trafalgar risk management limitedtrm - computer contractors insurance

Frequently Asked Questions - And Answers

Click on the links below to go straight to the question and answer


General questions

 1 - Can I pay in instalments?
 2 - Can I pay over the phone?
 3 - How do I know that I won't be spammed?
 4 - How long does it take to purchase cover?
 5 - I am not sure what my annual turnover will be?
 6 - I have recently applied for cover, but have not received my login details?
 7 - If I cancel my policy in the first year, what refund do I receive?
 8 - Is your website secure?
 9 - What if my turnover increases during the year?
 10 - What is Employers Liability
 11 - What is Insurance Premium Tax (IPT)?
 12 - What is Legal Expenses Cover (for ICB members)
 13 - What is Professional Indemnity?
 14 - What is Public Liability?
 15 - What is Tax & VAT Investigation cover?
 16 - What is the difference between the Standard and Premium Packages?
 17 - What is the Policy Fee for?
 18 - Which Insurers do you use?
 19 - Why do I need to provide an email address?
 20 - Will I receive anything in the post?

Policy Documentation

 1 - Can I look at what you cover before I buy a policy?
 2 - How long is it before I receive my documentation?
 3 - Why is the premium(s) on my policy schedule(s) different to the amount I paid for my insurances?

Quotations

 1 - Can quotations be given over the phone?
 2 - How long does it take to get a quote?
 3 - My partner is employed and is on the payroll. Should I include them within the number of employees?
 4 - What if my turnover increases during the year?
 5 - What is Insurance Premium Tax (IPT)?
 6 - What will the quotation include?
 7 - Why do you charge a Policy Fee?
 8 - Will I receive a quotation for both the Standard & Premium packages?

Premium payment

 1 - How can I pay for my insurances?
 2 - I am reluctant to provide my credit card details over the Internet. Can I pay any other way?
 3 - Is your website secure?

Renewals

 1 - Do you send out reminders to renew?
 2 - How do I renew my policy?
 3 - I have renewed my policy, so why do you keep sending me reminders?
 4 - I will remember to renew before expiry. How do I stop the reminders?
 5 - Why do I need to provide an email address?

Mid Term Alterations

 1 - I need to increase my professional indemnity limit.
 2 - I want to upgrade to your Premium Package to include Liability.

Cancellation

 1 - If I cancel my policy in the first year, what refund do I receive?
 2 - What is 'claims made'?

Support Issues

 1 - How do I telephone you for support?




General questions

 1 - Can I pay in instalments?
      

Unfortunately this service is currently not available


 2 - Can I pay over the phone?
      

Trafalgar do not take credit card payments over the phone. You can only make a payment with your credit card online.


 3 - How do I know that I won't be spammed?
      

The information given to us including your email address is treated with the strictest confidence. Us and the insurers are the only people who will see your details. Every now and then we send out newsletters on subjects we feel may be pertinent to you, and the running of your company, but these will only ever come from us and never from an outside third party.


 4 - How long does it take to purchase cover?
      

We recommend you view the What's Covered pages under our Standrad and Premium package sections, ensuring the coverage given under our policies meet with your individual requirements. If our policies are acceptable, then the purchasing process - from obtaining a quotation to printing out your documentation - takes less than five (5) minutes.


 5 - I am not sure what my annual turnover will be?
      

Many people who begin in business are unsure what to put down for their estimated annual turnover. When calculating your annual turnover think about how many clients you may have. How much you will charge and how many hours you may work on their books. From there you should be able to generate a reasonable forecast for how much turnover you may generate.


 6 - I have recently applied for cover, but have not received my login details?
      

If you have completed an online application and been accepted, your login details will be sent to the email address included within the application. Therefore, please ensure the email address you use is one that can be accessed easily and one that you regularly check. On the odd occassion our confirmation and invoice email may be sent to the spam section of your emails. In these instances it is advisable to 'safelist' the Trafalgar emails to ensure this doesn't happen again.


 7 - If I cancel my policy in the first year, what refund do I receive?
      

Should you cancel your policy mid-way through the period of insurance, we will provide a pro-rata refund of the premium paid by you, as long the unexpired portion of your premium is over six months. If you have less than six months to run on your policy, we reserve the right to decline a refund and will look at each case individually. Commissions and/or fees are not refundable.


 8 - Is your website secure?
      

Our website uses high grade encryption (RC4 128bit). Encryption makes it very difficult for unauthorised people to view information travelling between computers. It is therefore very unlikely that anyone could read information as it travelled across the network.


 9 - What if my turnover increases during the year?
      

Whilst it is important that you declare your true estimated annual turnover for the period of the insurance's, its main use is to calculate premium. Should, during the policy period, your turnover increase slightly due to additional contracts obtained, then we really don't need to be advised. All you need you to do is declare your updated turnover when renewing your policy next year. However, should your turnover increase dramatically during the policy period, it is always advisable to make insurers aware of this fact. In these circumstances insurers may choose to ask for an additional premium, or simply note the new turnover and ask for it to be declared on renewal. If you are unsure as to what constitutes a marginal increase, it is always advisable to email us the details and we will inform insurers on your behalf and let you know their reply.


 10 - What is Employers Liability
      

Employers Liability (Compulsory Insurance) Act 1969 states that all limited companies must have an insurance policy in place, to protect against claims for any injury sustained by an employee of the company in the conduct of their business - even if you are the only employee.


 11 - What is Insurance Premium Tax (IPT)?
      

Insurance policies do not attract VAT (apart from one or two exceptions). Instead the government introduced some years ago Insurance Premium Tax, which is calculated as a percentage of gross premium applicable to each policy. This IPT is taken by us and paid over to insurers, who then pass it on the Inland Revenue.


 12 - What is Legal Expenses Cover (for ICB members)
      

The ICB Legal Expense cover provides indemnity to the Insured for legal costs to extent stated within the policy wording, against any Claim within the Territorial Limits for which the Insured may become legally liable, first made against the Insured and notified to the Insurer during the Period of Insurance arising out of:

1. Employment Disputes
2. Tax and Vat investigations

Please see the What's Covered page and policy wording for full details.


 13 - What is Professional Indemnity?
      

Professional Indemnity insurance provides cover for claims made against you in relation to any negligent act, error or omission, or breach of professional duty in the conduct of your business. The easiest way to look at professional indemnity is 'fee for service'. If you promote yourself as an expert in a specific field, and based on that information a client contracts to use your services, they have a right to believe you can do what you say. In the event that during or after the contract period, it is evident that you cannot or did not fulfill the contract for lack of expertise, the client has a right to seek recompense.


 14 - What is Public Liability?
      

Public Liability provides cover for claims made against you in respect of injury to third parties, or damage to third party property, caused by you in the conduct of your business.


 15 - What is Tax & VAT Investigation cover?
      

This policy is part of our Computer Contractor scheme and provides cover up to £10,000 in the event you are investigated by the Inland Reveue or Customs & Excise. It pays for you to employ an accountant to ensure your books and other information required by either government department are up-to-date and ready for inspection.


 16 - What is the difference between the Standard and Premium Packages?
      

The only difference between the two packages is Employer’s & Public Liability insurance. Our Standard package doesn’t include the two liability policies, whereas the Premium package does.


 17 - What is the Policy Fee for?
      

As our premiums are highly competitive, the commission earned from insurers are not enough to meet the administration and marketing costs involved in running our schemes. Therefore, we charge a Policy Fee on each individual risk to offset these costs. However, we continually check our premiums to ensure the overall cost to you isn't excessive, and remains market competitive. If we find this isn't the case, our premiums and fees are reviewed accordingly.


 18 - Which Insurers do you use?
      

We use a number of Insurers for our schemes and these can be found in the Initial Disclosure Document (IDD) on our website.


 19 - Why do I need to provide an email address?
      

Our philosophy is to make the purchasing and renewal of your insurances as quick and easy as possible. Therefore, streamlining the process to a complete on-line facility is optimum. For this to work we need to know your email address most used, as this is how we will contact you during the policy period and to advise you of renewal.


 20 - Will I receive anything in the post?
      

We have streamlined our entire operation making sure everything you require is available either online, or emailed to you. Nothing is posted using snail mail.



Policy Documentation

 1 - Can I look at what you cover before I buy a policy?
      

Our website includes a summary of cover for each policy we sell, along with the corresponding policy wording. This provides you with all the terms and conditions applicable.


 2 - How long is it before I receive my documentation?
      

The summary of covers and policy wordings are available on our website at any time to view and print out. Your schedule of insurance(s) is ready immediately once cover has been confirmed online, and can be retreived once payment has been made.

If you pay by credit card, we email you your login details straight away and the schedules can be viewed and printed.

If you choose to pay be cheque or BACS transfer, then we will send you the relevant login details once the funds have been received by us.


 3 - Why is the premium(s) on my policy schedule(s) different to the amount I paid for my insurances?
      

Under FSA regulations we are required to show the premium & IPT charged by the Insurer for that specific policy on the schedule of insurance. The overall amount we quote and you pay includes our Policy Fee, which is initially shown on the quotation page and then included within the invoice we email to you. This is the difference in the amounts.



Quotations

 1 - Can quotations be given over the phone?
      

We are unable to provide clients with quotations over the telephone. To obtain a quote, you will need to use our websites quotation engine.


 2 - How long does it take to get a quote?
      

Obtaining a quotation takes less than 30 seconds! Simply input your estimated annual turnover; trading status; number of employees and the limit of indemnity you require and a quote will be given.


 3 - My partner is employed and is on the payroll. Should I include them within the number of employees?
      

Yes, they should be included even if they are only employed in a company secretarial or administration role.


 4 - What if my turnover increases during the year?
      

Whilst it is important that you declare your true estimated annual turnover for the period of the insurance's, its main use is to calculate premium. Should during the policy period your turnover increase slightly, due to additional contracts obtained, then we really don't need to be advised. All you need you to do is declare your updated turnover when renewing your policy next year. However, should your turnover increase dramatically during the policy period, it is always advisable to make insurers aware of this fact. In these circumstances insurers may choose to ask for an additional premium, or simply note the new turnover and ask for it to be declared on renewal. If you are unsure as to what constitutes a marginal increase, it is always advisable to email us the details and we will pass these onto insurers on your behald and let you know their reply.


 5 - What is Insurance Premium Tax (IPT)?
      

Insurance policies do not attract VAT (apart from one or two exceptions). Instead the government introduced some years ago Insurance Premium Tax, which is calculated as a percentage of gross premium applicable to each policy. This IPT is taken by us and paid over to insurers, who then pass it on the Inland Revenue.


 6 - What will the quotation include?
      

Our quotations are made up of the gross premium required by Insurers, along with the Insurance Premium Tax payable (IPT) and our Policy Fee. The IPT & Policy Fee are specified at the bottom of each quotation.


 7 - Why do you charge a Policy Fee?
      

For us to successfully operate a streamlined online system as we do, our premiums need to be highly competitive. Unfortunately, this means we have to add a Policy Fee to the commission paid to us by Insurers on each case to meet administration and marketing costs. However, we continually check our premiums against market competitors to ensure the overall cost to you, including our Policy Fee, isn't excessive and remains competitive. If we find this isn't the case, our premiums and fees are reviewed accordingly.


 8 - Will I receive a quotation for both the Standard & Premium packages?
      

Yes, our system will provide you with two quotations. Simply select the package you feel you will need and input the details required to obtain a quote. We will quote on the selected package chosen, as well as provide you with a premium on the alternative package based on the same details.



Premium payment

 1 - How can I pay for my insurances?
      

Payment for your insurances can be made by Credit Card; Cheque; or BACS transfer. If you choose to pay by credit card your documents will be available immediately for printing. If you choose to pay by cheque or BACS, your documents will be released on receipt of cleared funds.


 2 - I am reluctant to provide my credit card details over the Internet. Can I pay any other way?
      

Yes. We accept payment by cheque or bank transfer (BACS) if you are uneasy providing your credit card details over the Internet. The drawback to using these methods is that you will not be able to print your certificates immediately. We will release your certificates once your cheque has been received by us, or your money has been received into our bank account.


 3 - Is your website secure?
      

Our website uses high grade encryption (RC4 128bit). Encryption makes it very difficult for unauthorised people to view information travelling between computers. It is therefore very unlikely that anyone could read information as it travelled across the network.



Renewals

 1 - Do you send out reminders to renew?
      

We will send out your initial renewal reminder 30 days prior to expiry of your existing policy(s). If we don't hear back from you we send out another reminder 14 days and 7 days prior to expiry. We also send a letter to you if we receive no response after the 14 day email.


 2 - How do I renew my policy?
      

Renewing your policy(s) is easy. We will send you an email 30 days prior to the expiry of your exisitng policy, asking if cover is to be renewed and providing you with a renewal link that will take you into your account. Simply check the details are correct, or make any necessary changes and hit the quote button.

This will give you your renewal premium and if all is okay, proceed as normal in completing and paying for the cover.


 3 - I have renewed my policy, so why do you keep sending me reminders?
      

Our renewal system works from the link included within the renewal email. Therefore, if you don't use that link to renew your policy, but simply log into our website and 'buy' cover again, our system won't pick it up and continue to send the renewal email to ensure cover is maintained.


 4 - I will remember to renew before expiry. How do I stop the reminders?
      

If you login to My Trafalgar using your customer ID and password, within the renew my policy section you have the opportunity of turning the reminder emails on and off.


 5 - Why do I need to provide an email address?
      

Our philosophy is to make the purchasing and renewal of your insurances as quick and easy as possible. Therefore, streamlining the process to a complete on-line facility is optimum. For this to work we need to know your email address most used, as this is how we will contact you during the policy period and to advise you of renewal.



Mid Term Alterations

 1 - I need to increase my professional indemnity limit.
      

To do this you need to be logged into your account. Please login using your customer ID and password. Please select 'Change my Cover' where you will given some options on increasing your indemnity limit.


 2 - I want to upgrade to your Premium Package to include Liability.
      

To do this you need to be logged into your account. Please login using your customer ID and password. Please select 'Change my Cover' from the menu on the left hand side where you will given some options to upgrade your policy to include Liability.



Cancellation

 1 - If I cancel my policy in the first year, what refund do I receive?
      

Should you cancel your policy mid-way through the period of insurance, we will provide a pro-rata refund of the premium paid by you, as long the unexpired portion of your premium is over six months. If you have less than six months to run on your policy, we reserve the right to decline a refund and will look at each case individually. Commissions and/or fees are not refundable.


 2 - What is 'claims made'?
      

Professional Indemnity is written on what's called a claims made basis i.e. it's the policy you have in force when the claim is made that pays out, rather than the policy you had when the work was carried out. So, if you complete your contract or cease trading and you drop your Professional Indemnity Insurance cover and a claim comes in subsequently - NO COVER. Basically, if you take out Professional Indemnity Insurance it's normally a long-term commitment.



Support Issues

 1 - How do I telephone you for support?
      

As we are an internet based insurance company providing all aspects of your policy here in this website we can offer you all the support you normally require through our normal contact methods which are FAQ's, Live Chat, and Support Tickets. If we cannot resolve your question or query after using these methods we will provide you with a dedicated telephone support number to deal with your query.




 

If we haven't answered your query

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Support – simply describe your problem or question and we will give you a response as soon as possible.

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Terms of business | Initial Disclosure | Security policy | Conditions of use
Trafalgar Risk Management Limited is authorised and regulated by The Financial Services Authority under registration number 311662.
Trafalgar Risk Management Limited is a member of the British Insurance Brokers Association.
Registered in England & Wales No. 03876370.
Registered Office: Audit House, 260 Field End Road, Eastcote, Middlesex, HA4 9LT.