Welcome to our FAQ's page
Frequently Asked Questions: All You Need To Know
At Vista Insurance Brokers, we are here to help you and your company find the right insurance package.
Using our knowledge and insight, we have compiled a useful “jargon buster” as well as FAQs related to our products and services. They provide plenty of information relating to common insurance queries.
Should you have a question that isn’t answered here, please do not hesitate to call us on 0161 393 7111
* Lines are open Monday to Friday, from 9am to 5.00pm, excluding bank holidays (calls are free on UK mobiles and landlines).
Business Buildings Insurance Questions
What is business buildings insurance?Commercial buildings insurance protects a company's property from certain types of damage and rebuild costs.
The degree of coverage varies by insurer and policy, but in general, business buildings insurance will cover damage from burglary or theft, fire, burst pipes/water ingress, social disturbance, accidents, and subsidence. Legal expenditures and business interruption can also be covered, as can cash and stock retained on the business premises.
Common risks insured by business buildings insurance include:
• Escape of water
• Malicious damage
• Storm damage
• Civil commotion
Do I need business buildings insurance?Commercial buildings insurance may be necessary if you own your property, your mortgage lender may request this. If you lease your property the insurance may be taken care of by your landlord.
Being without building insurance can be extremely risky. Repair and rebuild costs can reach into the tens or hundreds of thousands of pounds, depending on the damage and value of the building.
Commercial property insurance is designed for both those insuring their own business premises, and also for commercial landlords who rent out commercial premises to other businesses.
Business Interruption Insurance Questions
What is business interruption insurance?Business interruption insurance covers you for loss of income during periods when you cannot operate your business as usual due to an unexpected event. Business interruption insurance aims to put your business back in the same trading position it was in before the event occurred.
What does business interruption insurance cover?Business interruption insurance, in general, covers events that disrupt a company such as fire or flood, internet outages, cyber-attacks, machinery breakdowns, and supply chain issues.
Do I need business interruption insurance?Almost every organisation would benefit from having some form of business interruption insurance in place to ensure it can recover from an unforeseen catastrophe.
Business interruption insurance is often bought as an optional extra to buildings and contents insurance. As your broker we can recommend the best business interruption cover for your individual requirements.
Business Insurance Questions
What is business insurance?Business insurance, also known as commercial combined insurance, is a package policy that combines several types of coverage into one policy to protect your company in a variety of situations.
What does business insurance cover?A combined business policy can be tailored to your industry's needs and the size of your company, and typically includes public/employers liability insurance, professional indemnity insurance, and office insurance. Specialist coverage, such as cyber risks, management liability, and business interruption, can also be added.
Do I need business insurance?In short, yes. Whether or not you need a combined business policy or separate policies for different areas of cover very much depends on the needs of your business and the requirements of your industry. No two businesses are the same. Growing start-ups, sole traders, freelance individuals and consultants across many industries experience varying levels of risk.
As such, an accountancy firm and a web development agency are likely to have differing requirements luckily Vista’s expert advisors are on hand to guide you through these decisions and find the right cover for your business.
Cyber Insurance Questions
What is cyber insurance?Cyber-insurance is a specialty lines insurance product intended to protect businesses, and individuals providing services for such businesses, from internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and related activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products.
What does cyber insurance cover?Cyber insurance (also referred to as cyber risk or cyber liability insurance) can cover:
- Acquisition, access use or disclosure of personal or confidential corporate data
- Failure to secure computer systems against unauthorised access of use
- Threats to damage systems or share sensitive data
- A digital attack designed to disrupt access or operation of a computer system
- Business interruption for employees or suppliers in the handling of data, maintenance and development of computer systems
- Computer forensics and legal costs to confirm a data breach
- Costs incurred to notify data subjects, regulatory bodies and credit monitoring services
- Ransom costs and negotiations
- Costs to regain access to data
- Loss of income during disruption
- Reputational damage, cost of a PR consultant
Claims against you
- Breach of confidence, data, commercial info, duty of confidentiality
- Loss of data including GDPR investigations
- Breach of PSI-DDS
- Defamation of email, social media and website
Financial Crime and Fraud
- Property damage – equipment
- Upgrades to hardware and software
- Personal cover for directors, partners and officers
- Court attendance and compensation
These are just a few examples of what could be covered by a cyber liability insurance policy.
Do I need cyber insurance?A UK Government survey estimated that in 2014 81% of large corporations and 60% of small businesses suffered a cyber breach. The average cost of a cyber-security breach is £600k-£1.15m for large businesses and £65k-115k for SMEs.
In todays world If your business handles sensitive customer data such as names, addresses, or banking information, or you are reliant on computer systems to conduct your business, you should be protecting your customer data as this could be compromised in the event of a security breach.
Directors and Officers Insurance Questions
What is directors and officers insurance?Directors’ and Officers’ liability insurance (commonly known as D&O) provides financial protection for Directors, Officers or decision makers of a business..
What does directors and officers insurance cover?Management Liability insurance protects the personal assets of corporate directors, key managers (officers) and their spouses, in the event they are sued by employees, vendors, competitors, investors, customers, or other parties, for actual or alleged wrongful acts in managing a company.
D&O insurance typically covers legal fees, settlements, and financial losses when the insured is held liable. Common allegations covered include breaches of fiduciary duty, failure to comply with regulations, lack of corporate governance, creditor claims, and reporting errors.
Outright fraud, criminal activity, and lawsuits between managers within the same company are usually not covered.
3 reasons you may not think you need D&O insurance1. You are only a small business
If something goes wrong, small businesses are just as much in the firing line as larger businesses and if anything, directors are more likely to be sued.
2. You have a Limited company so that protects your liability
Unfortunately, your liability as a Director is potentially unlimited. If you are sued for negligence, each Director’s legal costs could be five figures, with compensation on top if you lose.
3. Your company can pay all the costs
The Companies Act restricts the company as to the matters for which it is permitted to indemnify you. It cannot pay money up front to your legal team and if cash flow is tight, difficult decisions may need to be made, leaving directors to find their own costs.
Reasons why you should buy cover?
- D&O insurance is the only cover that your company pays for that directly benefits you and you are not taxed on as a benefit in kind.
- You can use the policy to defend an action to disqualify you as a director, something that would have long term consequences if you lose.
- Investigations by sector regulators, however spuriously founded, need to defended and your policy covers the costs.
- Covers you if you are sued over discrimination, sexual harassment or unfair dismissal.
- Directors can go to prison for their actions, inaction or ignorance. If a prosecution is being made against you, then it is vital to have the resources to fund the best legal team and a D&O policy does that.
- Liability can follow you from company to company and post-retirement, so ensuring everywhere you work buys and maintains cover is critical.
Employer’s Liability Insurance Questions
What is employers’ liability insurance?Employers' liability insurance is a legal necessity for practically all firms that employ people, regardless of size, and protects the company from employee claims.
What does employers’ liability insurance cover?Employers' liability insurance can cover compensation payments and legal costs if an employee sues their employer or ex-employer for a work-related illness or injury. The compensation amount may take into account things like medical costs and lost income.
Do I need employers’ liability insurance?The great majority of firms that employ people are required by law to have employer liability insurance. Employers who do not have employers’ liability insurance may be fined.
Do I need employers’ liability insurance if I am self-employed?If you're a sole trader and work by yourself or only employ close family members, there's no need to get employers liability insurance, unless a contract requires it. There are other types of cover that you might like to think about as a sole trader, such as public liability and professional indemnity insurance.
Motor Fleet Insurance Questions
What is motor fleet insurance?Motor Fleet Insurance protects businesses from third-party compensation claims as a result of a motor vehicle accidents and provides cover for multiple vehicles for use by multiple drivers.
What does motor fleet insurance cover?Transportation of goods, private hire, business travel, and courier services are all covered under motor fleet insurance. For the time spent on public roads between jobsites, road-registered plant and agricultural vehicles can be covered under your motor fleet policy. There are also motor fleet policies that cover multiple valuable, rare, or classic cars for personal, non-business use. Vista's dedicated team can walk you through your options and point you in the right direction.
Do I need motor fleet insurance?As a business owner, if you have three or more vehicles in business use and under your ownership, then you should consider motor fleet insurance. Fleet quotes can vary depending on your business requirements. Having all of your vehicles on one policy gives you peace of mind too, all you need to do is notify your dedicated Vista Insurance Broker client handler of any changes or claims and we will do the rest.
Public Liability Insurance Questions
What is public liability insurance?Public liability is a type of insurance for businesses of all sizes, across a variety of industries. It covers you if a client or member of the public claims they have been injured, or their property damaged, because of your business activities.
What does public liability insurance cover?Public liability insurance provides cover for legal costs and compensation claims for injury or property damage to any person who is not an employee of your business.
Do I need public liability insurance?You’re not legally required to have public liability insurance, but if you’re a business owner the chances are you’ll need it. Public liability insurance covers your costs if someone else sues your business – and without cover, unexpected legal costs could bankrupt your business.
Public liability insurance is particularly important if your business involves interacting with the public – for instance, you could own a barber’s shop, a grocery or a café. If a customer has an accident on your premises, they might sue. Public liability insurance gives you the peace of mind that your business can continue in the event of a claim.
Private Clients Insurance Questions
What is private clients insurance?Private clients insurance is cover specifically designed for high net worth individuals with high value homes and valuable possessions.
What does private clients insurance cover?Private clients insurance includes; high-value buildings and contents insurance with cover for jewellery and fine-art and cover for second properties or holiday homes. Cover for valuable cars, boats and other specialist vehicle can also be included.
Do I need private clients insurance?At Vista, we work closely with our individual clients to create bespoke high net worth insurance policies to protect your buildings and belongings. Conventional personal insurance often isn’t as comprehensive as you might think, so speak to our dedicated private clients team for a confidential review and we’ll show you how made-to-measure insurance can keep you, your world, and everything in it safe from harm.
View more about our private clients options
Professional Indemnity Insurance Questions
What is professional indemnity insurance?Professional indemnity (PI) insurance offers protection from any adverse consequences of your professional advice.
What does professional indemnity insurance cover?Professional indemnity insurance protects you in the event that you need to pay to correct a mistake or to cover legal expenses if you make an error in your work. Although this is covered under ‘negligence,’ you should also consider a policy that protects intellectual property, dishonesty, slander and the loss of documents too.
You would draw upon your professional indemnity insurance if, for example, an employee sends a gossipy email about a difficult client to a supplier and copies in the client by accident. You may also need it if your IT system fails, causing you to lose some of your client data or documents, and they’re difficult and costly to retrieve it.