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Back to basics on a Friday morning, ready for Monday.

Twas ever thus!

Back to basics on a Friday morning, ready for Monday.

When you start a business you will need some insurance, but what are the very basic covers you need on day 1?

Its best to think of them in three categories, which are:

  • Damage or destruction of physical assets – Buildings, stock equipment etc…
  • Interruption loss of profits
  • Liability for things other people might claim against you

Damage is covered by what are called specified PERILS, things like Fire, Lightning, Explosion, Theft and Accidental damage. There is a long list of what is covered, but you need to be aware primarily of what is NOT covered so you can aim off for those circumstances.

Wear and tear, gradual deterioration, war, nuclear explosions, sonic bangs, electronic malfunction and disease being some of the main ones.

Next, we look at interruption loss of profits. This covers the loss of income if you can’t trade following a material damage loss as above. There are soe other limited benefits, but they are small. Failure of utilities, damage t suppliers or customers, murder death and suicide, and damage related denial of access.

Finally, we look at liabilities. Primarily Public, Products and Employers liability. In all cases they ae covering INJURY or DAMAGE caused to other people outs ide your organisation, on in the final case your employees, where it can be proved the injury or damage was the fault of your organisation.

You should note that Employers Liability is required by law and failure can result in fines up to £2,500 pe day or in extremis up to 6 months in jail.

Professional liability is also an issue where you provide a service or give advice. This covers financial losses suffered by your clients where they allege it results from your negligent errors or omissions. You did something wrong, or you didn’t do something you should have.

These are the three basic elements that form the bedrock of any commercial insurance programme. There are of course many more such as credit, cyber, crime, goods in transit, money, marine cargo all of which would be taken into account in specific circumstances.

After 40 years I still learn something new every day, because the world of business doesn’t stand still and the products that can be put in place to respond change and develop over time #becauseaccidentshappen to nice people all the time.

If you’d like to know more just drop me a line.

Have a great weekend.


World disaster

How long do you have?

If you’re running a business than “coal face” matters tend to take precedence, especially where customers direct and determine the work you need to do, and the timescales involved. After all the customer is king and if you want them to part with money, you have to provide what they want, when they want it.

But what about all those integral business running matters that you know you need to get to, but never have enough time to get to them?

Continuity, Insurance and Risk Management might not seem that important, until the proverbial hits the fan and you’re scrabbling around for solutions, to problems you had either thought were catered for, or had not even considered.

Some of the most challenging situations I have faced with clients, are the ones they never even considered. They just weren’t in their line of sight.

Everyone buys insurance, because they know they need to, but they don’t really consider the range of covers provided and more importantly they don’t understand the limitations and exclusions.

Only if you set time aside to consider these matters in detail, can you possibly understand the planning and risk management required to cover off all the events that might prevent you from delivering your products or services and which might interrupt your income stream, that are not insured and never will be.

Unfortunately, it’s too late when the event occurs!

When time has run out!

You have less than you think?

If you’d like to know how a very small investment in time and money can give you almost complete peace of mind, in your business, just message me here

Have a great week

Remember #successisachoice

You just have to decide if you want it?