Your staff and colleagues possess information about your business that could harm you if they leave – it makes sense to protect yourself. It is a fear that haunts every business owner – that one day a trusted colleague will walk out the door and set up in competition taking vital customer information, trade secrets and even key staff with them. To avoid this horrifying scenario a growing number of employers now insert a “restrictive covenant” in contracts to protect their businesses.... Read more >

Question: I own a company with four employees. All of us are required to travel throughout the UK and abroad as part of our business. I’ve bought annual travel insurance policies for everyone that include business travel, but is there more I should be thinking of? Answer: You’re right to check; as an employer you have a duty of care to protect your employees when they travel on business. You don’t say which countries you travel to for work as that too can make a difference particularly if... Read more >

Question: We currently run a fleet of three vehicles, two vans and a car. Each is insured individually, mainly because we bought them at different times of the years. We’re looking at expanding and doubling the numbers of vehicles, so is it worth our while to get a single policy to cover all vehicles, possibly including those we have yet to buy? What sorts of cover could we get? Answer: Fleet products these days start from just two vehicles, and if you’re looking to expand your fleet then it... Read more >

Question: We have insurance for our business, which is a small engineering firm – it covers our premises, our equipment and our stock. We’re just coming up to renewal now and I’m a little confused about how we value the stock – we buy in quantities of raw materials, which have relatively little value, then manufacture higher value components for other manufacturers. Because the proportion of raw materials to finished stock varies according to our order book, we’re not sure how we... Read more >

Question: A friend of mine who also owns his own business has just gone through an extremely stressful and expensive time when a former employee claimed unfair dismissal. I have a good relationship with my staff, but his experience has got me wondering if there’s any way I can protect myself against such claims? Answer: This is something small business owners ask about a lot, as such legal disputes and claims can be time-consuming and costly, and in many cases it doesn’t matter how good your... Read more >

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