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Driving You Mad!

Let’s talk about motor insurance.

Along with Employers Liability Insurance (yes I know I bang on about it) Motor insurance for damage or injury to other people (Third Party Cover) is the only other compulsory insurance in the UK at the moment.

Some businesses have to have certain insurances to trade, but these are stipulated by regulatory bodies, not by statute law.

Let’s talk about COVER!

You will all be familiar with TPO – Third Party Only cover, which just about covers the legal requirement, then TPFT – Third Party Fire & Theft and Finally Comp – Comprehensive cover which covers damage to your own vehicle as well.

In truth nowadays TPO, TPFT are pretty defunct and almost all cover is Comprehensive. The main reason is that the biggest claims are the TP claims for injury, and Theft and Own Damage don’t add too much to the insurance cost.

Let’s talk about who can DRIVE!

Driving can be Insured Only, Insured & Spouse, Plus Other Named Drivers, then Any Driver, sometimes with an age stipulation, Over 21, 25 or 30. These restrictions often apply to sports models, or expensive vehicles. If imposed voluntarily they can reduce the premium.

Finally Let’s talk about USE!

This can be:

  • Social Domestic & Pleasure Only, then you can add Commuting to and from work.
  • Once you add Business Use by the insured in person, it becomes CLASS 1
  • Then adding business of the employer or partner, it become CLASS 2
  • Then adding commercial travelling it becomes CLASS 3
  • For commercial Vehicle you can add Carriage of your own Goods
  • Carriage of good for hire or reward – General Haulage
  • Privet Hire for taxis and the like.
  • Motor Traders get cover for Any Vehicle in their Care, Custody or Control

So that’s Motor Insurance in a nutshell.

If you have any questions just message me here

Have a great week 😎



A quick question?

A quick question?

This will only take a second.

I’m always interested to find out what my prospective clients think about their insurances, how much they care about what is provided and the relationship they have with their current providers.

If you are with your current insurance provider, but unhappy with the cost, what strategy would you adopt when the renewal is due?

  • Early engagement
  • Market search
  • Not interested
  • Something else?

Any further comments below please.

Have a great week



Important Numbers

Whenever you arrange insurances, you are asked to declare certain numbers and of course it’s absolutely essential that you declare the right number, so that when you need your insurances to work, they do so effectively.

So, here’s an explanation of some of them, in insurance terms!

BUILDINGS – Rebuild cost including, site clearance and architect’s fees NOT market value. A chartered surveyor is the correct professional to make this recommendation.


Replacement cost as new.

STOCK –         Cost price if the goods have not reached you or are in general stock, not sold.

Invoice price if they are on the way to the customer.

TURNOVER – Total invoices for the year.


Turnover less the cost of raw materials and NOTHING else removed.

There are lots of different versions in different industries, and sectors, where variable costs are often removed, but they should not be for insurance purposes.

GROSS REVENUE – Total invoices in businesses with no raw materials or buy in costs.

(Normally office based businesses, architects, accountants, solicitors and the like)

WAGES –        Total cost including all employer’s national insurance, bonuses etc…

So, there you have it. The key numbers you may be asked to declare and what insurers expect you to declare.


It’s that time of year again!

Solicitors and their friends and associates.

When the majority of Solicitors get all hot and sweaty about their PI (Professional Indemnity) renewals on the 1st October.

I hear this a lot from contacts and associates in the city of London, where premiums for the legal sector are the highest. The one thing they always rant about (apparently) is the cost of their PI Insurance.

I get this I really do.

Premiums in the legal sector have in some cases gone up by over 400% in the last 5 years.

What is also true is solicitors NEVER do what they need to do to get those premiums down!

Because of revulsion or apathy, they engage late with the existing provider, fill in a proposal form, then wait almost until the last minute, when they are told GUESS WHAT?

The premiums gone up again.

But there is an effective way to reduce premiums.

Engage early (and that means NOW) with a whole of market broker, who works on fixed fees, and has no other focus than to get you the cheapest premium available in the market.

It also means we get commitment to quote from a range of providers, before the existing insurer/broker can close them off with fake requests for quotes. It does happen!

So, if you want lower premiums just message me here to start the process, because:

If you always do what you always did, you are always going to get, what you always got!

And that means ever increasing premiums!

Act quickly

Act Now!

And let’s look forward to lower premium – Year on Year!

Have a great week 😎


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Business Interruption cover, or Loss of Profits Insurance as it is more commonly known does one thing!

It provides you with a monthly payment, when you can’t trade, following a significant damage to property which prevents you from operating your business.

Fire & Flood are probably the worst case scenarios, but there are others.

In all cases you need to specify 2 factors

  • The Gross Profit or Gross Revenue figure over 12 months
  • The indemnity Period, 12, 16, 24, 36 months

Gross Profit should be TURNOVER less the cost or raw materials (If there are any)

The indemnity period needs to be long enough so you can fully recover your business in any situation.

Get these two numbers right and after the insurers have remedied the damage or loss to your physical assets, they will pay you until you return to the same level of profit and turnover, up to the length of the indemnity period, if necessary #becauseaccidentshappen to nice people all the time.

Get it wrong and your business may never recover!

Have a great week 😎




Solicitors and Legal Firms beware!

Its that time of year again!


Professional Indemnity for Solicitors is always a hot topic at this time of year.


Traditionally all firms renewed on the Law Society scheme on 1st October, but since that scheme was broken up, at least 60% still renew on that date, with another chunk who chose 18 month policies, renewing on the 1st April and a smattering of new start-ups at other times.


This is a nightmare for firms and for the insurers.


Firms looking for alternative options to the existing provider are asking the limited number of underwriters not only to deal with their existing customers, but also prepare terms for the ones they don’t hold, all in the run up to 1st of October. In total there are over 600 firms.


The secret is to start early and I mean NOW!


That way we can approach insurers when they aren’t quite so busy with renewals. We can get a commitment to quote, which means if an existing broker then approaches them to “block off” that market, with a fake request for terms they can’t, because we already have commitment.


Also don’t fall for the option to “ONLY” consider a short declaration to get renewal terms. These short declarations do not hold enough information for alternate terms to be obtained. You’re just going to get the terms they want to give you, secure in the knowledge you’re not looking elsewhere.


It also means they don’t have to give claims experience to anyone else, because you signed a declaration to them. This is particularly prevalent at times when premiums are likely to reduce, like NOW!


If you want to get lower premiums work with a broker who works for fixed fees, or a % of the reduction achieved, and is not commission focused, with an interest in seeing your premium rise and their earnings with it.


Want to know how we can save up to 20% on your total spend?


Just message me here and don’t wait, there isn’t much time and the weeks are passing quickly.


Have a great week


Increasing costs

Oh no, not again!

Your business or professional insurance is due for renewal.

A week before you get a pleasant email from the provider or broker with your renewal quote.

It’s gone up again, for no particular reason.

Out of apathy or resignation you pay the bill and get on with your life.

But it doesn’t have to be that way, there is a solution and its easier than you think.

Work with a broker whose interests are directly aligned with yours.

Fixed fees and no commission conflict, just the lowest price available every year.

At Severn Bay Corporate Solutions that is exactly what we do

  • The Correct Technical Solution
  • At the Lowest Price
  • Declare a fixed fee which carries no tax, before you decide.

Our guarantee – That we will do that, this year, next year and every year you stay with us.

You get a professional relationship, great advice, a fully managed claims service and the cheapest price available every year.

What’s not to like?

Head on over to and book your discovery call now!

Remember, there is another way.

Have a great day 😎

#startups #contractors #claims


Big savings all around!

We are really passionate about our fee over commission model which is open, honest and transparent.

What’s more it delivers real savings to our clients, often between 20%-30% and that just by discounting the commission which would have been available and replacing it with a tax free fee, that is reasonable.

We recently saved one client with a multi-site retail business over £7,000 on an original spend of over £25,000.

What’s really disheartening is that the broker they had been using for many years kept them on a high commission paying product, which was actually missing an essential piece of cover.

We gave them the right product, at the right price and not only included the essential piece of missing cover, but also added full commercial legal expenses and loss recovery insurance as well.

If you’re going to do the job, do it well, and we always do 😎

Have a great day.

Important numbers

Top Tips

Here are 2 top tips to keep the cost down, when arranging your business insurances.

There are 3 numbers which are used to calculate the premium, they are:

  1. Physical sums insured
  2. Gross Profit
  3. Turnover
  4. Wages

Top Tip 1

Both (1) & (2) need to be accurate as these are values on which your claims will be based. If they are too low, your claims will be reduced by the amount of under insurance as a percentage %

They should be the replacement cost ITEMS or the cost to reinstate BUILDINGS.

Top Tip 2

Both (3) & (4) are simply used to calculate the premium once a year. They are not sums insured, so whilst they need to be reasonable, they should not be overstated. If they are, you are simply going to pay an increased premium based on something which hasn’t yet happened. Last years actual is a perfectly good number.

Brokers working on commission will want the higher figures, because they will earn more money.

Because we work on fixed fees, not commission, we will never ask you to overstate these numbers.

We want to keep your premium as low as possible, because we know that will make you happy.

Have a great day 😊

Busy Day Today

Busy Day Today!

Mondays are always busy, as we have a round of meetings first thing to set up our working week.

We cover everything that is important, so we all know exactly what we are doing, whose responsible for what and what needs to be done.

We set an agenda and follow it through, it includes:

  • Diary Check
  • Strategic Management Matters
  • Renewal work
  • Claims status
  • Financial Matters – Aged debtors
  • AOB

Everyone gets to participate and everyone’s input and opinions are considered, discussed and addressed.

By the end of the meeting I know I can leave all my colleagues to get on and do the necessary work for the week to be a success.

If they need me (wherever I am) they know my door is open or I’m only a phone call away.

This week I will personally be dealing with:

  1. An importer and reseller of kitchen and bathroom fittings
  2.  The fleet of a local bakery, with multiple shops
  3. Statutory Inspections for a plant and seed business in Paignton
  4. The combined solution for an international packaging company, specialising in retail bags
  5. And Private Medical Insurance for an accountancy practice

Have a great and busy week, the alternative is not attractive 😀😀