FAQ
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Business insurance is designed to protect SMEs from the risks faced in day-to-day operations. This includes cover for the risks associated with working with clients, customers and employees, as well as cyber security and business property.
Got a question about commercial insurance? You may be able to find the answer in our frequently asked questions below. Alternatively, please don’t hesitate to contact us.
Loan protection insurance works by providing you a monthly benefit amount to cover your loan repayment if you were to lose your income due to accident, sickness or unemployment, depending on your policy.
First, you need to choose how much cover you need want. This is usually the exact amount of your loan payment, let's say £300.00 as an example. Once you have chosen the amount you will need to choose your waiting period, this is usually 30 days, 60 days or sometimes 90 days. The waiting period is how long you have to wait until the insurer will start paying the money to you. The longer the waiting period the cheaper the policy, the shorter the waiting period the dearer the policy.
You then get the opportunity to choose the term of the policy, it could be 12 months, 24 months 26 months, again this is usually linked to how long you have taken out the loan.
Once you have chosen this, you can continue to make sure you are eligible to make a claim, should the need arise. You can do this by answering the eligibility questions of the policy, and if you answer these correctly you will be able to proceed. Unfortunately if you do not, then you will not be able to continue.
Finally, you will need to carefully read through the policy wordings to make sure that you understand the terms and conditions, and most importantly, the terms and conditions you will need to meet to make a claim.
It is extremely important that you completely understand exactly what loan protection policy you have purchased. We have a team of trained specialists that will be happy to answer any of your questions, or do the hard work for you. Simply email info@firststopinsurancebrokers.com
First, you need to choose how much cover you need want. This is usually the exact amount of your loan payment, let's say £300.00 as an example. Once you have chosen the amount you will need to choose your waiting period, this is usually 30 days, 60 days or sometimes 90 days. The waiting period is how long you have to wait until the insurer will start paying the money to you. The longer the waiting period the cheaper the policy, the shorter the waiting period the dearer the policy.
You then get the opportunity to choose the term of the policy, it could be 12 months, 24 months 26 months, again this is usually linked to how long you have taken out the loan.
Once you have chosen this, you can continue to make sure you are eligible to make a claim, should the need arise. You can do this by answering the eligibility questions of the policy, and if you answer these correctly you will be able to proceed. Unfortunately if you do not, then you will not be able to continue.
Finally, you will need to carefully read through the policy wordings to make sure that you understand the terms and conditions, and most importantly, the terms and conditions you will need to meet to make a claim.
It is extremely important that you completely understand exactly what loan protection policy you have purchased. We have a team of trained specialists that will be happy to answer any of your questions, or do the hard work for you. Simply email info@firststopinsurancebrokers.com
A loan protection policy covers you for three major main issues that could leave you in financial detriment:
Accident
If you were to injure yourself (either at work, home or anywhere else) and you are signed off work for a period of time, you would be eligible to make a claim. Your monthly claim pay-out, also known as your monthly benefit amount, will replace your loss of salary and allow you to maintain your loan repayments.
Sickness
If you become ill, and need to have surgery or extensive treatment, this could lead to you taking a substantial amount of time off work. Unexpected sickness can cause a tremendous amount of stress in itself, without the added financial concern that comes with loss of income. Your loan protection policy will ensure that your repayments continue to be met until you are well enough to return to work.
Unemployment
Finally, you could be made redundant due to any reason, such as bankruptcy, administration, mergers, acquisitions or cutbacks, and you would be eligible to make a claim. As long as you haven't left your job of your own free will, or been sacked due to disciplinary issues, you will be able to receive your monthly benefit amount to cover your loss of earnings until you return to work or your term length is finished.
Accident
If you were to injure yourself (either at work, home or anywhere else) and you are signed off work for a period of time, you would be eligible to make a claim. Your monthly claim pay-out, also known as your monthly benefit amount, will replace your loss of salary and allow you to maintain your loan repayments.
Sickness
If you become ill, and need to have surgery or extensive treatment, this could lead to you taking a substantial amount of time off work. Unexpected sickness can cause a tremendous amount of stress in itself, without the added financial concern that comes with loss of income. Your loan protection policy will ensure that your repayments continue to be met until you are well enough to return to work.
Unemployment
Finally, you could be made redundant due to any reason, such as bankruptcy, administration, mergers, acquisitions or cutbacks, and you would be eligible to make a claim. As long as you haven't left your job of your own free will, or been sacked due to disciplinary issues, you will be able to receive your monthly benefit amount to cover your loss of earnings until you return to work or your term length is finished.
If you have taken a loan out then it is the most sensible option, as why should you leave yourself exposed financially by not having the correct financial protection or umbrella in place? The whole reason to take out a loan is because you do not have the cashflow to pay for things immediately, and hence rather than saving, you can purchase immediately with the help of a loan.
Whatever the reason for your loan, by taking out a loan insurance policy you are safeguarding yourself financially, and protecting yourself from the unexpected. Not taking loan protection insurance is a risk to yourself and your family should you have one, as generally it is your family the comes to the rescue when things go wrong finally. If you do not have that luxury, then there is even more of a reason to obtain protection.
Why increase your debt with further borrowing when for a small monthly cost then you can obtain the correct protection in place to cover those financial shortfalls.
Hence the reason why I say that if you have taken a loan then there is no question that you should have a loan protection policy.
Whatever the reason for your loan, by taking out a loan insurance policy you are safeguarding yourself financially, and protecting yourself from the unexpected. Not taking loan protection insurance is a risk to yourself and your family should you have one, as generally it is your family the comes to the rescue when things go wrong finally. If you do not have that luxury, then there is even more of a reason to obtain protection.
Why increase your debt with further borrowing when for a small monthly cost then you can obtain the correct protection in place to cover those financial shortfalls.
Hence the reason why I say that if you have taken a loan then there is no question that you should have a loan protection policy.
AML simply stands for Anti-Money Laundering. Money Laundering legislation requires that any company handling financial transactions implement Anti-Money Laundering procedures. This means your business needs to implement proper procedures and software to help with the prevention of Money Laundering.
An Anti-Money Laundering check is a process your business needs to undertake to prevent Money Laundering activity. An AML check should include Know Your Customer (KYC) procedures so you can prove you know who you are dealing with. An AML check involves identity checks and verification, plus monitoring of financial transactions to detect fraud. The scope of overall AML compliance is wide and can be complex, depending on your business. For example, you might need to understand what Anti-Money Laundering checks for solicitors entail if you work in the legal sector. Anti-Money Laundering checks are in place to help reduce the estimated US$1 trillion lost every year due to Money Laundering.ii
Any business that deals with financial transactions needs to perform Anti-Money Laundering checks. This includes companies in both the B2B and B2C sectors.
Business insurance, or commercial insurance, refers to several types of cover designed to protect your business when matters take an unexpected turn.
In the event a compensation claim is made, or legal action is taken against your company for incidents such as property damage or giving incorrect advice, certain business insurance policies can help to safeguard you against related financial risks.
A combined business insurance policy brings together two or more of the many types of business insurance available. Some of the core products in a combined policy include public liability insurance, professional indemnity insurance, employers’ liability insurance and office insurance. You can also add specialist products such as cyber and data risk protection.
Cover can be tailored to the requirements of your industry and the size of your business – whether you’re a sole trader working from home, the founder of a fast-scaling tech start-up or the director of an agency with multiple offices.
In the event a compensation claim is made, or legal action is taken against your company for incidents such as property damage or giving incorrect advice, certain business insurance policies can help to safeguard you against related financial risks.
A combined business insurance policy brings together two or more of the many types of business insurance available. Some of the core products in a combined policy include public liability insurance, professional indemnity insurance, employers’ liability insurance and office insurance. You can also add specialist products such as cyber and data risk protection.
Cover can be tailored to the requirements of your industry and the size of your business – whether you’re a sole trader working from home, the founder of a fast-scaling tech start-up or the director of an agency with multiple offices.
In 2017, there were 4.3 million non-employing businesses in the UK, accounting for 79% of the overall 197,000 increase in businesses that year, according to FSB(external link). It would seem we’re becoming a nation of sole traders, and there’s a wide range of insurance available to help small business owners reassure their clients or simply sleep more soundly at night knowing their business is covered for common risks.
Becoming your own boss brings freedom – but navigating freelancer business insurance is often new territory. Professional indemnity insurance is considered the most important type of cover for freelancers, protecting you if unhappy clients take legal action. This is a risk for business consultants, therapists and freelance creatives alike.
You might need other types of business insurance covers depending on the nature of your freelance work. If it’s people-focused, public liability insurance safeguards you against third party property damage or bodily injury claims, while portable equipment insurance covers your all-important equipment. Working out which insurance you need as a freelancer is all about assessing your unique situation – so your business can flourish.
You might need other types of business insurance covers depending on the nature of your freelance work. If it’s people-focused, public liability insurance safeguards you against third party property damage or bodily injury claims, while portable equipment insurance covers your all-important equipment. Working out which insurance you need as a freelancer is all about assessing your unique situation – so your business can flourish.
There are many different types of loan protection policies available, you can find most online, however essentially, they all cover the same thing.
They cover the monthly loan repayment for any unforeseen loss of income.
What can differ is the level of cover that each policy offers you, this obviously reflects the price but can give you some added extra benefits. Some policies will provide free legal protection which will help in consumer disputes port identity theft, even employment tribunals can be covered with this policy.
Also, back to work support could be another benefit, this is offered when you may need help returning to the job market, CV writing, interview techniques and general presentation skills.
Some policies may include hospitalisation benefit which covers you should you end up in hospital or waiver of premium in claim.
Again, these are all added benefits that can be found within different types of loan protection policies and should help you decide which policy best suits your personal circumstances.
They cover the monthly loan repayment for any unforeseen loss of income.
What can differ is the level of cover that each policy offers you, this obviously reflects the price but can give you some added extra benefits. Some policies will provide free legal protection which will help in consumer disputes port identity theft, even employment tribunals can be covered with this policy.
Also, back to work support could be another benefit, this is offered when you may need help returning to the job market, CV writing, interview techniques and general presentation skills.
Some policies may include hospitalisation benefit which covers you should you end up in hospital or waiver of premium in claim.
Again, these are all added benefits that can be found within different types of loan protection policies and should help you decide which policy best suits your personal circumstances.
To start comparing loan protection insurance, all you need to is fill in this short form which will generate a selection of quotes based on your personal requirements.
First of all you should start with the basic main points of any loan protection policy, the amount of cover you need monthly, the initial exclusion period of any unemployment policy, the waiting period and finally length of time the policy should pay out for.
Once you have these basic principles then you can obtain some quotes, do not forget that these products are linked to your age, unfortunately the older that you are the higher the cost.
Once you have the costs you can go to the next level of detail which is to look at all the other benefits and terms and conditions one policy offers and others do not. This will mean some detailed reviews of the policy wordings to really get a full comparison.
It will take time, but by completing your research and comparing a variety of quotes, you will be able to purchase the correct, most comprehensive and competitive loan protection policy that is available. If you feel you need any help or guidance, simply call our team of trained specialists on +44 7754546324
First of all you should start with the basic main points of any loan protection policy, the amount of cover you need monthly, the initial exclusion period of any unemployment policy, the waiting period and finally length of time the policy should pay out for.
Once you have these basic principles then you can obtain some quotes, do not forget that these products are linked to your age, unfortunately the older that you are the higher the cost.
Once you have the costs you can go to the next level of detail which is to look at all the other benefits and terms and conditions one policy offers and others do not. This will mean some detailed reviews of the policy wordings to really get a full comparison.
It will take time, but by completing your research and comparing a variety of quotes, you will be able to purchase the correct, most comprehensive and competitive loan protection policy that is available. If you feel you need any help or guidance, simply call our team of trained specialists on +44 7754546324
First, you should ask yourself why you took the loan in the first place. Was it to purchase a new car? Pay for some home improvements or even consolidate some debt you may have taken on, for example your credit cards?
There are far too many reasons as to why you would take out a loan, however there is one thing that remains constant… The loan will always need to be repaid. Month in and month out, until the term you have chosen ends. If you were to lose your regular income due to accident, sickness or unemployment, would you be able to keep up with your loan repayments, along with your other monthly outgoings? Missing even one repayment can affect your credit rating, or even worse, lead to your new car or purchase to become repossessed. All too quickly you can find yourself in a situation that spirals out of control, leading to further stress and financial difficulties.
Having a loan protection insurance plan in place protects you from this, and ensures your monthly commitments are covered if the worse was to happen. It provides an invaluable peace of mind, so you can relax in the knowledge that your loan repayments are protected from the unexpected.
There are far too many reasons as to why you would take out a loan, however there is one thing that remains constant… The loan will always need to be repaid. Month in and month out, until the term you have chosen ends. If you were to lose your regular income due to accident, sickness or unemployment, would you be able to keep up with your loan repayments, along with your other monthly outgoings? Missing even one repayment can affect your credit rating, or even worse, lead to your new car or purchase to become repossessed. All too quickly you can find yourself in a situation that spirals out of control, leading to further stress and financial difficulties.
Having a loan protection insurance plan in place protects you from this, and ensures your monthly commitments are covered if the worse was to happen. It provides an invaluable peace of mind, so you can relax in the knowledge that your loan repayments are protected from the unexpected.
Red flags in Anti-Money Laundering include anomalies in a customer's transaction history and sudden large or lots of small transfers. There are many other red flags which can be detected by software and procedures within your business. AML red flags can help highlight that financial crime is taking place. But the clues are many and varied, and tools can help make this easier.
KYC stands for Know Your Customer. It is about understanding exactly who your customer is. KYC forms part of the AML (Anti-Money Laundering) procedures and legislation, and is vital in making sure your company is compliant. Although it is an important element, KYC is not a full AML policy on its own. You need many other tools and procedures to comply with AML legislation fully. Our experts can help you understand what these compliance measures include.
Whether a policy pays out will depend on many things, including the period of time it covers. An insurance policy is typically valid for 12 months – so surely the period of time it covers is obvious? Not so! Policies can be written on two bases – 'claims made' or 'claims occurring', sometimes also 'claims arising' or 'losses occurring'.
The cost of business insurance depends on the size of your business, where you carry out your work and how many types of commercial cover you build into your policy. There are no real average business insurance costs. Small business insurance quotes from Hiscox start at £10 a month*.
Your final business insurance cost will reflect the limits you put on the amount of cover you purchase and on the risks your business encounters. Small business insurance costs, as a rule, will depend on things like whether or nor your regularly deal with heavy machinery or often have member of the public on your commercial premises.
Your final business insurance cost will reflect the limits you put on the amount of cover you purchase and on the risks your business encounters. Small business insurance costs, as a rule, will depend on things like whether or nor your regularly deal with heavy machinery or often have member of the public on your commercial premises.
Employers’ liability insurance safeguards businesses against legal and compensation expenses from employee claims. It’s a key type of insurance, because if one of your employees falls ill or sustains an injury in the context of the work they do for you, you could be held liable.
The health and safety of your employees is of paramount importance, and as an employer it’s vital to uphold that responsibility. Something as simple as slipping on a wet floor could lead to a claim. As accidents do happen, you can protect the vitality of your business with an employers’ liability insurance policy.
The health and safety of your employees is of paramount importance, and as an employer it’s vital to uphold that responsibility. Something as simple as slipping on a wet floor could lead to a claim. As accidents do happen, you can protect the vitality of your business with an employers’ liability insurance policy.
Still have you any problem for solutions?
If you want to buy a policy from us, or if you already have a policy that you need to talk to us about, or if you need to make a claim
Head office address:
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