Optima Business
Who is it for?
Optima Business is available for businesses with a wageroll of up to £750,000 (typically 50 employees). The maximum sum insured per location for Property and Business Interruption is £4,000,000 including inflation protection uplifts.
What is covered?
Property
This section is compulsory and is designed to cover the Buildings, Machinery and Plant and Stock belonging to the business from loss or damage arising from a range of perils.
Cover can be selected from
-
Property All Risks (including AD and Theft) or
-
Fire and Perils
-
Theft (available with Fire and Perils)
Inflation protection in the form on index linking is included automatically
Cover for losses arising from the insured perils selected includes £2,500
money and £15,000 goods in transit.
If these limited covers are not adequate, for the needs of the business, separate
money and goods in transit covers may be selected.
Cover may be extended to include Subsidence and Terrorism
Business Interruption
Protecting business from a break in production or income arising from a peril insured under the Property section.
Gross Profit or Gross Revenue may be covered for an indemnity period of 12
months or more to suit the likely recovery period following a loss.
Sums insured may be Declaration Linked to protect against the effects of
inflation by providing a 33.3% increase in the Estimated Gross Profit or
Revenue.
Book Debts may also be covered against loss or damage from the perils insured under the Business Interruption section
Legal Liabilities
Protection for Employer's, Public and Products liability with the following maximum indemnity limits is available:
| Liability type | Indemnity limits |
|---|---|
| Employers Liability | £10m per insured event |
| Public Liability | £5m per insured event |
| Products Liability | £5m per period of insurance |
Optima Business may also be extended to cover: limited amounts of work
overseas and exports.
Terrorism cover for the minimum amount required by law is included within the
Employers Liability section but Terrorism is excluded under the Public and
Products Liability section.
Money
Cover can be selected for business monies in the premises - in and out of safe and in transit to the bank.
Personal Injury (Robbery)
This cover is provided automatically and free of charge when Property All Risks, Theft or Money cover is selected. Death and capital benefits of £15,000 and a weekly benefit of £100 per week for temporary total disablement are provided for injury to all directors, partners and employees arising from robbery during the course of employment.
Fidelity
Cover can be provided for acts of fraud or dishonesty involving theft of money or goods from the business by an employee.
Goods in Transit
Cover may be bought for own goods whilst being transported by either own vehicles, haulier, courier or post.
Computer Equipment
Accidental loss, damage or breakdown to computer equipment is covered whilst in the business premises or elsewhere in the UK. This section also covers the cost of Reinstatement of Data and the Additional Cost of Working following damage.
Glass
Extended cover for plain, plate, sheet and ornamental glass is available if Fire and Perils property cover is chosen. (Property All Risks option already includes damage to glass forming part of the Buildings, if insured)
Specified All Risks
The policy may be extended to include Accidental Damage cover for specified items whilst in the business premises or elsewhere in the UK. Items may also be covered whilst overseas.
Personal Accident
Benefits are payable in the event of death or disablement either at work only, or on a 24 hour basis. Temporary total disablement is also insured. Cover is provided on the basis of "Units". One Unit of benefit provides cover for £5,000 on death or total permanent disablement and £50 per week for temporary total disablement. Up to 10 units of benefit may be purchased.
Legal Expenses
Cover for property protection and prosecution defence costs for employers is automatically included without charge in all Optima Business policies. This basic cover may be extended to include a range of optional legal expenses covers to suit individual needs including:
| Legal expenses covers | Individual needs |
|---|---|
| Property | Tenancy Disputes Statutory licence protection |
| Employment | Employee disputes Data Protection Act Prosecution Defence for Employees |
| Tax | Tax Disputes Inland Revenue Enquiries Contributions Agency Investigations |
| Contract | Available if all other covers are purchased |
Helplines
Any business insured under the Optima Business policy also benefits from a range of special telephone services that are available at all times, day or night:
- Claim reporting telephone line
- Property repair helpline
- Glass replacement for broken windows helpline
- Legal advice helpline for tax and employment matters
Instalment Premiums
The premium payment may be spread over the period of insurance by making monthly instalments instead of one annual payment for a small additional charge
Risk Management
A robust Risk Management program is the key to minimising insurance claims and ultimately reducing the cost of insurance. Groupama's 'Managing Your Risk' booklet offers details advice to help reduce the risk of accidents occurring in the workplace. For larger more hazardous businesses a Groupama appointed surveyor will visit the insured premises and offer specific advice on risk management. Groupama also works with a specialist company called Risk Stop who offer advice and assistance in completing any risk improvements that are needed following a survey visit. Minimising the opportunities for unlawful entry to premises can significantly reduce the number and cost of fire and arson losses, because of this Groupama will insist on the fitting and use of basic minimum security protections when the business premises are left unattended. Full details are available on request.
PLEASE NOTE: Terms and conditions may apply in relation to some of the benefits detailed above. For more information please contact your insurance adviser.
