May 2005

Duncan Short from Lloyd & White, Farm Insurance, gave a presentation about essential insurance for small businesses.

Duncan explained that it may not be the most interesting subject in the world, but it is one of the most essential. He went on to say that he had been in the insurance business for 39 years, and worked at Lloyd & White who were part of the Towergate Partnership with over 200 staff. Lloyd & White, he explained, specialised in farming businesses, and which represented 60% of their income.

Duncan made the following points:-

•  Compulsory insurance - there is little in the way of compulsory insurance for business, just Road Traffic Act insurance for vehicles (unlimited), and Employers Liability where there are employees (minimum of £5m cover). With Employers Liability the certificate must be displayed and kept for 40 years, and must be taken out even if a business only employs self employed sub-contractors on a labour only basis.
•  Public Liability - advisable if the public visit your place of business
•  "Business from Home" - a type of policy specially for small businesses which covers public and employer's liability, buildings and contents
•  Trailers - covered for 3rd party by the insurance on the car towing the trailer, but specialist policy is required for theft of the trailer
•  Personal Protection - can cover loss of income through poor health, accident, etc
•  Holidays - Duncan suggested an annual policy may represent best value for money
•  Consultancy work - the concern here is errors made by the self employed person and/or ommissions or wrongful advice so professional indemnity insurance is required and even if a claim is unsuccessful it may cost a lot in legal fees to defend

Duncan can be contacted by e-mail by using this link.