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If you are unable to trade for few months due to an accident or a mishap, then your insurance might pay your bills, wages and other expenses, depending on the type of cover that you have taken out.
If you are not fully insured, then the insurer's liability will be limited to that proportion where the amount of cover is compared to the value at risk.
This ratio will then be applied to your loss.
In other words, if the policy that you have got is only the half of what you should have bought, your insurers will then only pay you half your assessed loss.
• Most single event insurance covers are not always included as part of motor cover, but they do sometimes apply to vehicle contents.
It will replace possessions that are lost or damaged, but it won't offer cover against more minor hazards.
An amount paid by the policyholder towards a claim is often said to be the policyholder's contribution or insured's contribution.
• Some covers would give your business protection against those losses that occur following another insured loss, like, a fire.
If for some reason your business suffered a major fire and you couldn't run your business for six or more months whilst the damage is repaired, then these policies could pay for your lost earnings or additional costs whilst you cannot trade.
The costs including solicitors and other legal fees and defending an action brought against the insured by the tax authorities in regards to VAT returns etc may also be covered by some insurance policies.
This cover is also suitable for any legal costs in bringing an action against a third party relating to a contract that has not been fully met, like if a supplier did not supply goods to the insured according to his or her expectations and is not willing to rectify the situation.
• Your single event insurance will also offer cover for damage to buildings including fixed glass, landlords' fixtures and fittings, small outside buildings, annexes, extensions, and a whole lot more.
You may also extend your cover to include theft if it does not involve forcible or violent entry or exit.
• Some policies normally have a limit stating the maximum amount that the insurers will pay.
You must ask for an expert advice to ensure that the liability or indemnity is high enough for your requirements.
You can get an instant online events insurance quote without having to give all your personal details, and if you like the price and cover, you can purchase within minutes.
• The date upon which cover under an insurance policy becomes effective will not be until an insurer has accepted the cover or a cover change and confirmed in writing or over the telephone.
Single event insurance policies are ideal for the costs incurred in pursuing or defending the legal rights of the business for certain insured incidents.
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