Numbers

TOP TIPS!

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.

CONTENTS, MACHINERY, PLANT, COMPUTERS & EQUIPMENT

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.

GROSS PROFIT

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.

BIBA 2023

BIBA 2023 Manchester Central

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.

 

 

 

Never give up

Well, that hurt a bit!

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 😊

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 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?

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!

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.

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

End of another productive week for the Severn Bay team.

I try to reflect on what worked and what didn’t, and how I might approach certain situations in the future, always hoping that it helps us to grow the business. To that end we need to use our time productively and effectively.

I’m all for being able to respond to requests quickly and efficiently, wherever I am, but I do have one small bugbear and I’m wondering whether I’m on my own on this one?

It’s customers who, without any real emergency, communicate routine requests late into the evening, by any one of several different means and these days there are enough, including:

·        Email
·        Phone
·        Text
·        Messenger
·        Facebook
·        LinkedIn Messages
·        Wattsapp

And many more……………………

Emails not too bad it can sit there until the morning when I will deal with it in my normal workflow and I’m pretty sure that is what the client expects.

If someone uses the phone, its normally because the proverbial has hit the fan, and we will react immediately, but all the others almost demand an immediate response, its hard to ignore them when they are just sitting there staring at you.

I’ve already turned most of the notifications off and am actively considering disconnecting from some of them. If a client wants a routine action, then email is fine, if its urgent phone!

I intend to have a restful weekend, might go for a little trail run tomorrow morning, do some reading and unless an emergency arises, I shall not be working.

Have a great weekend, slow down, rest and recuperate, life is fast enough already.

Smart Phone

Multiple Messaging Apps

 

Adviser

Just another thing for founders to think about

I get it, I really do!

You have a business and along with lots of other things you know you need in place, you go out and buy the insurance you think you need.

You get cover for the physical things you can see and touch, such as buildings, stock, business equipment, computers and machinery, and because you can see what’s on offer, often on the internet, you realise you had better have cover for business interruption and liabilities in case someone makes a claim against you.

Oh! and maybe some legal expenses for other actions you might need to take or defend, and that is about it.

Without independent advice you probably wont think much further, or even consider such things as:

  • Financial Guarantees
  • Marine Cargo and Goods in Transit
  • Cyber Liability
  • Directors & Officers cover
  • Corporate Liability
  • Contract Dispute and Debt Recovery
  • Employment Practice Risks
  • Pension Trustee Liability

And that is only the start!

Depending on your industry you might need contractors all risks cover, engineering inspection and damage and have you ever heard of JCT 21.2.1 or Sudden and Unforeseen Damage and Fragmentation cover?

This is why its essential to get professional advice and guidance. If that is dovetailed with Business Continuity Planning, we can also look at all the events which could interrupt the income stream of your business, that you can’t insure, to provide an holistic, all-encompassing, risk management structure to #preserveprofitability

When you plan for all the events that could derail your business, you have plans to activate and seamless cover that leaves no gaps. That’s a nice place to be, peace of mind guaranteed, that will make sure you can #justkeepgoing

For further information and guidance just visit our website https://www.severnbay.com  just ask for help and have a free no obligation chat.

Why wouldn’t you?

Severn Bay Logo

Business Insurance Specialists

Severn Bay Logo

Our Unique Service Proposition.

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

We communicate and operate in an #openhonesttransparent manner, so everything is explained clearly. We even tell you what we earn, so you can see that it is reasonable.

Because we don’t take commission from insurers, there is no conflict of interest in our relationship with our customers, we are not placing their business for our advantage, because there isn’t one.

WE GET YOU THE CORRECT TECHNICAL SOLUTION, AT THE LOWEST PRICE IN THE MARKET!

Our relationship with you is one of trust, where you tell us everything we need to know, so that we can achieve the result you want, whether that is a price saving or an enhancement in cover. In some cases, we achieve both and that’s good for you the client and for us as it’s the best way to gain or retain a client.

As wholly independent brokers, we can search a wide range of providers to tailor a solution to your needs. This means that you are at the heart of everything we do. Your interests are paramount, not ours, and as we are not beholden to product providers for our earnings, this actually saves you money, because there is no tax on professional fees, whilst there is on commissions paid by insurers.

If you’d like a grown up conversation about your requirements, one built on trust and a long term mutual benefit, just get in touch and speak to one of our professional advisers about what we can do for you.

Don’t be sold what a salesman wants to sell you, there is another, more intelligent way to operate.

www.severnbay.com