Protection and Insurance

Every year, thousands of UK families are at risk of sliding into debt when struck with illness, injury or loss of employment. Mortgage Payment Protection Insurance can cover your mortgage repayments, if you become unable to work as a result of Accident, Sickness or Involuntary Unemployment.

This covers the actual structure of your home. It will always include the main building and can be extended to cover sheds, the garage, fences, swimming pool etc. Buildings insurance is only a consideration if you own the property. If you own a flat you will still be responsible for buildings cover, usually as determined by the ground rent and buildings agreement, which usually means that the liability to cover is apportioned between properties. This is sometimes covered under the Service Charge.

If you are a homeowner, having buildings insurance in place would normally have been a condition of your mortgage. A good buildings insurance policy should cover you for fire, flood, subsidence, storms, lightning, theft or vandalism, escape of water and oil, and damage caused by falling trees, branches or other objects.

Contents insurance covers practically everything within your home including furniture, household goods, food and drink, TVs, computers, clothing and valuables, usually up to a stated limit. This type of insurance is not compulsory, and no mortgage lender can insist you take out contents cover so you will need to source this yourself.

This policy pays out if any of your home contents are lost or damaged, following a burglary or a fire, an explosion, leaks or vandalism, and also for accidental damage.

All businesses are exposed to risks in their day-to-day operations. Without insurance cover to provide protection against some of these risks, businesses would find it difficult to operate efficiently and profitably.

All businesses that employ at least one person are legally required to have Employer’s Liability Insurance.

These days, many people are not afraid to seek compensation. No win - no fee advertisements encourage claims, and businesses need to protect themselves against liability claims that could run into millions of pounds. In addition, you could be held personally responsible and even face criminal charges if found negligent.

Adequate insurance is therefore not a luxury - it is an absolute necessity.