Business Insurance Archives

What Insurance do you need for a small business?

Posted on 14th May 202126th May 2021 by Nova Blogger

Thinking about insurance may not be one of the most exciting things to do, but it is unfortunately necessary if you want to have a worry-free life. Understanding what kind of small business insurance you need for your business can seem like a daunting task, but if you break it down, it is actually quite logical. If you have a small business, you are legally required to have EL (employer’s liability insurance), which covers you should any of your employees suffer an illness or injury while working for you. In addition to EL, there are some other insurance policies that you should consider as a small business:

1) Contents and portable equipment insurance.

Do you use specialist equipment for your business? Or perhaps you have offices where you keep expensive equipment, such as servers, computers and printers? Protecting these expensive assets with an insurance policy is never a bad idea as you will be protected against a number of scenarios (eg. fire, a burst water pipe, etc). You might also carry a lot of stock on your premises and insuring them against theft and damage could save you in a big way in the future!

2) Public liability insurance.

Any small business should consider their need for public liability insurance. This kind of insurance will cover you in the event that you are taken to court as a result of a business activity which has caused damage or injury to another person or their property. At the end of the day, no matter how hard we try to be perfect in our business dealings, we are all human and mistakes can easily happen at any time. Your legal costs will be covered, as well as any compensation you need to pay to the injured party. Bear in mind that some large companies will only (understandably) award contracts to small businesses that are covered by public liability insurance.

3) Cyber Insurance.

In these modern times, the vast majority of companies use a digital system of some kind. While these systems can be protected by firewalls, virus protection and strong passwords, they are still vulnerable to cyber attacks. Cyber insurance can protect your business against malware and cyber attacks and cover any costs related to legal claims and compensation costs.

4) Directors’ and Officers’ Liability Insurance.

Directors’ and Officers’ Liability Insurance (also known as D & O) covers the directors and any other individual who has management responsibility in your business should they be personally held liable for their business actions.
This could involve breaches to UK health and safety regulations, errors in financial reporting and mismanaging the company pension fund.

Conclusion.

Still not sure what kind of business insurance is most suitable for your needs?
Don’t worry, we can help! Contact a member of the Nova Insurance team and we will give you expert advice
that is tailor-made around your business. Our call centre is open 6 days a week and calls are free of charge as we use 0800 numbers

What is business van insurance?

Posted on 5th May 202126th May 2021 by Nova Blogger

Do you own a van for business or commercial use? If so, ensuring that it is fully covered with the correct type of insurance is essential. Below is everything you need to know about business van insurance.

How does van insurance differ from regular car insurance?

Van insurance, as the name suggests, is specific to vans and covers the policyholder should the van be stolen, damaged or vandalized.

You would need van insurance if you use it for your sole trader business or it is used as part of a business.

Van insurance policies are tailor-made to vans and you will need this kind of insurance, even if your van is not used and remains locked away and idle for short periods of time.

Should you only use your van for personal use, a regular van insurance policy will suffice.

What does business van insurance cover?

Business van insurance is divided into 3 classes (1, 2 and 3). In addition, there is also commercial van insurance.

Class 1 business van insurance covers you for van driving between sites for work purposes. It doesn’t include cover for door-to-door sales and is the most inexpensive kind of van insurance.

If you wish to add a named driver to your business van insurance policy, class 2 insurance could be a good option for you. It is very similar to class 1 insurance, with the only difference being the addition of a named driver.

Class 3 business van insurance is perfect for long-distance van driving and also covers you for door-to-door sales (delivery of samples only).

Businesses who use their vans for the delivery of sold goods would require commercial van insurance. You would need to specify the nature of the goods you carry in your van and your policy would then cover you for the transport of these goods only.

Unfortunately, commercial van insurance doesn’t cover you for work out of the scope of your insurance policy (ie. helping a friend move house or using it for a second job).

If you have decided that you need commercial van insurance, you will have to select one of 3 classifications:

Transport of goods for hire and reward: this is ideal for courier companies and delivery drivers who carry other companies’ goods for monetary reward
Haulage: a good option for long-distance van driving and deliveries
Transport of your own goods: for those who carry business goods in their vans (such as tools and materials for the work they provide)

What will my van insurance cover?

Van insurance is similar to car insurance in that there are 3 insurance levels to choose from (ie. fully comprehensive, third party, fire and theft and third party only).

The level of insurance you choose from will depend on your specific needs and how high you deem your risk to be.

You can also pay a nominal monthly fee for some added extras including breakdown cover, public liability cover, legal cover, replacement van coverage, tool cover, employers’ liability cover and foreign use cover.

What kinds of vans does business van insurance cover?
You can insure your van for business use if it is a double or single cab van, a light van, a tipper, a pick-up or a Box Luton van.

How expensive is business van insurance?

The monthly premium you pay for your business van insurance will depend on various factors.

The 3 main elements affecting your insurance premium will be the state of your van (how old it is, its engine size and value), your driving profile (a clean driving record will drive the premium down) and your personal profile (such as your age, where you live and occupation).

What Is HGV Insurance?

Posted on 16th April 202119th April 2021 by Nova Blogger

Here at Nova Insurance, we provide worry-free and no-fuss HGV insurance. If you were wondering what exactly HGV insurance is, this article will explain everything you need to know.

Definition.

The term “HGV” refers to a heavy goods vehicle, which is essentially any lorry with a gross weight of 3.5 tonnes or more. Most HGVs have more than two axles and require the driver to have a special or upgraded driver’s license.
HGV driver’s licenses need to be renewed at five year intervals and the holder must also have a Certificate of Professional Competence (CPD), which shows that they have completed all the necessary tests and a certain
number of training hours. Your HGV insurance policy can include named drivers only or you can opt to
have cover for any driver over the age of 25. If you use your HGVs for commercial purposes, they will need to have HGV insurance.

What does my HGV insurance policy cover?

Nova Insurance fully understand that you depend on your HGV for your livelihood and, as such, our policies cover this as far as possible. We offer two kinds of HGV insurance: third-party, fire and theft and comprehensive.

Third-Party HGV Insurance.

A Nova Insurance Third-Party HGV policy will cover you for fire and theft. In addition, you will have cover if you damage another vehicle or it is written off. It also covers damage to property, any injuries to others involved in the accident, and damage as a result of theft.

Comprehensive HGV insurance.

As the name suggests, comprehensive HGV insurance policies provide additional cover. Over and above fire, theft and damage to other vehicles and property, your comprehensive HGV insurance policy will cover you for repair of your own vehicle. Also included are any towing costs, return of your HGV after it has been stolen, changing locks and replacing of keys. At an extra nominal cost, we can also include public liability protection, breakdown cover, hazardous goods cover, cover for driving in Europe, and legal cover. You may also specify cover for any trailers, even when they are not attached to your HGV and are stored in your depot.

How much can I expect pay for my HGV insurance?

As with all types of insurance, the amount you pay for your HGV insurance will depend on various factors.
The easiest way to determine your HGV insurance premium is to visit our website and to obtain a quick quote for HGV insurance (https://www.novainsurance.com/business-insurance/hgv-insurance/). Your HGV insurance premium will be influenced by how often your vehicle is out of the UK, the business in which it operates, and whether or not it has a telematics device. If your HGV is normally parked in a secure facility when not on the road, this can help to reduce your premium. Other excellent ways to decrease your HGV insurance premium could be to obtain an advanced driver qualification and to increase your voluntary excess amount.

How To Qualify For Fleet Insurance

Posted on 13th April 202113th March 2024 by Nova Blogger

Fleet insurance can be defined as a single insurance policy that covers two or more vehicles in your business. These vehicles can be regular cars, vans, truck or lorries. Either all the same vehicle type or a mix.

Managing your fleet insurance is much more convenient than managing separate insurance policies for each vehicle and it can save you a lot of time, hassle, and often money. In addition, fleet insurance can provide many added benefits, such as 24/7 roadside assistance, cover outside of the United Kingdom and legal liability insurance. Although some benefits may not be included as standard and carry an extra charge.

The amount you pay on your fleet insurance policy will depend on various factors, including the number of vehicles in your fleet, age, type, estimated annual mileage and value of the vehicles.

So, how do you know if you qualify for fleet insurance? This article will discuss the ways in which you could qualify: let’s take a look!

The vehicles within your business must be owned by one entity.

Insurance companies offering fleet insurance policies require that all vehicles on the policy must be owned by a single entity.

This entity can either be an individual person, the business itself or it’s Directors, and you will need to provide proof of this for the policy to come into effect.

A minimum number of insured vehicles is required for a fleet insurance policy.

Depending on the insurance company you intend to work with, you will need have a minimum number of cars or commercial vehicles in order to qualify for their fleet insurance policy.

This can vary from insurance company to insurance company and if you do not meet the minimum requirement for your first choice, you may wish to consider approaching another company who accepts a lower number of vehicles for a fleet insurance policy. Generally speaking you would need a minimum of 2 vehicles for a fleet insurance policy.

The vehicles must be registered in the UK.

The vast majority of fleet insurance providers specify that the insured vehicles must be registered in the United Kingdom. This means that you must hold valid UK licensing papers for each vehicle on the policy.

Of course, this is not usually a problem for British businesses, but if your fleet consists of vehicles from other countries (ie. from Ireland or a European country) this could pose a problem and you may need to consider re-registering them in the UK to qualify for fleet insurance.

The insurer must be kept updated to any changes to your fleet for the policy to remain valid. In order for your fleet insurance policy to remain valid and current, if there are any changes to your fleet vehicles, you will need to inform them of this so that your policy can be modified accordingly.

4 Tips for Becoming a Shop Owner

Posted on 24th March 202126th May 2021 by Nova Blogger

Even though retailers have had a hard time over the past few years there are signs that the economy is on the mend, which means that shop owners are expecting a brighter future. This is why it may be a good time to start thinking about getting into the retail business, however for many this may seem a bit daunting as they don’t know where to start. This is why Nova Insurance is here to help with our four top tips for becoming a shop owner:

Think about what you want to offer

The first thing you need to decide when getting into retail is what type of services and products you want to offer your customers. Most people will already have an idea of this before they begin the buying process, however just because you have an idea it doesn’t necessarily mean it’s going to be a successful one. For instance, if you are planning on selling clothing you need to look at other shops in the area and see if you can realistically compete.

Getting to know your local area and its high street is a great way to help you decide what type of business you want to start, as not only will it give you an idea of the amount of demand in the area but also the type of shops that are already popular. For example, if you want to open a shop in a quiet rural area you should think about the types of products that would appeal to those that live there; instead of a high tech music store maybe focus on selling vintage radios and records instead.

Research the market

Even though the economy is improving it will still take a long time for shops in Britain to see the success they did pre-recession, which is why it is important you understand that investing in a shop is still risky. In order to reduce the amount of risk you should research the market to understand what issues you may face in the future. Don’t forget that the rate of success for businesses vary from area to area, so make sure you get information not just from the national papers but also your local council.

Another thing to keep in mind when thinking about opening your first shop is that there are a number of outgoings you will have to pay for even if business isn’t doing well. Rent, shop insurance, and even the products themselves all cost a considerable amount of money, so it is advisable that you have some sort of contingency fund in place in case you go through a rough patch.

Future proof your business

Many people claim that the demise of the high street has been partially caused by online shopping, especially as it has become increasingly popular over the years. However, there are still enough people who like the option of physically seeing a product before buying it, so as long as you give your customers the choice you can protect yourself for the future.

It is essential that when planning on buying your first shop you think about how you are going to market it online. It is very rare these days for any company not to have a website at the very least, however if you go further you could improve your business. Offering your customers the ability to order products online is just one way of doing this, however you can also utilise social media platforms in order to get to know your customers, build an online community and further advertise your store and products.

Be Passionate!

If you are still on the fence when it comes to deciding whether to open your own shop then you need to think about what you truly want. Putting time and effort into your business is the only way that it will have a chance of succeeding, and so you need to make sure that this is something you really want to do.

Owning your own shop can be great fun, especially if you have a real passion for the products you sell and want others to enjoy them as much as you do. As long as you make sure you plan ahead and give it your all you should enjoy your new career path!

What business insurance do i need?

Posted on 9th March 202122nd March 2021 by Nova Blogger

When considering business insurance, it’s important to think about the cover or covers you might need. Employers’ liability cover is a legal requirement for most UK based businesses with staff. Public liability insurance is important if you or your employees will be coming in contact with members of the public. Finally professional indemnity insurance is useful if your business offers advice, such as consultants, accountants and solicitors.

Policies you must have as a small business
There is only one policy you are legally required to have as a small business, and that’s employers’ liability insurance. This is often abbreviated to EL.

Employers’ Liability insurance or employers’ liability cover offers cover for your business in the event that one of your staff members claims they’ve suffered an illness or injury as a result of working for you. In the event of a successful claim it will cover the legal and compensation costs involved in defending the case.

What happens if you don’t have Employers Liability cover?
If you, or your business does not have appropriate EL then the Health and Safety Executive (HSE) can fine you £2,500 for every day you go unprotected.

What about if i am working from home?
Flexible working hours, no daily commute and less stress are just some of the reasons that running your business from your home could be a good idea. But whatever the reason is behind running your business from home, you need to make sure that you have the right insurance in place to cover your business activities at your home address.

Need a business insurance quotation?
Call Nova Insurance on 0800 083 1566 or click here to request a quotation.

Tips To Become More Productive When You’re Self Employed

Posted on 20th March 201822nd March 2021 by Nova Blogger

If you are self-employed being more productive has many benefits to offer. To begin with, you will be able to get more done at the same time, with the same resources and in some cases fewer resources. So let’s have a look at what productivity is and some of the ways you can become more productive when you work for your self.

What Is Productivity?

It is a measure of how efficient a person is at getting work done within a given period of time.

Usually, it refers to the amount of work produced per hour or per member of staff in a given time period. For the majority of businesses, productivity is usually measured either by profits generated or by some combination of tasks completed and time spent.

What Things Cause It To Fall?

Some of the causes of low productivity are distractions such as emails, using social media and phone calls. Another one is not being organised, or having a system for keeping things in order. Finally, multi-tasking has been shown to cause mental blocks due to the constant changing of tasks. It is better to concentrate on one thing at a time till it is completed, before moving on to the next task.

What Can You Do To Improve It?

It can be improved by making use of technology:

Tech can be used to do the heavy lifting so that you are free to concentrate on important tasks. It can help you automate your day to day admin such as handling emails, letters, and phone calls.

Also, important but time-consuming tasks such as bookkeeping and accounting can be sped up by using software. Your whole daily routine can also be optimised using software. There are lots of productivity tools available, that can help you become more productive.

It can be improved by taking care of yourself:

Getting plenty of sleep is a must. A good nights sleep helps you regenerate from the prior day and you wake up feeling refreshed and ready for the challenges of the day ahead.

Eat a healthy balanced diet, gives your body the fuel it needs for the day and the raw materials it needs to keep your body healthy.

Don’t forget to get some regular exercise so as to help reduce the stresses of the day, and improve your general stress tolerance.

Try to take lots of small breaks. If you can, split your work day into 90-minute blocks, with small breaks in between them, as this has been shown to improve concentration.

It can be improved by setting daily goals:

Set aside a small amount of time at the beginning of the day to plan your day out and set some goals. Make a checklist of the things you have to do today in order of importance, and tackle the highest priority items first. At the end of the day check off what you have done. Make sure you concentrate only on the things on the checklist during the day, as this will keep you focused on your goals.

It can be improved by outsourcing:

Outsourcing tasks that take up a lot of time, or tasks you are not good at doing, will free up your time and reduce your stress levels. You can use this extra time to focus on more important areas of your business.

For someone who is self-employed, becoming more productive is a combination of doing more of the things that make you more productive, while at the same time doing less of those things that reduce your productivity.

By making a few changes to the way you work, it is possible to become more productive, and while they might seem strange at first, they can help you increase your productivity.

How Tradesmen Can Keep Safe and Warm During Winter

Posted on 20th December 201722nd March 2021 by Nova Blogger

Now that we have said goodbye to autumn and winter has started. The days can be bitterly cold and windy, with an added problem of rain, snow or ice. Working outside during winter is extremely challenging, so it is important to put measures in place that will ensure you stay safe and warm during this period. This way you can continue to be productive at work despite the many challenges that winter weather brings.

Here are 3 tips to help you stay safe and warm during the winter months:

Invest In Some Specialist Winter Work Wear

To avoid conditions such as frostbite or hypothermia, it is essential that you invest in some specialist winter work wear. The best option to keep warm is to go for 3 loose-fitting layers rather than one or two bulky items. The loose layers help retain heat better and if you get too hot, you can take off some layers to stay comfortable. Your clothes should be both waterproof and thermal, for the first layer try to find fabric that wicks away sweat from your skin and dries quickly, avoid fabrics like cotton and look for wool or synthetic based clothing instead.

Good old fashion long Johns can be a tradesman’s best friend in the winter, so invest in some. Proper gloves are very important as you will often be handling very cold equipment and materials, such as metal. Your gloves should be light enough to allow you to work, but should still offer excellent protection from the elements. About 30- 50% of body heat is lost via the head, so don’t forget your hat. Find a thermal liner for your hard hat, including a balaclava and scarf for your face and neck.

The weather can lead to some hazardous conditions on site, making it easier to slip and fall. Having the right footwear for winter weather can go a long way in preventing such accidents, so too will a bit of extra care when walking around on site.

Eat A Healthy Diet

More than ever it is important to eat a healthy diet, with plenty of fresh fruits and vegetables during the winter months, so as to provide you with the nutrients your body needs to boost your immune system and so protect you from catching a cold or worse, the flu. Make sure to invest in a Thermos flask, so you can always have a hot slightly sweet drink with you such as tea or hot chocolate to warm up your system. It is important to stay hydrated as the cold weather can dehydrate you quickly, so too can alcohol and caffeine.

Take Frequent Breaks From Working Outside

Take frequent breaks from working outside to go indoors so you can warm up and dry off. Learn to be vigilant for the signs of hypothermia, such as uncontrollable shivering and slurred speech, and if you or any of your colleagues have these symptoms, get help immediately. If at all possible, try to do outdoor work during the day when it is light, and indoor work in the mornings and evenings when there isn’t much light outdoors.

Since there is little you can do to control the weather, if you have to work outdoors in winter, the only option is to be adequately prepared.

By following a few simple steps, you can stay safe and warm while on site throughout the winter period. On days when the weather is really bad, just take a break, it is better to be safe than sorry. Use the time to work on other areas of your business, such as your marketing, finance or any administrative tasks you have been putting off doing.

Keeping Business Records For The Self Employed

Posted on 18th October 201722nd March 2021 by Nova Blogger

What Are Records?

A business record is any digital or paper document that records a transaction or process that the business has been involved in. For someone who is registered self-employed, there are three types of records that you will deal with regularly, they are accounting, legal, and insurance.

Why Keep Records?

To begin with, you have to keep adequate records in order to remain compliant with the rules of being registered self-employed. Failing to do so could result in fines and penalties. Another good reason is that you can file your annual returns quickly and accurately before their deadlines.

By being prepared, if you are ever audited or investigated by HMRC you will have all the required information to hand. Finally, by keeping good records you will have all the necessary information you need to make important decisions for your business, for example if you need a loan, having proper records shows potential investors you are serious.

What Records Do You Need To Keep?

Accounting: statements, invoices, receipts

By keeping good accounting records, you can keep track of how money is moving in and out of your business. You are required to keep all your invoices and receipts, as well as all your relevant bank statements. The same goes for any payment slips and chequebook stubs.

Legal: certificates, contracts, permits and licenses.

It is important that you have copies of all the documents that prove you are registered as self-employed. All of your qualification related certificates must be kept as proof of your training and experience. Details of any contracts that you have signed, should also be kept for future reference. It is a good idea to have up-to date original copies of any permits and licenses, as these will allow you to show you are fully compliant with any regulations in your industry.

Insurance: policies

Many self-employed people have some for business related insurance. All of your policy statements and renewal documents should be kept in good order, just in case you need to make any insurance related queries or file for a claim.

How Long Do You Need To Keep Them For?

Currently you are required to keep all your business records for a minimum of 5 years from the 31st of January of the relevant tax year. However, in most self-employed people tend keep their records indefinitely, choosing to store them when they are past the six-year mark. This is a good idea, because if you are part of an investigation by HMRC, that 5-year time limit maybe longer.

How and When To Keep Records?

Even though it may seem daunting at first, keeping proper records doesn’t have to be a chore, all you need is to develop a simple system that you can follow. Start by making a check-list of record keeping tasks that you need to do on a daily weekly and monthly basis. By doing a bit of organisation regularly, you can stay on top of things. This way you will find it much easier when it’s time for to use your business records.

Nowadays with the added help of technology, you can make the record keeping process relatively stress free, and there are many resources both free and paid that are available to help. It can be helpful to keep both digital and physical copies of all your documents, this way you can have access to the digital copies when you are away from your office. The added benefit is that you have some form of backup should you lose all your physical records.

How and Why Networking Can Help Your Business Grow

Posted on 16th June 201712th March 2021 by Nova Blogger

Networking has many benefits for any business. When it is done correctly it can lead to many long lasting and mutually beneficial relationships. It can open the door to new opportunities that you may not have been aware of, such as joint ventures, partnerships or referrals.

Also, it is a brilliant way to get your business known by others in your industry, and to build a solid reputation in your chosen niche.

Commonly Used Forms Of Networking

There are two commonly used forms of networking: face to face and online. For most businesses face to face networking is traditionally the chosen method. Both types are effective, and have their pro’s and cons.

For example with face to face networking, you will need to travel, which will requires time and some money. Online networking is usually free, but even though you can chat with other businesses, it is not the same as meeting them in person. It is usually a good idea to use both types.

Face To Face

Lets take a look how to use both methods, starting with face to face networking.

Be sure to attend regular trade industry events and more general business events, both local and national throughout the year. Try to make it a habit to attend at least one a month. Be sure to attend regular trade industry events and more general business events, both local and national throughout the year.

Consider joining groups that have a large cross section of members and host regular networking events, like your local chamber of commerce. It is also worth checking with any organisations that you are already a member of to see if they have any future events planned.

It is often a good idea to prepare before attending network events by getting your promotional brochures and business cards in order. Try to decide before hand what your business has to offer those you might be interested in building a relationship with. If at all possible, make sure you create a list of the businesses you would like to meet, and do some research on these potential contacts, so that when you meet them you can ask relevant questions.

When at the event try to meet as many of these businesses as possible, and make sure that you stay focused on speaking to those on your list first. While it is important to talk about your business and ask questions, it is just as important to listen to what others have to say. Remember to ask if you can exchange details with a view to getting in touch in the coming week.

Online

When it comes to networking online, it does not have to be complex. To begin with you can create a basic social media plan. It should include a list of all the social networking sites that are relevant to your business, together with a list of the types of businesses you would like to contact.

Then set aside a specific time every week to use these social media platforms to interact with your chosen businesses. Be helpful, try and offer advice or solutions to problems they might have.

Nurture The Relationship

Having done the initial work to get new contacts, you must take care to nurture the relationship. Make sure to follow up on any pre-arranged meetings or phone calls, and maintain regular contact by using email or instant messaging.

It may take some time for you to build rapport with your ideal contacts, but it usually worth it in the long run, because businesses feel more comfortable working with someone they know.

Networking has the potential to deliver a lot of value for a relatively small investment in time and money, so go ahead and give it a try, it could give your business a good chance of becoming more successful.