The National Insurance and Guarantee Corporation Limited (NIG) is a UK-based insurance company with headquarters in Greater London, founded in 1894 to provide outstanding customer service and comprehensive insurance to individuals and businesses.
They are a subsidiary of the Direct Line Group. Since its first opening, they have racked up over £59 million in revenue, hiring over 300 employees to communicate with brokers and find the appropriate insurance for each customer. Their regional traded products can be subcategorised into commercial, motor and property cover, and enlisted below are their products.
Commercial Products Offered by NIG Insurance
NIG offer a selection of commercial products to their clients, and the covers listed below are their generalised insurance types that can extend to any number of trades and professions.
Commercial combined insurance comes in four sections: material damage, business interruption, liability and others. Firstly, material damage covers any equipment destructed at a third-party storage site or an exhibition.
This means that if your business equipment is damaged when stored, for instance, due to a natural disaster or stolen, the insurer will recompensate your business for these expenses. Unfortunately, this does not cover plants and machinery, so construction workers should further negotiate with NIG to add to this policy.
Secondly, business interruption covers the revenue of a business whilst it is unable to operate due to a temporary setback caused by an accident; this can be up to £50,000.
Liability insurance is the third type of cover included and the broadesT. It provides compensation for any expenses like recovering a damaged possession destroyed by a fellow employee or medical expenses if a client is hurt, legal fees associated with claims of slander, environmental costs, manslaughter. The last section is legal expenses, which includes hiring legal representation to battle claims.
Cyber cover starts from £92, the standard cover, but additional policies can be arranged. The typical cyber insurance at NIG compensates a business for the emergency repair for up to £100,000, removal of viruses and investigation of repairs for up to £50,000, as well as any fines the business receives are covered up to £25,000, and the cost of audits up to £10,000.
This inclusive cover is becoming increasingly more popular in this day and age, with thriving businesses recognising the importance of technology in the development of their company due to the advantages like faster connections and improved customer service. Supplementary additions to the standard policy include the loss of business income cover, which provides a payout of between £25,000 to £1 million if the business operations must be halted due to any cyber accidents that may occur.
This is useful so that the business revenue does not suffer whilst adjustments are in progress. Similarly, the data corruption cover can retrieve data lost that was deleted or encrypted by a hacker.
Liability combined insurance is a culmination of three liability covers: employers’ liability, public liability, and product liability. Employers’ liability is the most important in this package because it is a legal requirement in the United Kingdom. It protects workers from any injuries they may sustain from their work, such as broken limbs, deterioration in eyesight or hearing, and other work-related grievances. Similarly, public liability also protects against claims of injury.
However, they are associated with the claims of the public, not the workers. For instance, if a client entered a business establishment and slipped on a wet floor that had no sign up, they could sue the company. The public liability insurance would compensate them for their medical expenses and legal fees. Lastly, product liability protects against any damages caused due to a faulty product, whether this is sold as a transaction or given out for free. This type of cover is especially useful in food and beverage related businesses as severe illnesses like food poisoning could be sustained.
NIG Insurance Motor Products
The motor covers offered at NIG are targeted towards business owners that require insurance for the vehicles they use within their business for work-related purposes. The drivers insured could be several employees to protect the commercial vehicles in their day-to-day use. The commercial vehicle cover is a one-vehicle annual contract, which allows many employees to be insured for the usage of the car so long as they are named under the insurance policy.
Not are covers available solely for work-related purposes, but there can be an additional policy to include ‘domestic’ use of the car for leisurely trips. Most importantly, damage to the company vehicle caused by third parties like other drivers is insured for up to £2 million. Additional covers at an extra cost include theft excess, accidental damage excess, vandalism excess and windscreen replacement.
NIG Insurance Property Products
The premier property owner insurance includes six covers and an optional cyber cover to create a comprehensive policy to protect landlords from incurring financial loss due to accidents that may destroy their property. The material damage cover allows for accidental property damage up to £150,000, repairing or replacing whatever is damaged inside the property. Furthermore, there is compensation for the loss of keys to the property and the removal of the tenants’ belongings and remains after they have left.
The loss of income cover goes hand-in-hand with the material damage cover, allowing for a lump sum when the property is too damaged to be liveable by tenants and paying this for a selected period until the property becomes habitable. Lastly, the legal expenses cover provides a payout for any legal fees associated with occupant disputes and rent recovery for any failures to pay rent by the tenants.
NIG Insurance – To Conclude
In conclusion, NIG offers numerous types of cover depending on what type of business is run and the services they deliver. From combined commercial insurance for new businesses to motor cover for employees needing to drive long distances to get to their clients, various policies could create the ideal insurance when combined.
Find out more about the importance of insurance here.
Other useful links about Business Insurance:
Churchill Business Insurance
Hiscox Business Insurance
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