Never give up

Well, that hurt a bit!

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I’ve been running regularly and competitively for the last 9 years. I knew I had to do something to stay fit when I left the army in 2014 after 30 years as a reserve infantry officer in Royal Welsh. Running seemed to be a relatively easy way to stay fit as I got older. Then I joined a running club in 2015.

Since then, I’ve done over 80 competitive races, from 1 mile, 5k, 10k, half marathons 13.1 Miles (21k) and a couple of full marathons at 26.2 miles (42k) even up to ultras at 71 miles (115km) but never got into London to do the road marathon and of course every year your getting older and it gets harder.

I was in the mix this year, having got a place in 2019, it was deferred because of the pandemic, but unfortunately due to life pressures and family circumstances, and to some extent my own ambivalence, the training didn’t go according to plan, and I just hadn’t done enough. I should have got around in about 4hrs 30mins, but it ended up being 5hrs 42mins.

At no point did I ever think, sod it I just won’t go.

When it was pouring down before the start line and I was cold, I never thought of binning it.

At 10 miles at Tower Bridge, when I started to get stomach cramps, I never thought of giving up.

At 18 miles in the depths of Canary Wharf when my legs were lacking energy, I never thought of giving up.

At 23 miles by Tower Bridge, with painful blisters starting on the balls of my feet, I never thought of giving up.

At 26.2 I was glad it was over. I was also satisfied that I had finished and completed a challenge that’s beyond 90% of the population.

In business, it’s the same as it is in life and running. If you say you are going to do a thing, then never give up on it and do what you say you will do.

How will anyone trust you, if they don’t know if you will do what you said you would do?

Always complete, always finish, be a reliable partner and it will come back to you 1000%

Have a great week 😊

Marketing Mix

The Marketing Mix

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I’m always looking for ways to get new customers.

I believe in the marketing mix, in essence you must have more than one activity ongoing, and at any given time one or more of them should produce results. Not all of them all the time and not the same ones at the same time.

If you find that a marketing activity is not producing results, you don’t necessarily stop doing it immediately, but you can decide to prioritise resources and time on the ones that are working best at the moment.

If it becomes clear that one activity no longer works, for very sound reasons, then you may well terminate it and only revisit it if circumstances become more favourable for its success.

Here are some of the ways in which we have gained customers over the last 10 years, it would be interesting to find out which ones you prefer and why?

  1. Referral Marketing
  2. Direct Mail or Email Campaigns
  3. Social Media
  4. Cold Calling – Phone or in Person

Today I’m putting to bed a renewal provision for a long-standing client and in the process, I will ask the client for a referral, but only once I believe they are happy with the result.

Clients can be some of the best champions for your business, after all if they are pleased with the results you have delivered, surely, they will be happy to refer you to their friends, colleagues or associates, comfortable that the referral will raise their standing at the same time.

To leave your happy customers out of the marketing mix, would seem to be an open goal you really can’t afford to miss.

Remember to be #openhonesttransparent because customers love it when they know you have their best interests at heart and that’s when they stay for the long terms.

Have a great day!

Loss of Profit

Pardon the Interruption.

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Let’s Talk about Insurance basics 101 – Part 3

One of the most misunderstood parts of insurance cover is business interruption or Loss of Profits insurance, so may be a short explanation is in order?

For most business the cover will be based on “Gross Profit” and in insurance terms that is turnover, less the cost of sales and crucially with nothing else deducted, especially wages as you will need to pay staff as the business recovers.

For service businesses its “Gross Revenue”, which equals turnover and for landlords it can be loss of gross rental income. The key thing is when designing a solution to make sure that the correct measure of income is identified.

The next thing to understand is that in 99.9999% of cases you cannot have a claim for business interruption, unless and until physical damage has occurred. This has to be for one of the identified perils, such as Fire, Flood, or Storm. Crucially and much in the news, disease is not a peril, so could never have triggered a business interruption claim in this respect.

There are however a number of non-damage extensions, but these vary greatly between policies, in respect of what is covered and how much cover is given for each. In some cases the cover is as little as £25,000, but can be as great as £500,000.

These extensions always include the following:

  • Failure of public utilities
    • Gas, electric and the like.
  • Denial of Access
    • Damage at neighbouring premises or on access roads
  • Damage at supplier’s premises
    • Can’t supply you with what you need
  • Damage at customer’s premises
    • Stops buying from you
  • Murder, death or suicide
    • Premises closed whilst police investigate

In some cases, there are other extensions but these are not always present and the cover and amounts are generally very small and limited to events happening at the insured premises.

So, if you really want to know what business interruption cover you have, talk to a professional and take the time to understand the cover, #becauseaccidentshappen to nice people all the time.

Feel free to message me, or call the office on 029 20 470 375 for free, no obligation consultation.

It could be the most valuable phone call you ever make.

Contract

Let’s Talk about Insurance basics 101 – Part 3

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One of the main reasons that businesses buy insurance, and in some cases the only reason, is to cover their LIABILITIES. These claims can run into £100’s of thousands of pounds, sometimes millions!

These are the things for which they are legally responsible, which if they mess up have financial impacts on other people, whether that is their employees, members of the public, other businesses or their customers. There are 5 main areas, which are:

EMPLOYERS – Covers damage or injury to employees of your business in the course of their employment. This is required by law. Fines can be up ton£2,500 per day or up to 6 months in jail for principals or directors who fail to arrange the correct cover for their employees. It’s the BIG ONE!

PUBLIC – Covers damage or injury to members of the public, essentially anyone outside your business.

PRODUCTS – Covers damage or injury caused to customers by the product you manufacture, sell or supply.

PROFESSIONAL INDEMNITY – Covers the financial losses of your customers, where they allege that the financial loss was the result of your professional negligence, errors or omissions, whether or not it caused bodily injury.

DIRECTORS & OFFICERS – Covers the legal costs of defending actions against directors and officers in their personal capacity, for actions against them in relation to their work for the business in which they are employed.

These are the 5 main liabilities businesses look to cover.

There are others which relate to corporate legal liability, employment practice, data protection, tax investigations, property, contract and tenancy disputes, as well as the requirement for debt recovery and statutory licence protection.

In these cases, legal expenses cover is available to cover the cost of defending an action or taking action against someone else.

If you’d like to know more about your specific liabilities, and the duty of care and how liabilities arise, then just get in touch for an informal chat. You might be liable for things of which you weren’t even aware.

Have a great day, don’t worry about these matters, let us do it for you 😊

Building Fire

At your peril!

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Let’s Talk about Insurance basics 101 – Part 2

MATERIAL DAMAGE is the main concern of most clients in the first instance, that is damage or destruction of STUFF!

We could be talking about buildings, stock, equipment, machinery, fixtures and fittings, computers among other things, but what are the actual events for which they are covered?

These are called the PERILS!

They include:

  • Fire, Lightning, Explosion & Earthquake
  • Riot & Civil Commotion
  • Malicious damage
  • Aircraft and aerial devices
  • Impact by vehicles, animals
  • Storm or Flood
  • Theft or attempted Theft
  • Subsidence, Ground Heave or Landslip
  • Escape of water or oil from fixed appliances
  • Falling Trees
  • Accidental breakage of fixed glass
  • Breakage or collapse of television radios or aerials
  • Accidental damage to underground pipes and cables
  • Wider accidental damage
  • All Risks cover world wide

Even with the all-risks cover you must understand, that an event must occur. There has to be an identifiable event that causes the damage, destruction or loss. Gradual deterioration over time is never covered, neither is normal wear and tear or fouling by domesticated pets.

There are a few more general exclusions which include War, Nuclear Explosions, Sonic Bangs, Electronic malfunction risks and now communicable diseases. The first three, along with diseases, are all events that would be addressed by governments or existing laws as the costs and implications are too widespread for any insurer to afford.

There are of course other extensions to cover and other more specific exclusions, so always read your policy wording, understand what is or is not covered, #becauseaccidentshappen to nice people all the time.

Better still ask a professional for advice.

Have a great day.

Trust in each other

TRUST is all you need.

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There’s a difference in spending money on what you WANT and what you NEED.

As human beings we tend to trust our own instincts and most of the time we are right, and that works for us, because we know what we want or need.

If it’s something you WANT, you will generally trust a brand and then buy from a reputable dealer.

If it’s something you NEED you will do research, but go back to trusting your own instincts, in the final decision, even if it’s a highly technical product or service and that can lead to understandable human errors.

So why not just talk to people who you already know, like and trust. Family and friends can be great sources of information, especially your more senior relatives, as are other professionals you already trust.

Don’t make an uninformed decision on personal research, ask someone you trust who would they use, its that simple.

I’d like to think anyone wo knows me would say I’m someone you could trust. I will do what I say I will do and stick to it. Technically proficient, qualified and experienced. You don’t have to believe me just ask anyone who knows me and see what they say.

Today I’m sorting solutions for a Mortgage Broker, a Food Manufacturer, a Wholesale Warehouse and a Commercial Photographer, all long standing clients who trust me to do what I say I will do:

The correct solution and the lowest price

Have a great day

Severn Bay Logo

Our Unique Service Proposition.

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At Severn Bay Corporate Solutions, we arrange Continuity, Insurance and Risk Management solutions, for businesses and property owners, #becauseaccidentshappen to nice people all the time.

We TRUST you to disclose everything you know is important and you TRUST us to search out and find the best solution that meets your needs:

We will promise that:

  • All our communications will be clear and concise
  • We will get you the correct technical solution
  • At the lowest price available in the market
  • We will declare our fee up front so you can see that it is reasonable

We will do this because we know it is the best way to GAIN or RETAIN clients for our business.

As wholly independent brokers, not tied to or beholden to any provider, we can search an extensive range of products, and tailor a solution to your specific needs.

We do that work for you, so you don’t have to waste precious time without the knowledge or experience to make value judgements about the suitability of what you purchase.

If you’d like a grown-up conversation about your requirements, one built on trust and a long-term relationship, just get in touch and speak to one of our professionally qualified advisers.

www.severnbay.com

Saying

Have you got what you need?

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I have no idea at all what I want and it’s no wonder!

A good friend of mine and running buddy lectures at our city university, and over many hours, we talk about almost anything and everything, mostly just to pass the time.

Her background is in fashion and commerce. Before becoming a lecturer, she worked for several international brands as a buyer travelling worldwide. One thing she has told me about university courses, is astounding.

Regardless of discipline, virtually no university courses ever sits students down and gives them any steer (over and above what some lecturers try to feed in) on how to set up a business and what that entails.

Nothing on banking, finance, intellectual property, legal matters, terms of business, and certainly nothing on insurance or the law relating to it, the mandatory covers and the criminal penalties for failing to set it up correctly.

So, here’s insurance 101 for new business founders:

  1. Employers Liability cover – Covers injury and damage to property of employees.

BY LAW if you have a limited company with more then one director or any company with employees. Failure to arrange £2,500 fine per day or 6 months in jail for directors.

 

  1. Public & Products Liability – Covers injury or damage to people or property outside your organisation, caused by your people or the products you manufacture, sell or supply. Protects you from claims made against you or your organisation

 

  1. Material Damage and Business Interruption – Covers damage to everything you own, including stock, equipment and business contents and the loss of trading profit that flows from their damage or destruction

 

  1. Legal Expenses – Covers the costs involved in defending or taking action in a number of other situations, including HR matters, Tax investigations, Property and Contract disputes, just to name a few.

 

These are the very basics all new businesses should have. There are of course others which are essential in particular circumstances, such as marine cargo, statutory inspections and vehicle insurances.

The only way to be sure you are properly protected is to engage with a professional and get advice which is normally free at the point of contact.

If you are setting up a new business, talk to professionals who can give you the correct advice and keep you and your business stable and safe as you grow #becauseaccidentshappen to nice people all the time.

Severn Bay Logo

It says “Solutions” in our business title!

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So, what does that mean for the clients we interact with?

As a professional in financial services, I like to think that I know what is most important to my clients, but of course like any other professional that view is skewed by my perception, which as with anyone is my reality.

I am however sufficiently reflective and thoughtful enough to understand that is probably not the truth. My clients have their own reality and will have priorities affected by a number of different characteristics, which might include:

  • The age of their business
  • The sector in which they operate
  • Regulatory pressures
  • Labour related matters
  • Competition
  • And profitability

So, I am asking this question with a genuine interest and to find out where customers current pain points are and what are the factors causing problems at the moment.

So here we go, what is your main concern?

  1. Cost
  2. Technical solutions and cover
  3. Professional Relationships
  4. Something else? (Comment below)

If I can better understand the problems clients and potential clients are facing, I can better design the solutions to take account of those problems.

I don’t want to shoehorn clients into off the shelf options, I want to design continuity, insurance and risk management solutions specifically for them.

Have a great week 😊

Nigel A Adams

Founder Director

Severn Bay Logo

Our Unique Service Proposition.

/0 Comments/in /by

At Severn Bay Corporate Solutions, we arrange Continuity, Insurance and Risk Management solutions, for businesses and property owners, #becauseaccidentshappen to nice people all the time.

We TRUST you to disclose everything you know is important and you TRUST us to search out and find the best solution that meets your needs:

We will promise that:

  • All our communications will be clear and concise
  • We will get you the correct technical solution
  • At the lowest price available in the market
  • We will declare our fee up front so you can see that it is reasonable

We will do this because we know it is the best way to GAIN or RETAIN clients for our business.

As wholly independent brokers, not tied to or beholden to any provider, we can search an extensive range of products, and tailor a solution to your specific needs.

We do that work for you, so you don’t have to waste precious time without the knowledge or experience to make value judgements about the suitability of what you purchase.

If you’d like a grown-up conversation about your requirements, one built on trust and a long-term relationship, just get in touch and speak to one of our professionally qualified advisers.

www.severnbay.com

Severn Bay Logo

Business Insurance Specialists