Frequently Asked Questions (FAQs)
General Insurance
What does an insurance broker do and why use them?
An insurance broker is like an agent working on your behalf to help you identify the risks you are exposed to. The broker will advise you on what insurance products are available for these risks and where necessary source the insurance covers that suit your requirements, cover placement and issuance of relevant policy documents. Additionally, the broker will also help you with general insurance advice including any cover midterm amendments.
An insurance broker is a specialist with invaluable know-how of the insurance market as well as access to the most reputable insurers available to provide professional and objective advice on identifying and exposing risks and recommend the most cost-effective solutions to you. One of the key benefits of using a broker is having peace of mind knowing the things most important to you are protected hence it is important that you have the appropriate insurance cover. When it comes to insurance, brokers don't go with a "one size fits all" approach.
What is business insurance
Business insurance, as the name suggest, is insurance for businesses and refers to several types of covers that protects businesses against losses suffered in the course of their activities, particularly if they face compensation claims. Business insurance can help protect business owners and independent professionals against everyday risks, such as mistakes, stock or premises damage, interruption, and legal costs.
Like the old saying goes, "better safe than sorry”, business insurance ensures that you are always prepared for the worst, so you can focus on growing your business without worrying about unforeseen events. By getting business insurance, you can enjoy peace of mind knowing that your business will be protected, come what may.
What makes Eaglemat Insurance Brokers different from others.
We stand out for our commitment to honesty, personalised services, and building trust-based, long-term relationships with our valued clients. Regardless of your size or circumstances, we take the time to understand your unique needs and offer practical, tailored solutions.
What basic insurances do I need to protect my business?
There are various covers you will need to take out to protect your business. Depending on what you do, you should consider public liability insurance, employers' liability insurance, management liability, cyber, contents insurance, business interruption insurance and equipment cover & motor just to name but a few.
What is business interruption insurance
Business interruption is designed to cover loss of gross profit, revenue or income following an interruption to the business caused by insured events such as fire, flood, or a storm (amongst others). Cover is designed to support the business until you are back to the same trading position as you were prior to the event up to the maximum indemnity period as per policy.
Cover can include payment for your fixed costs like rent/mortgage payments, staff salaries/wages and utility bills.
What must I consider when renewing my business insurance?
Renewal of your business insurance is often a time to step back and take stock, evaluate changes in your business, risks, costs and your current insurance cover.
You should not wait until the last minute to renew your business cover and certainly we don’t recommend just going for an automatic renewal as things can change (your circumstances or the insurance market)
Always use an insurance broker who can advise you specifically on your business insurance renewal needs.
Do you require payment upfront or afterwards.
If that is your preferred way, then that is perfectly fine by us. However, we can also be flexible and discuss other payment options with you that may work better for your business. We have direct debit facilities available as well as other payment method options.
Property Insurance
What is commercial landlord insurance?
Commercial landlord insurance covers your commercial property against claims for damage to buildings. It can protect you against claims made by tenants or third parties if they are injured at your premises and it is deemed to be your fault. It can also provide cover for loss of rent if your property is damaged following an insured event such as a fire or flood or employers’ liability cover if you employ staff such as cleaners.
When renting out my premises, what cover do I need?
There are many covers available to you, aside from standard buildings cover. Most commercial landlord insurance policies will provide property owners liability cover as standard, which covers your liability as the landlord to members of the public for accidental injury and accidental damage to property.
You should also consider optional covers like loss of rent and legal cover, subsidence and optional contents cover as well.
How do I arrive at the figure to put on my buildings/premises?
This is a common question, and people can get it wrong. Rather than using the market value of the building (what you could sell it for), you need to know the figure for how much it would cost to rebuild if there was a total loss. Insurers will then usually add on cover for clearing the site (debris removal) and professional fees such as surveyors, architects etc.
Risk Management
What is risk management
Risk management is a systematic process of identifying, assessing, and mitigating threats or uncertainties that can affect your organization. However, identifying risks that could affect or potentially damage your business is not always straight forward. Working with our partners, we can carry out a full risk assessment and develop a risk management plan for you. We use our experience to help you identify where you face risks and help you put practices in place to minimise them, and your premiums.
Please get in touch and we will work with you to discuss what risk management services are best suited to you and your business.
Liability Insurance
What is the difference between Public Liability and Employers’ Liability?
The main difference between public liability and employer’s liability insurance is related to who is making the claim against you or your business.
If a claim against you is being made by an employee, then an employers’ liability policy could provide the cover. For example, if an employee suffers an injury because of a work-related accident, then your employers’ liability policy can cover the cost of any legal defence or compensation payments you are required to make.
A Public Liability policy responds when the damage is caused by your negligence and results in damage to a third-party person or property. For example, if a client or member of the public claims they have been injured, or their property damaged, because of your business activities. Again, this type of insurance is designed to cover the cost of any legal defence or compensation payments.
What is product liability insurance
Product liability insurance offers protection for claims made against you if a product you sell, supply or manufacture is defective and causes injury to someone or damage to their property. E.g claims for legal and compensation costs resulting from injury or property damage.
What is Professional indemnity Insurance
Professional indemnity insurance protects against professional negligence and covers the cost of legal action in defending yourself against a claim for inadequate advice, designs or services as well as compensation awarded to rectify the damage.
What is cyber liability?
Cyber liability insurance covers your business against exposures such as hacking, data theft and system infringement. Following a breach a cyber liability policy will cover your investigation costs, applicable legal fees as well as covering potential ransom demands, data retrieval costs and the general costs of informing your customers of a breach.
Management Liability insurance (I)
Traditionally known as Directors & Officers Insurance, it covers exposures faced by directors, senior managers and officers of charities, boards and committees if a negligence claim is brought against them in court or at an employment tribunal.
Motor Insurance
What is Motor Fleet insurance
Motor fleet insurance is a type of insurance that covers a fleet of vehicles used for business purposes. It is typically used by companies and business owners that operate a fleet of vehicles. Usually, cover is for vehicles that are registered in the name of a company, or a partner or director in a company. If you have your own business and use your vehicles for business purposes, you are entitled to insure them all under a fleet insurance policy. If they are just for domestic or social use, you will not be able to do so.
Do I need a fleet insurance policy?
If you have 2 or more vehicles then Fleet Insurance may be ideal for you. This is especially important for companies who own multiple vehicles such as taxis, HGVs, vans, lorries or cars. It doesn’t matter whether your fleet is made up solely of one type of vehicle or a mixture of different ones, you can still benefit from protecting them with Fleet Insurance. For your convenience, you also benefit from having a common renewal date.
What is motor trade insurance?
Motor trade insurance is a type of insurance policy designed for businesses that operate in the motor trade industry. These types of policies typically cover the premises, equipment, employers, and employees within a motor trade business. It also covers the vehicles involved, including cars, vans, and motorcycles.
Any business or individual that operates in the motor trade industry, such as mechanics, dealerships, valet services, and body shops, may need motor trade insurance.
Private Insurance
Who needs High-Net-Worth Insurance?
If you have a number of high value possessions – be it cars, antiques, art or have a high value home or homes – then you should consider getting a High-Net-Worth insurance quote. This is because the value of these items may exceed the limits of standard home and contents insurance.
Why do I need High Net Worth Home Insurance rather than Standard Home Insurance?
Larger properties with higher valued items, require bespoke cover to make sure the right protection is in place, Standard household insurance is more likely to be purchased online or over the phone and therefore does not capture the correct sums Insured required and could result in being under Insured.