Boot stamping

It’s simpler than you think?

Survival is key, so you can #justkeepgoing

When I talk about the skill set that I have developed over the last 40 years, I try to make it easier for people to understand. Jargon is removed and basic concepts remain.

Sometimes they focus one bit and not the others, but it really is quite simple to understand the broad concepts, which are Continuity, Insurance and Risk Management. So, let’s break it down.

  1. Continuity
  2. Insurance
  3. Risk Management

#CONTINUITY is a very wide discipline that covers implementing and testing plans, in respect of events which can prevent you from delivering your products and services and may interrupt the income stream of your business.

#INSURANCE is simply the financial compensation backstop to a very small number of those events and even in the simplest business, you still need to know what you are going to do, directly after an occurrence. How do you do, what you had planned to do tomorrow?

#RISK MANAGEMENT is the act of setting up systems that run in real time alongside your business to reduce the likelihood of an event or to reduce the effect of an occurrence. Easy ones to think of are Health & Safety policies, Security systems and fire suppression systems.

Small businesses very often buy insurance and that is where it stops. Even in slightly larger ones they add in some risk management, but hardly any but the largest organisations carry out any detailed continuity planning, they just react when the chips are down and hope they are clever enough to survive.

If you have plans within your business that encompass all three, you should be well prepared for most events, even the ones you didn’t think about.

Happy to chat about your business and what you might reasonably do to ensure continuity and success over time.

Have a great day

Remember #successisachoice

You just have to decide if you want it

 

Defence

Where did my money go and how can I get it back?

Just because you have a financial loss, doesn’t mean your insurance will pay up, so understanding what is and what is not covered is crucial in business, #becauseaccidentshappen to nice people all the time.

The first concept to understand about insurance, is that it centres around specific events, such as:

  • Fire
  • Lightning
  • Explosion
  • Earthquake
  • Aircraft
  • Impact
  • Riot and Civil Commotion
  • Storm, Tempest or Flood
  • Escae of water or oil from fixed equipment
  • Collapse of aerials
  • Theft or Attempted Theft
  • Subsidence, Ground Heave or Landslip

Even where cover is give including “Accidental Damage” or even on an “All Risks Basis” there must be a specific event, leading directly to the damage or loss. This is called the proximate cause.

Cover never includes deterioration over time, because of a lack of maintenance. If your roof gets old and leaky, or an old boiler ceases to function, don’t expect the insurers to pay. It is your responsibility to keep the property in a good condition.

Likewise, any damage caused by a “gradually operating cause” is also excluded, for instance pollution damage over several years from the local steel works.

Fundamental exclusions applying to the whole policy will always include:

  1. War
  2. Radioactive Contamination
  3. Sonic Bangs
  4. Changes in the Water Table
  5. Electronic Risks

Want some advice or guidance that is #openhonesttransparent, give us a call on 029 20 470 375 or email info@severnbay.com

Have a great day

 

Eyball

Will you see the unexpected?

It’s the most important thing in business!

Well, that is what I believe, but belief is not universal.

In my world, planning for continuity is the most important aspect of any business, and I really do believe it should have a higher priority.

The reality is that apart from buying insurance most businesses pay little attention to continuity. It’s not their bag. They just want it out of the way, so they can get on with doing their thing and making money.

Clients seldom ask me detailed questions about their cover. I give them an outline explanation supported by full detailed documentation. I’m happy to go into detail and be #openhonesttransparent but they generally just don’t have the time. I truly wish they did.

Clients are unhappy when they are told they can’t claim for something, which has never been insurable and never could be, but they assumed it was. They seldom read the documents.

Good examples are matters of maintenance, like leaky roofs and worn-out boilers, as well as non-damage related business interruption claims, which have been much in the news lately.

Apart from loss of trading profit after an insured DAMAGE loss, there are  5 main extensions, they are:

  • Failure of Public Utilities
  • Physical damage at a suppliers premises
  • Physical damage at a customers premises
  • Murder death or suicide, on the premises
  • Denial of access due to surrounding property damage

If clients were willing to spend more time understanding their insurances, they would plan better for the things which aren’t insurable, and their businesses would be far more resilient in difficult times. The pandemic proved that beyond any reasonable doubt. Very few insurances had any cover, (for very good reasons) but many assumed they would be insured.

I can explain all this for clients, simply and efficiently, I just need to have a pleasant chat.

Tel: 029 20 470 375

EM: nigel@severnbay.com

Insurance Freak!

Insurance freak!

I will take that! This was once levelled at me in a high-level board meeting. I took it as a badge of honour when the individual concerned said:

“This is just our job, but everyone knows you love it!”

I’ve always said, if you don’t love what you do, go and do something else. Life is way too short to spend 8+ hours every day doing something you don’t enjoy.

Today is about putting some new business on cover and making sure that our clients get all the relevant documentation in real time, very quickly, so that we can start looking after them and delivering on our promises, #becauseaccidentshappen to nice people all the time.

When you work with the diversity of businesses and situations we look at, no day is ever boring.

Today I’m sorting out:

  • A virtual business assistant
  • A business management consultant
  • An importer of adventurous training equipment
  • The largest plant and seed business in the UK
  • A multi-site shoe repair business

All of these clients will get my personal attention and all of our clients get a personal relationship with a single member of staff as their point of contact, on all matters relating to the solutions we provide.

  1. Continuity
  2. Insurance
  3. Risk Management
  4. Business Consultancy

All of this provided in an #openhonesttransparent manner, so when the worst happens our clients can #justkeepgoing without breaking stride.

Have a great day

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Have a great day