Nigel

Why would you do that?

One of the things I often find frustrating in my interactions with new prospects, is that some of them don’t want to tell me what I need to know, to get the result they want.

Why would you do that?

As a professional I think its my job to educate clients, so they can make better informed decisions. You can’t do that if you don’t have all the information.

They can’t do it and I can’t either.

If you engage with a professional you need to tell them everything about your business and how you operate, otherwise you won’t get the right advice.

Sometimes I think they think, If they tell me everything they do, the price will be higher?

It won’t be higher, it will be the correct price for the risk exposure associated with the activity.

If you don’t tell me everything you do, then don’t be surprised if there’s a claim, that your insurers avoid it on the basis of misrepresentation.

Basically, “you didn’t tell us you did that!”

All you will be holding is a very expensive bit of paper, because the insurance won’t do what you need it to do, when you need it to do it, and that’s what matters most.

1. Open up.
2. Get the right advice.
3. Pay the correct premium
4. Sit back and relax

Have a great weekend everyone 😎

 

Frustrated Customer

WWW the widest choice in the world, or is it?

When people start a business, they simply don’t know what is required and if it’s a very simple start-up, they often just go straight to the internet and start filling in online requests!

WHY?

Because they believe its where they will get the widest choice and the most competitive premium.

The problem with this is they assume that what they ask for is what they are going to get and that is not always the case!

Going online for complex financial services is simply like walking into a supermarket.

What you see on the shelves is what is available. There might be much better options on quality and price, but you will never see them.

In some cases, there is only one product and because it’s the only one they have, that is what will be put in front of you. Suitable or not!

  • No advice
  • No guidance
  • No knowledge to make an informed decision
  • No professional selection

A professional broker will give you all of these and make sure the solution is tailored to your needs, #becauseaccidentshappen to nice people all the time.

What’s more because of the wide selection of insurer’s we can approach, our price is very often better than the internet.

Professional advice and guidance at no extra cost, why would you do anything else?

Just get in touch and let us guide you through the minefield 029 20 470 375

Have a great day 😊

Severn Bay Logo

Our Unique Service Proposition.

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 save you up to 30% on your current spend

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

Have a great day 😎

 

Insurance Review

A Full Open Market Review.

When di you last have a full, open market review of your business insurance programme?

  1. In the last 12 months
  2. Over 3 Years ago

If the answer is (2) you could be missing out on saving £1,000’s of pounds in premium.

The insurance market is dynamic and prices move all the time, some insurers come into sectors and some move out.

If you haven’t reviewed your programme for over 3 years just follow this link to book a full review:-

Save 30% on your insurance – Severn Bay

Have a great day

Booted & Suited

It can’t be that simple, can it?

I constantly talk to my clients about business, it’s what I do.

Whether that is on the business continuity, insurance, risk management or consulting side of life.

I always try to add value, so my clients get more than they expect. I want to educate them so they can make better informed decisions in business.

40 years of knowledge and experience, often distilled into a single sentence, bringing clarity and awareness.

Lightbulb moments are often a thing!

My mission in consulting is simple: –

“I help founders and directors create detailed plans, to support growth and development in their businesses.”

Pretty neat, eh?

Well, it would be if all businesses were the same, but of course they are not.

They will however all go through 6 distinct phases, and understanding what is needed at each stage is key.

  1. Start-up
  2. Expansion
  3. Stable
  4. Mature
  5. Exit
  6. Sale

First you need to know where you are, evaluate how much have you achieved, and what is left to be done, before you can move on to the next stage.

I can help you avoid the common mistakes, that you don’t need to make, but will, when you don’t know, what you don’t know.

If you follow this simple model supported by detailed plans at each stage, and then execute them effectively, I can almost guarantee success and a profitable and happy future.

Accountability is guaranteed through every stage, so you don’t wander of the path to success.

Advice and guidance are available 7 days a week, at the end of the phone.

Prices start at very affordable levels, £100’s per month, not £1000’s and there is no contract tying you in, regardless of effect i your business.

You engage for as long as you like and find value, in business or personally.

If you’d like to know more, then just message me here.

Have a great week 😎

 

SB Logo

A lost profit, or a loss of profits?

One of the most complex parts of insurance cover is business interruption, so maybe a short explanation is in order?

For most business the cover will be based on “Gross Profit” and that is turnover, less the cost of raw materials with nothing else deducted, especially wages, as you will need to pay your staff.

For service businesses its “Gross Revenue”, which equals turnover and for landlords it can be loss of gross rental income.

The next thing to understand is that in 99.9999% of cases you cannot have a claim for business interruption, unless physical damage has occurred.

This has to be for one of the identified perils, such as Fire, Lightning, Explosion, Flood, or Storm!

There are a number of extensions, but these vary greatly between policies. In some cases the cover is as little as £25,000.

These extensions normally include the following:

  • Failure of public utilities.
  • Denial of Access – Physical Damage.
  • 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 vary greatly with very low sums insured.

If you really want to know, you have, talk to a professional and take the time to understand what cover you need, #becauseaccidentshappen to nice people all the time.

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

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

 

Nigel

Is it covered?

I once remember getting a call from a landlord who wanted to know if he was covered!

He was asking if he could claim for a new boiler because his wasn’t working any more. I asked why it wasn’t working and it transpired that it was simply old and had worn out.

I then had to explain that all insurance policies were designed to respond to defined “perils” such as Fire, Lightning, Explosion, Storm, Theft, Malicious Damage and that these events had to happen on an identifiable date.

What they are not designed to do is replace routine maintenance, or simply pay for things which have reached the end of their natural life.

Its why all policies covering damage to property always have a condition excluding damage resulting from any gradual cause, including deterioration, wear and tear.

This includes mildew, fungus, climatic or atmospheric conditions, frost, wet or dry rot.

An exclusion also exists for vermin, insects, chewing, scratching or tearing, or fouling by pets.

There are other exclusions routinely applied and in the contents section of your policy, look for “Exclusions that apply to the whole of your policy” or a similar wording.

Most of these are common sense applied to things which ae never meant to be covered, or in some circumstances where compensation would come under law, or from the government, such as sonic booms, war, or nuclear explosions.

If you’d like to know more about the detail of your policy wording, and what is and is not covered, in any particular circumstance, I’d relish the challenge!

I don’t think there is a question I can’t answer, so have a go!

SB Logo

What a liability!

In business you insure STUFF you can see touch and feel!

You insure your LOSS OF PROFIT or REVENUE if the worst happens!

Lastly you insure your LIABILITIES, for everything you’ve ever done or will do.

This last category, Liabilities is by far the most important as this is where the biggest losses are likely to be and now with the advent of No Win, No Fee lawyers it is easier then ever for someone to have a go at you, often at no cost to themselves.

 

There are 4 main concerns, they are:

El = EMPLOYERS LIABILITY – Injury to employees or damage to their property

The only Liability cover required by Law, with heavy fines or even jail terms for non-compliance

Pl = PUBLIC LIABILITY – Covers damage to property or injury to people outside your business.

PD = PRODUCTS LIABILITY – Covers damage to property or injury to customers, by the product you manufacture, sell or supply.

PI = PROFESSIONAL INDEMNITY – Covers financial losses of your clients, where they allege the loss results from your negligence, errors, or omissions.

 

LIMITS of LIABILITY

EL – £10 Million as standard & £5 Million for terrorism, although only £2 Million required by law.

PL/PD – £2 Million base level, although, £5 more standard. Extra layers as required.

PI – £100,000 base level, with limits up to £5 Million not unusual

 

Obviously, there are lots of specific circumstances, for instance medical negligence PI often covers bodily injury also. If you can think of a situation where a Duty of Care arises, and that is almost any situation where you take some money off someone, to do a thing or sell a product, then an insurance contract will exist to cover the liability that arises.

If you want to know more, then jump on over to book your FREE discover session @

🔵Save 30% on your insurance – Severn Bay

Questions

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

Solicitors

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 😎