Every business needs insurance - sole trader, limited company, CIC, ebay seller, market stall holder etc. Many small businesses have had policies placed with a company called Gable Insurance, who have now been placed into administration.
How Do I Know If They Are My Insurer?
Check your documents. You will have used a broker who would have placed your insurance with an insurer, so, whilst you may have spoken to someone else, check your insurance documents or call your broker.
What Does This Mean To You?
At the moment, not much. The business is in administration and being run by PwC.
Whilst the Financial Services Compensation Scheme will apparently cover 100% of claims for Employers liability under Public or Products liability only 95% of losses are covered. If you therefore have a large PL or Products claim this could leave you personally responsible for 5% of the loss. Could this leave a big hole in your finances?
What Are Your Options?
- Replace the cover today with another insurer (you may not get a refund on your old policy)
- Keep your cover with Gable until renewal and accept the risks yourself
In either case, please contact your broker as a first point of contact.
Remember, YBC Premium members get access to preferential insurance rates - call us on 0333 358 3399 for more information.