Protecting your business against financial loss is vitally important. Each client’s risk exposure is unique. At Michael Kennedy Insurance Group we will work with you to identify these risks which could affect your business and will develop an appropriate level of insurance protection to ensure that your business will survive an unexpected event.
A Business Interruption policy is generally linked to property damage cover and provides Indemnity for future Loss of Gross Profits due to Business Interruption following a Fire or another insured peril.
A number of future years anticipated Profits can be insured to allow the business continue, retain valuable employees and recover lost business during the interruption period.
In addition to Gross Profit, Increased Cost of working, Loss of Rent and other forms of cover can be insured against.
Michael Kennedy Insurance Group will assess projected trading activities, your dependence on key suppliers and customers and other certain risk factors, then tailor the most appropriate cost effective method of protecting your balance sheet.
Advanced Loss of Profits
Indemnity against loss of Projected Profit in a start up operation or extension project following a delay in the target commencement date caused by a material damage loss during the construction or testing commissioning period.
This policy covers against Financial Loss following Machinery Breakdown.
This policy compensates a business for non-payment for goods and services sold or supplied at home or abroad on Credit Terms. Domestic and Export Credit risks can be covered on one Commercial Risks policy.
Three types are covered:
- Protracted Default on the part of the Buyer
- Political Risks
Fidelity and Third Party Crime
This policy covers against the risks of Crime to protect the Balance Sheet against Financial Loss as a result of Employee Dishonesty, Third Party Fraud, Computer Crime, Forgery and Copyright Infringement.
This policy covers against Loss or Theft of Money to agreed limits:
- From the business premises during business hours
- Out of working hours
- From a Safe or Strongroom
- In Transit to or from the business premises
- In a Bank Night Safe
- At the residences of Directors / Employees
Loss of License
This policy covers Hotels, Public Houses or Clubs in respect of a reduction in the value of a Licensed Premises if due to certain circumstances the license is not renewed by the awarding Authority.
Keyperson Insurance is purchased on the Life of persons critical to the Operation, Management, Development or Financial Welfare of the business and protects against the cost to a Business of interruption resulting from their Death or Serious Illness.
We set out hereunder issues that should be considered when assessing the level of cover required:
- The affect on Profits if a Key Person dies
- The cost of Recruiting a replacement
- The delay before the replacement begins to make a Contribution to Profits
- The Loans that could be recalled on a Keyperson’s death
- The present Cash position
- The level of Profits in the past and Projections for the next year.
The Company is allowed to use the settlement in any way it wishes.
Partnership Protection Insurance
On the Death or Critical Illness sustained by a Company Director or partner there is an immediate Lump Sum paid to the survivors or to the Company to secure the survival of the business.
The combination of Life cover, Serious Illness cover and other valuable benefits guarantee security and peace of mind for the business and the family on the sudden illness or death of a Director or partner.
All partnerships should have a plan in place as to how they will deal with the unexpected death of a partner. Will the surviving partner be allowed purchase the remaining shares or will they transfer to the deceased partners estate potentially introducing another party to the business.
The proceeds of the policy can be used to pay the deceased partners estate a fair value for the shares.
Kidnap, Ransom and Extortion
Covers Kidnapping / Alleged Kidnapping, Personal Extortion, Property Extortion, Wrongful Detention and Hijacking.
Cyber Liability Insurance – Data Breach and Computer Hacking.
Computer Networks, Internet, E-Mail and Websites are exposed to damage and liabilities arising from unexpected sources including Defamation, Hacking, Fraud or Virus Attack.
Hard copy files containing private information on clients or employees could be stolen or compromised resulting in a claim for Data Breach.
Policy covers available are:-
- The cost of Third Party Legal claims arising out of your e-activities (e-mail) e-commerce and website).
- Losses suffered as a result of Viruses or Hackers, even if your employees carry out or aid the attack.
- Your Liability due to your Customers’ Credit Card numbers being stolen or the Theft of your Money during transactions on electronic networks.
- Claims made against you by your employees for an unsuitable office environment due to disturbing e-mail content or website use, or due to breaches of confidentiality.
- Financial losses suffered due to a business interruption which prevents you from using your computer systems or trading via your website.
- Damage to your computer network or any data you hold electronically arising from unauthorised access.
- Misuse of any information which is confidential or subject to statutory restrictions on its use.