Liability Insurance Archives

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

5th September 2023/0 Comments/in Business insurance, Commercial, insurance premiums, Liability Insurance /by Nigel Adams

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 😊

Our Unique Service Proposition.

4th September 2023/0 Comments/in Business insurance, Commercial, Continuity, insurance premiums, Liability Insurance, professional indemnity insurance, property, Resilience, risk management /by Nigel Adams

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 😎

What a liability!

3rd August 2023/0 Comments/in Accountants, Business insurance, Employers Liability, Liability Insurance, professional indemnity insurance, Solicitors /by Nigel Adams

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

Top Tips

4th July 2023/0 Comments/in Business insurance, Charity, Cyber attacks, Gross Profit, insurance premiums, Liability Insurance /by Nigel Adams

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:

Physical sums insured
Gross Profit
Turnover
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 😊

It’s a new dawn and a new day and I’m feeling good!

22nd May 2023/0 Comments/in Blocks of flats, Business insurance, Business Interruption, Commercial, Industrial, Insurance Claims, Let, Liability Insurance, professional indemnity insurance, property, Residential /by Nigel Adams

Bet you just sung that with a southern twang?

What gets you going on a Monday morning?

For me its knowing that I can make a real difference to people who care about getting the right advice at the right time. If they are prepared to engage with me and let me find out all about their business then I can understand what they do, assess the exposures and give them the correct advice.

Now we all hope we don’t ever need to use our insurances, but in truth that’s not the real world and with no-win no-fee legal cases on the rise, sooner or later someone disgruntled individual will probably have a go at you, justified or not.

If you have valuable assets, buildings, stock, equipment and machinery, then they must be protected correctly. If they get destroyed, damaged or stolen and your insurance isn’t correct, your claim could be void and you are left holding a very expensive piece of paper.

Getting the correct advice and guidance is essential, suitability is everything and the devil is always in the detail of the wording, which to be honest most policyholders never read.

We do, so you don’t have to.

Want some good advice, free at the point of discussion. Just call 029 20 470375 or message me here.

Have a great week 😊

Accidents can happen!

15th May 2023/0 Comments/in Business insurance, Employers Liability, Liability Insurance /by Nigel Adams

The absolutely worst claims I have ever had to deal with in 40 years are always those that involve serious injury to employees.

They are serious for the employee who might face serious life changing injuries and a significant period where they can’t work, or may even die, with the awful consequences for the family and dependents.

Its terrible for the business that now has to deal with the implications. Did they do everything they could do, was their health and safety system robust, were all the correct risk assessments in place and communicated to employees, will the H&S Executive or local authority carry out an in depth investigation and so on…..

Sometimes, the accident is the result of a simple accident that no one could have foreseen or more often a careless or thoughtless action by the employee or others working with them, either way whatever happens, compensation of some sought will be due to the employee or their family and that is where employers liability insurance comes into force.

Whilst the implications in disruption, time and resources re considerable for the employer, failure to have the correct liability cover in force can result in fines of up to £2,500 per day and in serious situations, up to 6 months in jail for the directors or principals in the business.

So when does the law make Employers Liability Insurance a legal requirement?

Under the regulations of the “1969 Employers Liability Compulsory Insurance Act” and subsequent statutory regulations Employers Liability cover must be in force where:

A business has any employees and they are employed for as little as 1 minute of 1 day in any year! This includes unpaid volunteers, interns and the like, effectively anyone working in and for a business. This also includes directors or trustees in a limited company or charity. The only exclusions for businesses are:

Single Director Limited Companies with no other employees

Unincorporated businesses where there are principals / partners and no other employees

If you are unsure whether or not you need this cover then seek professional advice or contact us for a completely free assessment of your position, we can set your mind at rest and provide the correct cover for your situation should you need it.

Just call 02920 470375 or email info@severnbay.com

After all no one goes to work to be injured or killed and no business owner wants to end up in jail.

BIBA 2023 Manchester Central

9th May 2023/0 Comments/in architects insurance, Blocks of flats, Business insurance, Business Interruption, Business Skills, Car Insurance, Commercial, composite panels, Continuity, contractor insurance, Cyber attacks, engineering insurance, Financial Adviser, fire risk, fleet operators insurance, food manufacturers, food production technology, Gross Profit, Gross Revenue, Industrial, insurance premiums, joy and happinness, Landlord Insurance, Let, Liability Insurance, Loss of Profit, Manufacturers insurance, Marin Insurance, marketing, Motor Insurance, product recall, professional indemnity insurance, property, Residentail, Residential, Rest and Relaxation, retailers insurance, risk management, Team Members, Tourism, Uncategorised, Van insurance, Wholesalers, Working from home /by Nigel Adams

As a proud member of The British Insurance Brokers Association for over 40 years, and now as a board member, I can say without any hesitation that the BIBA conference in May each year, bringing brokers and insurers together in one place for three days, is one of the best and most productive weeks of the year.

This year the theme is “Rising to the Challenge” The BIBA Conference 2023 | The British Insurance Brokers’ Association

If you have annual arrangements you wish to arrange or renew, doing it at the BIBA conference each year is probably the most effective way. The range of providers present and more importantly decision makers, all in one place make for an excellent conference.

Add to that the line up of keynote speakers and sessions each year, bring everyone up to date with what’s new and emerging as well as all the legal and regulatory matters that will affect our businesses going forward over the next 3 – 5 years. If you are an insurance professional #biba2023 is the place to be.

It’s also nice to be in the middle of something which has been in planning for the last 12 months, leading directly from the manifesto which is published in January each year. In 2023 we are #managingrisk & #deliveryingstability.

Looking forward to meeting friends old and new and securing services that will directly benefit our clients going forward.

Have a great week, I know I will.

Do you know what Professional Indemnity policies cover?

3rd May 2023/0 Comments/in architects insurance, Business insurance, Liability Insurance, professional indemnity insurance /by Nigel Adams

Ok here is the short and simple explanation, they cover:

* Financial Losses
* Suffered by your clients
* Where they allege that
* Those losses are the result of
* Your Negligence, Errors or Omissions

Things where you didnt exercise a reasonable professional skill, things you did wrong or things you didn’t do.

Normally required where advice or a professional service is provided #becauseaccidentshappen to nice people all the time.

Can extend to include things like, slander, libel, loss of documents & remediation.

Bodily injury can be included where the service relates to the provision of medical or human services, normally termed as Medical Negligence.

Want to know more?

Just call us on 029 20 470 375 or message me here.

Have a great week

PI or not PI, that is the question for today?

2nd May 2023/0 Comments/in Business insurance, Liability Insurance, professional indemnity insurance /by Nigel Adams

Getting quite a lot of leads through the BIBA website for Professional Indemnity risks at the moment, as businesses struggle to find the solutions they need.

Professional Indemnity is about 35% of our business, including the most difficult to place categories, which include:

* The Legal Sector
* IFA’s
* Mortgage Brokers, including Bridging Loans and Foreign Residents
* Design & Construction
* The Renewable Energy Sector

All in a days work at Severn Bay where we have fantastic direct insurer relationships and highly developed London Market operations.

Doesn’t matter where you are in the UK, we can place your business, quickly, efficiently, with great advice and support throughout which is #openhonesttransparent

Just get in touch to see what we can do on 029 20 470 375 or message me here.

Don’t sweat it, let us do it for you.

Let’s Talk about Insurance basics 101 – Part 3

20th April 2023/0 Comments/in Business insurance, Liability Insurance, professional indemnity insurance /by Nigel Adams

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 😊