BHP Community Ltd – Insurance Scheme for Social Enterprises
Partnership
BHP have worked in conjunction with the Probation Service and Irish Prison Service in order to build an understanding regarding the insurance requirements for social enterprises currently or planning to recruit people with criminal records. This process has highlighted the need for a sector wide insurance scheme specifically for social enterprises. This document sets out the details of this scheme.
The facility that BHP can offer is part of an overall scheme for not for profit groups so we have an intimate knowledge of the covers that similar groups require. BHP understand that a not for profit/ non-profit/ profit seeking and social enterprises are generally legal companies under the auspices of the Office of the Director of Corporate Enforcement (ODCE) and legislated under the Companies Law Act 2014. BHP are committed to working with the social enterprises to develop tailored solutions for each group which can include a site visit if appropriate.
The premiums are calculated based on the activities carried out by the social enterprises and also the projected turnover and wageroll. In general terms, lower risk activities generate lower premiums.
Activities
Insurers are eager to support the development of the social enterprise sector and to this end, will consider activities on a case by case basis to assess risk, governance, compliance to legal requirements as well as certification required for the industry within which they operate. It should be noted that there will be activities that are deemed to be unacceptable to the insurer. The suitability of these activities will be reviewed on a regular basis as the sector continues to grow.
If insurers decline to provide a quotation they will provide a reason for this. There is no formal appeals mechanism but each case will be reviewed on a case by case basis.
Underwriting Criteria
Quotations will be provided on the basis that the social enterprise consists of a board of directors who oversee delivery and implementation of health and safety statements etc and that the social enterprise avails of business supports on offer across the sector. Examples of such supports include, but are not limited to:
• Business mentoring
• Specific supports and training available through the Local Enterprise Offices, Social Entrepreneurs Ireland, Partnerships, Local Development Companies or other recognised body
• Business Model Planning & Mentoring programme delivered through the UCD Innovation Academy
• The Accelerator Programme offered by Social Innovation Fund Ireland
• Other supports provided by the Irish Social Enterprise Network
General Questions
• Do you have any additional one off activities? Please note that if any one off events are to be added, these need to be refereed to BHP prior to the event so the potential for any additional premiums can be discussed and agreed.
• Do you need cover for the Administration of drugs?
• Is there a bar?
• Have you had any previous claims in the past 5 years?
• Has any Insurer declined or refused to renew or terminated any insurance to which this proposal relates?
• Please provide details of this decline / refusal?
Property Damage Section
• Are all premises built mainly of brick, stone, concrete or other non-combustible materials?
• Are all premises protected by an intruder alarm or all external doors to be protected by a 5-lever mortice deadlock, cylinder operated mortice deadlock, deadlocking multi-point locking system or 2 key-operated security bolts with all windows/skylights to be protected with key-operated locks, steel bars, grilles, or lockable gates?
• Eircodes are required for each location that has any property to be covered.
• If NO to any of the above questions, full details must be submitted.
Covers that can be offered:
• Property Damage – non-standard buildings need to be referred to insurers such as portacabins, prefabs etc.
• Business Interruption
• Money details of safes need to be submitted.
• Commercial - All Risks
• Computer Equipment
• Public Liability
• Employers Liability – please note that any TUS workers seconded to these groups will be charged for.
• Personal Accident
• Legal Expenses
• Professional Indemnity
• Directors and Officers Liability
• Employment Practices Liability – please note that this is not available on the Allianz scheme but quotations can be provided separately.
• Cyber cover - please note that this is not available on the Allianz scheme but quotations can be provided separately.
Seeking insurance cover?
If you are a social enterprise and are seeking a quote for insurance cover, please contact Andrew Madden of BHP Insurances to discuss at the below details:
Andrew Madden Client Services Executive
Email: [email protected]
Direct Dial: 01 6299917
Mobile: 086 4614203