Jargon Buster

Insurance jargon can be complicated. It needn't be with the Brokers Direct jargon buster.

Landlord liability

Our cheap landlord insurance includes up to £5 million landlord liability as standard, but what is landlord liability? If a tenant has an accident and sustains an injury on your property, the landlord can be liable for the injury and therefore pay compensation. Landlord liability protects a landlord in this case.

Loss of rent

Our cheap landlord insurance offers loss of rent up to 30% of the sum insured. If your property is uninhabitable as a result of an insured peril, such as a fire, loss of rent will protect your rental income.

Employer liability

Employers liability insurance is a legal requirement if you have any employees working for you. By law, every business in the UK which employs staff must have at least £5million of employers’ liability cover.

Employers liability insurance protects the employer against claims brought against their business by employees who are injured or made ill whilst working for them. Along with covering the cost of claims given to the employees (if they win a case), the insurance also covers the legal expenses the employer incurs whilst dealing with a claim. Employment of sub-contractors, temporary workers, trainees and part-time staff still requires cover by law. If an employer is caught by an authority / bureau without the correct insurance in place, the business can be fined up to £2,500 for every DAY that they have traded without it.

Employers liability insurance is not a pedantic, nonsensical bit of paper work — it helps to support the long-term future of your business, whilst maintaining a safe, healthy and reputable business demeanor in the workplace.

Rebuild value

When it comes to insuring your property, it is important not to under-insure. The amount you should be insuring your building for is the reinstatement cost and not the current market value. The Association of British Insurers provide a handy calculator tool that will tell you the reinstatement value for any property, anywhere in the UK. Use these figures for homeowners, let property, holiday homes etc.

Personal possessions

Personal possessions covers possessions that are lost, stolen or damaged outside of the home. For example, personal possessions would cover your iPad if left on a train. If your possessions sometimes leave home with you, you need personal possessions cover.