Henry Newby, Partnerships Director at Superscript has given his insights into the industry.
Insurance has a reputation for being complex and time-consuming – and it isn’t always easy to find the right cover. That’s where Superscript comes in.
Superscript does things differently, with personalised cover, monthly payment options and fee-free policy adjustments.
They offer a wide range of covers, including professional indemnity insurance – a requirement for all SBID members – public liability, employers' liability, cyber and equipment insurance. And with their intuitive online platform, you can be fully insured in just ten minutes.
Interior design may not seem like the most hazardous of professions, but every business is exposed to risks. Our wide range of insurance products support interior design professionals by providing relevant protection, so you aren’t left footing the bill in the event of a claim.
A key risk for interior design professionals is being sued for mistakes in your services. If this were to happen, our professional indemnity insurance could cover your legal fees, compensation costs and unpaid client fees.
We also offer: public and product liability insurance, in case you injure a member of the public or damage their property; employers’ liability insurance, which is likely to be a legal requirement if you have any staff; business equipment cover, to pay for repairs or replacements for lost, damaged or stolen kit; cyber insurance, in case you fall victim to cyber-crime; and plenty more useful covers.
It hasn’t always been easy for interior designers to buy and manage their insurance – so we’re challenging the status quo by providing cover that truly meets your needs.
No business owner looks forward to finding insurance, but our online signup process makes it quick and easy. Fill in some details, and we’ll present you with a range of relevant covers. It takes just ten minutes, so you can spend more time on the work you’re passionate about.
Your insurance needs may vary from project to project. For example, you could hire temporary staff for a one-off job, or you may need to change your working location to be on site for a few weeks. With Superscript, you can adjust your cover at any time, so you’ll always have the right protection.
We know that the claims process can be daunting, but our in-house team of experts will support you every step of the way. They can settle a claim in as little as 48 hours, so you can quickly get back to business.
We’ve had a lot of incredible highlights over the past year, but we’re particularly proud of the completion of our Series B funding round at the start of 2023. In the context of a challenging macroeconomic environment and shift in global investor appetites, this funding round represented a huge vote of confidence in what we’re building at Superscript.
We've also been settling into our beautiful new office in London's Square Mile. As every SBID member knows, a well-designed workspace makes all the difference – it's proving to be a great base for collaboration and innovation.
We’re still in the early days of our partnership with SBID, and we’re really excited about continuing our collaboration.
Through our partnership, we’ve been able to share our expertise with interior design professionals, so they get a greater understanding of the risks they face and how to best mitigate them.
We’re looking forward to further building our profile in the world of interior design, so we can continue providing valuable knowledge, challenging the perception of insurance, and supporting SBID members throughout their professional journeys. And it would be a huge bonus if we picked up some interior design tips from the people that know best!
Through our partnership with SBID, we’re aiming to make insurance more accessible – so members can run their business with peace of mind, knowing they’re protected from risks and supported by a team of insurance experts.
In line with SBID's Code of Conduct, all members are required to have professional indemnity insurance. To help interior design professionals meet these requirements and get the right level of protection, we’re giving SBID members 15% off their entire insurance policy for a whole year* (so make sure you join SBID to take advantage of this exclusive offer!).
About Superscript
Insurance should be a smooth ride, not a hop, skip and a jump. That's where we come in. With Superscript’s flexible, customisable business insurance, you can:pick the covers you need, leave the ones you don’t, pay monthly or yearly, it’s your choice, tweak your policy at any time, get a personalised quote in just four minutes. Plus, SBID members get 15% off. Get in touch to redeem: [email protected]
Save on professional indemnity insurance – a requirement for all SBID members – and more useful covers such as public liability, employers' liability, cyber and equipment insurance. As you’d expect, terms, conditions and exclusions apply.
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If you’d like to become SBID Accredited, click here for more information.
No matter how careful or experienced you are, working as an interior designer carries certain risks. Business insurance is designed to protect you from these risks, but it can be difficult to know how to get the right cover.
To make things a bit easier, we created this guide together with our insurance partner, Superscript. Here, we walk you through the basics of insurance for interior designers, outlining all the things you need to consider when choosing cover or renewing a policy.
Head to the Superscript website to find out more about the insurance solutions they offer and get in touch to redeem your exclusive discount today!
Business insurance is an umbrella term for a range of covers, each designed to protect you from different risks.
Some risks are more common in certain industries or sectors, while other risks are shared by most businesses. The risks you face are likely to change as your business grows – and they can even vary from project to project.
It’s therefore important to think about the risks involved with your work and to make sure you have the relevant covers in place at the right time. Here are some common covers you might want to consider:
Professional indemnity insurance
A must-have for SBID members, professional indemnity insurance is designed to protect you if a client claims they lost money because of problems with your work, your mistakes or negligence.
This cover can pay your legal fees, as well as compensation awarded to the client. It can also protect you against claims of copyright infringement, unpaid client fees and reputational damage.
You might see professional indemnity insurance referred to as PI or errors and omissions insurance.
Public liability insurance
In-person consultations in your office, visits to clients’ homes, trips to shops and showrooms – working as an interior designer often involves coming in close proximity to members of the public.
If you accidentally cause an injury or damage someone’s property while you’re working, public liability insurance can cover the cost of compensation claims and legal fees.
Employers’ liability insurance
If a member of staff gets injured or ill because of the work they do for you, employers’ liability insurance can cover your legal costs, as well as compensation awarded to the employee.
In the UK, this cover is a legal requirement for most businesses that employ other people – whether those staff are contractors, apprentices, full- or part-time employees, temporary or permanent workers.
Business equipment insurance
From everyday essentials to specialist gear, every interior designer relies on their equipment. Business equipment insurance can cover the cost of repairing or replacing your kit if something gets lost, stolen or accidentally damaged.
It can cover items that stay in one place (such as machinery), as well as portable equipment like laptops and smartphones. And if you have employees, it can also cover their items too.
Cyber insurance
There’s a common misconception that only large tech businesses are affected by data breaches, cyber attacks and hacking. In reality, these are risks for any business that uses technology and the internet.
Designed to protect you from these risks, cyber insurance can cover your legal fees, compensation claims and costs related to notifying those affected. It can also provide protection in the event of extortion, breaches of data protection laws and financial losses caused by system downtime.
There are two main reasons for needing certain types of business insurance: membership requirements and legal obligations.
Firstly, like many other professional bodies and trade associations, the Society of British & International Interior Design has specific insurance requirements for its members. As outlined in the SBID Code of Conduct, all members must have professional indemnity cover. So if you want to join the SBID, it’s essential that you get the right insurance – and maintain your cover throughout your membership.
Secondly, employers’ liability insurance is a legal requirement for the vast majority of businesses that employ members of staff. There are exceptions for businesses that only hire close family members or staff who work abroad. But if anyone else works for you, chances are, you’ll need to get covered. If you don’t, you could be fined up for £2,500 for each day without employers’ liability insurance. The law requires a minimum £5 million limit of employers’ liability cover and Superscript include a £10 million as standard.
Although you might not technically need other types of business insurance, there’s one very good reason to consider getting broader cover: the price of insurance is usually far less than the cost of a claim. And insurance can give you peace of mind that you won’t be left picking up the bill for things like broken laptops or data breaches.
As an interior designer, you know the value of tailoring your work to a client’s taste and preferences. And Superscript knows the value of personalised cover, made to suit your business’ needs.
With Superscript, you can:
Contact us to find out more about Superscript’s flexible, customisable business insurance – and their exclusive offer for SBID members.
Every business – from micro to multinational – should be able to get the right cover, made to suit its needs. Superscript is here to keep businesses moving. We qualify, quantify and offer insurance using data, analysis and technology, but we serve a huge number of business types, from dog walkers to dieticians, landlords to locksmiths, crafters to cryptocurrency exchanges.
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