Insurance Resources

The following resources all relate to insurance and are a collection of website's which may be of interest to users of our site. As insurance is a very broad category this part of the site is where you will find information on non specific topics.

Definition of Insurance:

Insurance , in law and economics , is a form of risk management primarily used to hedge against the risk of potential financial loss . Ideally, insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee.

An entity seeking to transfer risk (an individual, corporation, or association of any type) becomes the 'insured' party once risk is assumed by an 'insurer', the insuring party, by means of a contract , defined as an insurance 'policy'. This legal contract sets out terms and conditions specifying the amount of coverage (compensation) to be rendered to the insured, by the insurer upon assumption of risk, in the event of a loss, and all the specific perils covered against ( indemnified ), for the term of the contract.

When insured parties experience a loss, for a specified peril, the coverage entitles the policyholder to make a 'claim' against the insurer for the amount of loss as specified by the policy contract. The fee paid by the insured to the insurer for assuming the risk is called the 'premium'.

EMPLOYER LIABILITY INSURANCE:

Insurance by employers in respect of their liability to employees for injury or disease arising out of and in the course of their employment. With some exemptions this insurance is compulsory in Great Britain, and can only be provided by an authorised insurer.

Employers' liability insurance cover enables businesses to meet the costs of compensation and legal fees for employees who are injured or made ill at work through the fault of the employer. Employees injured due to an employer's negligence can seek compensation even if the business goes into liquidation or receivership.

By law, an employer must have employers liability insurance and be insured for at least £5 million. The insurance must cover all your employees in England, Scotland, Wales and Northern Ireland. If your business is not a limited company, and you are the only employee or you only employ close family members, you do not need compulsory employers' liability insurance. Since 28 February 2005, limited companies with only one employee, where that employee also owns 50 per cent or more of the issued share capital in the company, have also been exempt from compulsory employers' liability insurance.

PUBLIC LIABILITY INSURANCE:

This type of insurance covers any awards of damages given to a member of the public because of an injury or damage to their property caused by you or your business. It also covers any related legal fees, costs and expenses.

SFS review all sites before permitting inclusion in this section of our site but can not be held responsible for the content of any site contained within this section.

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