Insurance jargon can be confusing.  So here are some simple definitions of some of the terms that Opticians & Optometrists are most likely to come across:-

1. Business interruption insurance: if you are forced to relocate or close your business temporarily because of an event like a flood or a fire this insurance cover pays out for expenses and loss of earnings.
2. Cyber risks insurance: (e-risks insurance) protects your business from online identity theft, hacker attacks and computer viruses.
3. Excess: this is the amount that you would pay towards an insurance claim made on a policy.
4. Employers’ liability insurance: this is a legal requirement for all business that employ people. If an employee suffers injury or illness at work and makes a claim, this insurance protects you and your business for legal costs and compensation.
5. Loss adjuster: if you make a claim on an insurance policy the insurance firm send out an expert who will assesses the size of the claim.
6. Office insurance: protects your business buildings and contents against damage and theft.
7. Personal accident (PA) insurance:  provides cover and pays compensation if you or an employee suffers an injury that prevents you or them from temporarily or permanently working
8. Professional indemnity (PI) insurance: provides cover against claims from customers for giving incorrect advice or making a mistake.
9. Public liability (PL) insurance: covers your business against claims from third parties for injury or property damage, for example a client tripping over in your business premises and hurting themselves.
10. Sum insured: this is used in building and content insurance and is the maximum amount of money an insurer will pay out in the event of a claim.

For information on all types of insurance relating to Opticians & Optometrists Business Practice get in touch with Infocus Opticians Insurance. We have developed specialist knowledge of the Eye Care Industry over many years and we will be able to advise you on all your insurance requirements.

Get in touch for a free quote today on 0161 925 5051 or alternatively, get a free quote online.

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