Insurances Flashcards
what type of insurance is a legal requirement and what are the consequences for not having it?
- employer liability insurance
- £2500 fine for any day in which you don’t have it
what amount must employer liability insurance cover?
at least £5 million
how many employees should a business have before getting employer liability insurance?
businesses must have ELI if they employ 1 or more people
what is public liability insurance and what does it cover?
- used when you have visitors to your premises or carry out work at client sites
- not a legal requirement
- can cover legal expenses or compensation claims if clients, suppliers or members of public suffer personal injury or property damage because of your business
what is professional indemnity insurance?
- important cover for businesses that give advice and provide a professional service to clients
- can pay for compensation claims and legal fees if a client suffers a financial or professional loss due to your ADVICE OR SERVICE
what is the minimum cover for small animal members?
£250,000
what is the cover for vet surgeons for representation in criminal proceedings?
£200,000
what is the cover for RVNs for representation in criminal proceedings?
£150,000
what is the cover for personal injury or damage to property?
£10 million
what does the VDS do in regards to insurance?
they can provide insurance, support and representation for VS and VNs throughout RCVS investigations
what does the VDS policy include?
- highly experienced claims consultants
- cover for support staff working under supervision of VS
- choice of indemnity limits for professional negligence
- no premium increase as a result of a successful claim
