result of an insured peril. It is important to consider this cover, as without it should a disaster strike you will be without rental income. 
  
• Alternative accommodation. Often in tenancy agreements there is a condition that you must provide alternative accommodation, if your property is no longer suitable to live, or work in. If this occurs due to an insured peril i.e. fire, flood, escape of water, then alternative accommodation cover should cover the cost to relocate tenants temporarily. This cover is available as an option on all good property owners policy, and should be given consideration when arranging your insurance. The cost to relocate tenants often runs into the tens of thousands.  
  
• Fixtures and fittings. Often these are covered under the buildings cover, but it is important to check as some insurers do not provide cover under this section. Another thing to consider is that if you own a flat, i.e. the leaseholder, but the buildings insurance is arranged by the freeholder, then your fixtures and fittings will not be insured. You will need to source your own cover.
  
• Landlord contents. Furniture, and contents in communal areas, can run into the thousands. Many property owners fail to consider the financial exposure and are left out of pocket. Make sure you consider what it would cost you to refurnish if there was a loss.
  
• Property owners liability. Since it is your building, any injury to persons or damage to property caused by your building is your responsibility. Public liability insurance will protect you from the high legal and medical costs you could incur if legal action is taken against you. A single compensation claim can be financially crippling and in today’s litigious society people are quick to make a claim. Do not take a risk – Make sure you are protected.
  
• Legal expenses. No doubt you will try to have a great relationship with your tenants, but if disputes occur then you could discover that you have large legal fees to contend with. This section should cover you if you need to take a tenant to court to pursue rental arrears, or if you need to evict a tenant. It is important that you always call through to the legal expenses provider in the first instance to check you are covered and to ensure that you are following the right procedure.

Commercial Property Insurance & Risk

One thing every successful property owner does is mitigate as many risks as possible – and insuring commercial property ranks high

As a property owner, you know that property is a great and ‘relatively safe’ investment. One thing every successful property owner does is mitigate as many risks as possible – and insuring commercial property ranks high. So you need to realise that insuring your commercial property correctly is not an expense, it’s a necessity you can’t afford not to have.

Contact us today at 0113 390 46 46 and we’ll get you a quote – tailored for you and your commercial property.

The post Commercial Property Insurance – Why Landlords Are Losing out on Thousands appeared first on Edison Ives.

Owning or managing a business these days is not for the faint of heart. After all, you need to not only be an expert at what you do—but also handle some things you may not have any expertise in whatsoever. These things often include managing the books, handling HR issues, and determining what exactly you need to do when it comes to your commercial insurance.

Although it may be true that if you own your business, you are naturally a risk-taker, this is not a recommended attitude when it comes to insuring your business. In fact, it’s rather the opposite. Insurance is meant to be anti-risk—it exists for the sole purpose of keeping you safely covered on the off chance that things go awry. So, selecting the right commercial insurance is an important part of your successful enterprise.

While this blog is not going to provide you with the complete insight you’ll need to select the right insurance and coverage your business may require, we do hope that it provides you with enough information to whet your appetite and inspire you to speak with one of our actual insurance experts. We will offer you straight-forward, honest advice, we understand our local Leeds community, and are available around the clock.

What is Commercial Insurance?

Commercial business insurance should protect your business from any claims that may arise as the result of injury or damage because of your business activities. The type of insurance you select will depend on the type of activities your business performs during the course of a regular business day.

It is worth noting that there are many different types of commercial insurance, and some of them are required by law, while others are optional. To get you started, here is an overview of the commercial insurance types you may need to consider.

Commercial Insurance Required by Law

As noted above, there are some commercial insurance types that are required by law. These are not optional and must be a part of your coverage if they pertain to your business. While the three categories of insurance listed below are legally required, there are a variety of cover options within each to consider for your particular business needs.

1. Employer’s Liability Insurance

If you have employees—meaning you are not self-employed and therefore do not employ any staff, you are legally obliged to have employer’s liability insurance to cover the cost of employee compensation should they be injured or become ill due to work. £5m is the minimum level of cover that is required although most insurers now offer £10m as standard.

2. Commercial Vehicle Insurance

If you use any sort of vehicle in your business, you are obliged to have commercial vehicle insurance. This is different from personal vehicle insurance which only covers social, domestic and pleasure usage.

3. Professional Indemnity Insurance

Although not a legal requirement, depending on your profession, you may also be obliged to have professional indemnity insurance based on the requirements of your profession’s governing body or regulators.

Optional Business Insurance

Regardless of whether you own or manage a late bar or nightclub, if you are a roofer or scaffolder, own or manage a gym, or run any sort of independent business at all, you will also need to evaluate what other commercial insurance you might need. The following insurance types are not legally required, but they may be coverage you should consider.

1. Commercial Property Insurance

Commercial property insurance covers the costs of having to rebuild or repair your business premises, your fixtures and fittings and can include extras such as loss of rent.

2. Public Liability Insurance

If a claim of fault or negligence is brought against you or your business by a customer, client or member of the public, public liability insurance covers the cost of these claims.

3. Cyber Insurance

While this might sound like something straight out of the movies, in today’s wired world, cyber insurance covers your business for losses relating to damage to, or loss of information from, IT systems and networks.

The Best Commercial Insurance for Your Business in Leeds

At Edison Ives, we understand your commercial insurance needs because our experts have been providing local Leeds businesses with the right insurance for decades. However, don’t let our experience fool you. We’re not old fashioned, and we’re not a call centre. We’re different—and we like it that way.

Our customers are always at the centre of what we do. You’ll never be passed around or wait endlessly on the line for the next available representative. You’ll have a real connection, to a real person, who will be your dedicated Account Manager and Handler, with a direct dial and email address you can you use any time you need to reach them.

We always strive to get the cover right first—but that doesn’t mean we neglect the price. Since we are appreciative members of the Bluefin Network, a network that supports and represents a collection of like-minded independent insurance brokerages across the UK, we can collaborate with them and have the buying power to give our customers excellent products at incredible prices.

Get the right commercial insurance in Leeds for your business. Contact us today for a great commercial insurance quote, with great service. It’s that simple.

The post Understanding Commercial Insurance appeared first on Edison Ives.

Here is our quick ‘here comes the sun’ blog that contains some of the key factors businesses should be aware of this time of year. We’ll look at some of the common risks the summer months can throw up, such as sun exposure for outdoor workers, and the dangers associated with seasonal fires. As ever the right business insurance is essential to ensure you are protected.

Understanding the seasonal risk

Summer can be a hectic busy period for many businesses, often combining increased activity with fewer staff as employees take holidays. Seasonal fluctuations are a factor for most businesses. It’s important to understand the peaks and troughs within your own business cycle, and the differing impact incidents can have, depending on the time of year at which they occur. For example, for a fashion company, losing a shipment of seasonal stock at the start of the summer could be catastrophic, as there will be little prospect of the specialist partners having the time or capacity to manufacture replacements.

Plus, not only could it see the business lose the majority its income, but such a setback could impact their ability to get shelf space with buyers next summer, as the gap will have been filled by a competitor. On the other hand, were seasonal stock to be lost at the tail end of the season, it would have a very minimal effect. The right business insurance will be bespoke to you and react to your seasonal trends.

Summer can be a hectic busy period for many businesses, often combining increased activity with fewer staff as employees take holidays.

The risk of summer fires

From long dry spells, to weekend BBQs, carelessly discarded cigarette butts to glass-magnified sun rays on dry grassland – the summer months bring some unique situations which can lead to fire. You might have equipment which operates in direct sunlight. The elevated summer temperatures mean the equipment needs to work harder to stay cool, reducing efficiency and boosting the risk of fire.

What’s more, decreased water levels can lead to fewer supplies for firefighting. Arson is also more prevalent in the summer months. As you can see, the conditions resulting from prolonged hot periods and the summer months can create highly flammable circumstances. As ever having the right business insurance in place is essential.

Smoke contamination

The after effects of even the smallest fire can be seen in the form of smoke contamination. Smoke damage causes corrosion, discolouration and lingering odour – all of which can be expensive and time-consuming to deal with, having a significant effect on:

• fixtures, floor coverings, wall coverings and ceiling tiles

• floor and ceiling voids and associated data and power systems

• electrical fittings, electrical contacts and switchgear

• IT equipment

• any products or packing materials in your supply chain, finished goods, raw materials and in-process stock.

Because smoke is so easily transmitted, the area affected by a fire is often significantly larger than you first think and can compromise the running of your business for much longer than you’d expect.

Summer sun

This type of insurance provides coverage if any products or services offered at your gym cause bodily injury or property damage. The longer, sunnier days we see in the summer have a dark side – namely the dangerous levels of ultraviolet radiation from the sun – the main cause of skin cancer.

A few startling facts:

• people who work outdoors are exposed to almost ten times the level of ultraviolet rays

• five people every day are diagnosed with skin cancer caused by working in the sun

• up to 60 people a year die from skin cancer contracted after working outside without proper protection.

All of this can be avoided by making sure you and your employees are fully aware of the dangers, as well as the precautions you can take. In addition, the Institution of Occupational Safety and Health (IOSH) have put together some great packs to educate and remind your staff of the danger they face.

How We Can Help

We’re not a call centre and we’re not an old-fashioned insurance broker. We sit in the middle… on our own.  We use the latest technology combined with good old-fashioned service to make sure our customers are protected.

We are business insurance specialists so you are in safe hands. Call Today to discuss your insurance requirements on 0113 390 46 46. In fact, call on Monday. It’s sunny, so go and enjoy your afternoon! Or drop us an email.

We’re different and that’s the way we’re staying.

The post Here Comes the Sun appeared first on Edison Ives.

So, you have the business of your dreams: an independent fitness centre, where you can help your clients transform their lives. But do you have the right kind of gym insurance?

There are many types of insurance that you should consider to make sure that your business is protected. We’ve laid out some of the most important types of insurance, and offer some of the ways that you can make sure you’re protected.

What is Gym Insurance?

The correct gym insurance should encompass all the types of coverage that you need to protect your business. It is there to ensure that if an insurable event occurs, you’ll be protected against any claims. Not getting the right insurance is potentially ruinous to your business.

No doubt your highest priority is the safety and happiness of your clients and colleagues. Many of these types of insurance coverage ensure that your clients, your colleagues, and your business are protected if anything unexpected should occur. It’s better to be prepared for anything than to be caught without that coverage when you most need it.

What Types of Insurance do You Need for Your Business?

Here are the most common types of insurance that you’ll need to make sure that your gym is covered.

1. Professional Liability Coverage

This coverage is crucial to the success of your business. It protects the business against any injuries that may occur as the result of omissions, or errors by staff members. If one of your staff members provides fitness advice that results in injury, you need to ensure you’re protected against any claims of liability that may be made.

If you employ independent contractors in your gym (such as personal trainers), make sure that these trainers also have their own professional liability insurance.

2. Public & Products  Liability Coverage

This type of insurance provides coverage if any products or services offered at your gym cause bodily injury or property damage.

This class of insurance, professional liability and employers liability insurance, are the most important types that you must have, at a minimum.

3. Employers Liability Coverage

As a gym owner the welfare and safety of your employers will be paramount. It is important to have employers liability insurance to protect your employees and your business. This cover protects your business against any compensation claims from employees. If they become ill, or injured as a result of their work for you there is a chance they will take legal action against you.

It is also a legal requirement that you have this coverage in place – If you do not you could be fined up to £2,500 per day. It is important to note that temps and volunteers will be classed as employees if they are working under your direction.    

4. Business Interruption Coverage

This type of coverage is designed to cover your loss of income following a catastrophic loss such as fire or flood.  This coverage can help you relocate you temporarily while you work on rebuilding your original facility. You can also cover any increased cost of working expenses to help you get your business back on its feet.

5. An Occurrence Policy

If any clients injure themselves while at the gym and then wait a while to report it, your business is protected from that incident (or any other incidents) that occurred previously and reported much later.

6. Property Damage Coverage

This type of insurance covers you to repair or rebuild your property following damage caused from an insured peril. This could be anything from burst pipes to falling trees, fire to flood, storms to theft.

If you own the property it is essential that your property is protected.

7. Tenants Improvements Coverage

If you don’t own the property, and rent your space, is important that you insure any tenants improvement. This would include things like any partition walls, suspended ceilings, or any other refurbishments. It is important to realise that your improvements will not be insured under the landlords policy.

8. Business Contents Coverage

You will have no doubt invested heavily in your fitness equipment and you will need to ensure that they are adequately insured. It is also important that you cover any loss or damage to other contents such as furniture, electronic equipment and machinery.

9. Stock Coverage

If you have any stock such as protein bars, electrolyte drinks or gym equipment this will need to be insured under the stock section.

How We Can Help

At Edison Ives, we’re not your typical insurance broker. We won’t make you wade through hold-times in the virtual queue at a call centre, and we pride ourselves on not being an old-fashioned insurance broker, either.

We offer straight forward, honest advice and different, better service that places you at the centre of our business. With our decades of experience and a network of specialist underwriter contacts from London to Leeds, we work with you directly to ensure that every aspect of your business is covered. We’ll tap into specialised “broker only” markets to get you the best insurance coverage for the best price.

We are available round the clock for emergencies and opportunities, ensuring that you’re never in the dark when you need help. We’ll assign you a dedicated Account Manager and Handler that will be available for any questions and make sure that you’re getting the right insurance for your business.

Don’t Wait Until the Worst Happens

In order to better protect your business and plan for the unexpected, speak with a qualified insurance professional that can help make sure that your gym business is covered. By using an expert insurance broker, you make sure that you’re focused on the important things: helping your clients realise their fitness goals and live a happier, healthier life.

Are you ready to get the right gym insurance for your fitness business? Give us a call today to set up a consultation with one of our insurance professionals.

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