There are two types of sub-contractor. ‘Labour only sub-contractor’ and ‘bona fide sub-contractor’. The first type of sub-contractor is defined within this Glossary under ‘Sub-Contractor (labour only)’. Bona fide sub-contractors provide a service which includes both the cost of materials and labour. By way of example, a builder who considers...
An insurance intermediary who represents the interests of the client, not the commercial insurance company. In certain countries, use of the word ‘broker’ is regulated, and the intermediary needs to be a member of the appropriate Brokers Association and meet their minimum requirements. This ensures a proper professional standard and...
Commercial buildings insurance covers the costs of repairing damage to your business premises caused by fire, lightning, storm, and flood, impact from aircraft or vehicles and escape of water from tanks or pipes. Your business premises should be insured for the full rebuilding cost (not for the market value). For...
A business insurance policy covering business enterprises normally only covers you in respect of the business described in the policy schedule. It is important, therefore, to ensure that your business is fully and correctly stated in the policy, especially if you engage in more than one activity, or run more...
An insurance policy that provides insurance cover for you or your business. Business insurance can be purchased to cover the business in the event of a claim made by a member of the public or a member of staff. It can also be used to protect the assets of a...
Business Interruption Insurance is a very important but often overlooked form of business insurance cover and is also known as Consequential Loss or Loss of Profits insurance. There are several types of Business Interruption cover. Generally, they are all intended to maintain the income or profit from your business at...
Business equipment such as printers, fax machines, and so on. Typically these would be insured on an All Risks basis – that is, all the usual perils plus accidental damage. More sophisticated equipment, such as computers, should be covered against possible breakdown.
Also known as Employee Travel Insurance, it provides cover specifically for those travelling abroad to work. When arranging Employee Travel Insurance, companies and executives need to consider their own special needs. For example, the company may be faced with a second set of air fares if an executive travelling abroad...
Insurers have the right to cancel your business insurance policy at any time. However, they have to give the required period of notice, usually between 7-28 days. And they must refund your premium on a pro-rata basis, that is the full proportion of the unexpired period of the business insurance...
A certificate of insurance is a specific insurance document not to be confused with an insurance policy. It is issued mainly to comply with certain statutory requirements and acts as proof of cover.