Glossary of Insurance Terms

The Wired Sussex discounted Insurance scheme has the flexibility to enable you to add extra cover, for example, for Internet and Email risk, your property or your liabilities as an employer, director and supplier (through professional indemnity).

Premiums are easy to pay by interest-free direct debits or in lump sums, so whether you need Property insurance, Computer Insurance or Loss of Income insurance cover we can definitely help. If you are employing people we can provide cover for Employers' Liability, Public and Products Liability and Professional Indemnity, ensuring your company is compliant and always correctly covered.

Whatever your insurance needs, it's simple to request a quote from our insurance partners Sutton Winson.

Professional Indemnity Insurance

Provides cover where you are providing design or advice for a fee.

The cover is for the legal costs incurred in defending an action from a third party and any compensation awarded to the third party if the design or advice is wrong.

This cover is often a requirement by associations of which you are a member or indeed by contract.

The level of Indemnity under the Wired Insurance scheme ranges from £250,000 to £2,000,000 and is limited to a specific amount per claim.

Internet and Email Insurance

Covers your business against the damage caused by hackers and will also cover you for damage inadvertently caused to other people's systems.

It can protect you financially if someone brings a claim against you arising from your use of the internet, email, intranet or your website.

The policy includes some unusual features such as Breach of Privacy ; Damage to your network or website ; Fraud ; Transmission of a Virus and Worldwide cover.

The level of Indemnity under the Wired Insurance scheme is £250,000 and is limited to the total amount for all claims incurred in any one period of insurance.

Public Liability Insurance

Covers you for your legal liability for death or injury to a third party and/or damage to third party property arising out of the business and caused by your negligence.

The level of Indemnity under the Wired Insurance scheme is £2,000,000 and is limited to this specific amount per claim.

Product Liability Insurance

Covers you for your legal liability for death or injury to a third party and/or damage to third party property arising out of the product that you supply and caused by your negligence. It does not cover the cost of replacing or recalling a defective or incorrect product.

The level of Indemnity under the Wired Insurance scheme is £2,000,000 and is limited to the total amount for all claims incurred in any one period of insurance.

Employers' Liability

The cover is required by law and covers your Legal liability for Death or Injury to an Employee arising out of their employment and for which you are responsible.

An Employers Liability certificate will be issued by your insurers, which must be clearly displayed at all premises occupied by you.

A copy of the Employers Liability certificate must be retained for a minimum of 40 years.

The level of Indemnity under the Wired Insurance scheme is £10,000,000 and is limited to this specific amount per claim.

Office Insurance

Provides cover for loss of or damage to the contents of your office, such as office equipment including computers; office furniture; or internal partitioning. Policies will vary depending upon your requirements.

Cover may also be arranged for equipment away from the premises.

Business Interruption Insurance

Covers Loss of Revenue or Gross Profit as a consequence of material damage at your premises. The amount paid depends upon the Indemnity Period and Sum Insured that you have selected (see below).

Indemnity Period

This applies to the Business Interruption cover and is selected by you as being the maximum period that your business could be affected by a loss taking into account the time required to replace the physical assets of the business together with the time required to recover the level of business that you currently enjoy.

It is recommended that this period is not less than 12 months.

Business Travel Insurance

Provides a lump sum payment (a benefit limit) in the event of Accidental Death or Permanent Total Disablement to employees travelling outside the UK on company business.

Cover is extended to include personal baggage and money taken by the traveller.

Legal Expenses Insurance

Covers the legal costs incurred in dealing with disputes arising through:

• Employment such as Unfair Dismissal; Discrimination; or Harassment
• Health & Safety at Work Act
• Civil Actions
• Property
• Tax or VAT investigations

A legal help-line is provided and all situations, which might give rise to a claim should be referred to the help-line immediately.

Insurance Premium Tax (IPT)

This is a 5% tax, which is added to your insurance premium, levied by the Government and not reclaimable.