Here at SEIB we have been arranging specialist business insurance for funeral directors for over 40 years, and are proud to be the only insurance provider recommended by the NAFD to its members.
Building our knowledge over four decades has given us an intimate understanding of the funeral sector and its unique insurance needs. As a result we have been able to meet the needs of the industry by providing expert advice, tailored insurance products, and a professional and responsive service.
The funeral directors’ profession is supported by a wide selection of trades, and we already arrange business insurance for a good number of these businesses, ranging from coffin manufacturers to memorial masons and clothing manufacturers.
If you’re a funeral trade tasked with reviewing your business insurance, or perhaps a new start up considering what insurance cover you need, the guidance below will help you to get started.
Property damage insurance
This covers you for damage to buildings, contents and stock at your business premises caused by unexpected events like fire, flood or storm. Some business insurance policies will automatically include a degree of protection for contents and stock temporarily removed from the workplace; including whilst in transit.
If you rent or lease the property, it will usually be the landlord’s responsibility to insure the buildings, but it’s important that you check to make sure.
Without the safeguard of property damage insurance, not only could you be left without premises to work from, but you may also need to pay for any rebuilding or refurbishment work to the buildings, and the replacement of contents and stock from your own pocket.
Business interruption insurance
Business interruption insurance is one of the most often overlooked business insurance covers. That’s largely because many firms mistakenly believe that their insurance protection for buildings and contents will take care of everything, should business be disrupted by serious damage, e.g. fire or flood.
However, whilst buildings and contents covers will put the initial damage right eventually, they make no allowance for the consequential financial losses your business could sustain in what could potentially be a long term interruption to trading.
Business interruption insurance will cover your lost income during an indemnity period selected by you – typically 12 or 24 months – as well as increased costs of working, like renting alternative premises while your buildings are being repaired.
Employers’ liability insurance
In the course of operating your business, your employees can be injured or suffer from illness as a result of working for you, regardless of how safe your premises appear to be or how low risk your business activities may seem.
Employer’s liability insurance covers your business against claims for damages and costs resulting from injuries and/or illness suffered by your employees during or arising from their employment with you, as well as the legal costs you incur in dealing with such claims.
Under UK law employer’s liability insurance is compulsory. As soon as you become an employer, it is a legal requirement that you obtain employer’s liability insurance with an authorised insurer. Your policy must cover you for at least £5,000,000.
Public liability insurance
Public liability insurance covers the legal costs and expenses incurred in your defence, as well as any damages and costs that may be awarded, if you are alleged to have injured another person (who is not one of your employees) or damaged their property whilst going about your business.
In our increasingly litigious society, public liability insurance is an absolute necessity if your business comes into direct contact with clients or members of the public. That’s because there are a large number of ‘wrongful acts’ that can lead to a claim being made against you, ranging from a visitor to your premises tripping on a rug to damage you cause to third party property, e.g. you spill coffee on a client’s laptop.
Naturally, these may sound like trivial acts; but the truth is that even mild bruising caused by slips, trips and falls can lead to a compensation claim of several thousand pounds. Add legal fees to this and you may need to pay out a substantial sum, unless of course you have the right public liability insurance in place.
Professional indemnity insurance/directors and officers insurance
Everyone makes mistakes, but when you make them in the course of a business then the results can be very expensive. Professional indemnity insurance provides cover if you give advice which a client later challenges, claiming it fell short of the required standard and caused them to lose money.
Directors and officers liability insurance provides protection against claims that can be levelled against senior staff, for example for negligence, health and safety breaches, data protection and accounting errors.
Product liability insurance
If you design, manufacture or supply products or materials, you could be liable if someone suffers an injury caused by a faulty product, or their property is damaged. Even if you did not manufacture an item, but you feature your company name on it, change or refurbish it, import it from outside the EU or the original manufacturer has become insolvent, you could be facing a claim for compensation. Product liability insurance provides protection against this type of claim.
Insurance suited to your individual needs
These are just some of the types of insurance protection you might need to safeguard your business. Depending on your business activities you might wish to consider other policies such as insurance for legal expenses, personal accident, terrorism, or cyber-attack. Whatever your trade, SEIB would be happy to undertake a review of your insurance arrangements to ensure that your business is properly protected.
Our clients consistently tell us that they feel safe, secure and well informed about their insurance protection, and know that we are always there to help them should the worst happen. To find out more about protecting your funeral trade business and reputation with SEIB, please call us on 0345 450 0648 to talk to one of our expert advisors.