Insurance & Why It Can Save You Money
Posted on 4th March 2020
Choosing the correct insurance cover is a regular problem for many people, we are told to have, or that we need, car insurance, home insurance, business insurance, life insurance, health insurance and more. Not including the many different add-ons, additional extras and legal expenses options that come with each policy, it would likely bankrupt most people if they took out every insurance option available.
Each insurance policy has its’ own limits and indemnities and so, it is important to prioritise the most likely cover each of us will need. Some of the policies are easy to decide upon, car insurance is a legal requirement, but then do you want a policy that is full comprehensive, third party fire and theft or just third party damage? Which of the many optional extras do you want? Legal cover is a favourite add-on which often has no value and should be carefully considered, with key cover, courtesy vehicles, foreign travel cover and windscreen cover offering benefits to certain people depending on how you use your car and how much risk you are prepared to take.
Another legal requirement is employer’s liability insurance for workplaces. However, bizarrely, Public Liability Insurance is voluntary, even though most businesses will generally have some degree of public access. Businesses have a balance to strike, with those who have high footfall of customers likely benefiting from the insurance, albeit at a higher premium, whilst an unlucky accident that proves to have some degree of fault can be exceedingly costly.
Some issues, however, well considered, are beyond any reasonable foreseeability, a recent issue some businesses are facing being one involving Coronavirus. Many businesses are losing bookings and contracts due to travel restrictions and cancellations related to the Coronavirus outbreak.
However, as the UK Government has not yet designated this specific virus as a “notifiable disease” insurance policies are not yet activated and so business owners are bearing the losses themselves. This issue is complicated further by the fact that the Scottish and Northern Irish Governments have both declared the Coronavirus a “notifiable disease” and so business owners outside England and Wales are able to claim on the same type of policy, even though the UK government has not made the declaration.
MG Legal, your local personal injury solicitors, come across this type of issue on a regular basis. If a car driver is uninsured, the Motor Insurers’ Bureau does at least pick up the majority of the loss, pursing the uninsured driver themselves at a later date. With the ever increasing diversity of businesses, insurance is not always taken out, whether by choice or by mistake, by certain business owners and practitioners. Whilst many people believe that it is a simple matter to pursue a claim, obtain a Court Order and recover monies, this is not always straight forward. Uninsured businesses are often either sole-traders, who may not have the means to satisfy the Judgement against them, leaving the victim of their negligence with the unenviable prospect of obtaining blood from the proverbial stone. Also, Limited Companies, whilst appearing to have a sheen of respectability, are also a shield against pursing the business owner directly. If the Limited company is dissolved, or if it has no cash or assets, no matter how rich the Director(s) are personally, there is no way to obtain the money even though the Court has Ordered it.
It is highly recommended, therefore, that when thinking of insurance, you think not only of your own but of the insurance of the people or businesses you deal with. If you approach a beauty therapist, make sure they have valid insurance for the treatment you receive; take your car to a garage, make sure they’re insured to take your car on a test-run after repairing it; employ a tradesperson, make sure they’re insured for their trade.
At MG Legal, your local accident injury solicitors in Preston, we are experts at pursuing claims against negligent parties and we do so, successfully, every day. What we cannot do and what no amount of legal expertise or Court Orders can do is extract money from an uninsured business that has no monies. Conversely, should you elect not to insure yourself, but have funds or assets, it is possible to enforce a Judgement and for various measures to be taken against you, including attachments of earnings, bailiffs seizing your property or having a charge placed against any property you may own.
Should you have suffered any kind of injury or loss arising from an incident which you believe is the fault of someone else, please contact MG Legal, your local accident injury solicitors, to see if we can help you. We look to accept all instructions for personal injury claims on a Conditional Fee Agreement (no win, no fee agreement) basis and any other work on a fixed fee basis wherever possible.
Please contact MG Legal, your local accident injury solicitor, to discuss your case today by calling, emailing, using our web-contact form or by dropping into one of our offices in Lancaster, Garstang and Longridge.
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