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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

Various Buildings

Property Owners and Landlords take note!

One of the simplest package policies on the market is for property owners, sometimes called landlords insurance. Everything you need in one policy. So, what is included and what is left out?

To start with you want to protect the physical structure of the building and this is done by providing cover for a specific range of “perils” such as:

  • Fire
  • Lightning
  • Aircraft
  • Explosion
  • Earthquake
  • Storm or Flood
  • Theft or attempted Theft
  • Impact
  • Escape of Water
  • Riots
  • Malicious Damage

Even with these covers there are exclusions, so it is vital you read the wording in detail #becauseaccidentshappen, to nice people all the time.

Cover is also available for “other” accidental damage, as well as subsidence, ground heave and landslip, but these are usually options, so check the detail.

Standard exclusions include: War, Radioactive contamination, Sonic Bangs, Changes in Water Table, Electronic Risks, Wear and Tear, deterioration, and any gradually operating cause.

Cover can be restricted for unoccupied property, or in the course of renovation, sale or repair.

Land for development can be covered, but for liability only.

More on property owners liabilities, business interruption and legal expenses this week.

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GOLDEN NUGGETS!

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 😎

 

 

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 😀😀

Risk analysis

Corporate Continuity – Part 3

The devil is always in the detail.

And now the real work starts, we get down to the nitty gritty.

We’ve got management buy in and explained to the whole organisation why business continuity is important and now we have to deep dive into the organisation and look at the events which could interrupt it activities and the income stream.

In stage 3 we start off with and Analysis of key vulnerabilities. Some are easy to spot, like major physical damage and are taken care of by insurance, such as fire or flood. In almost all cases things we hadn’t considered, turn out to be the ones that need the most planning.

Here are just a few:

  • Death, incapacity of key personnel
  • Important team leaves to start a business
  • Loss of a major supplier or customer
  • Increased competition
  • Failure of critical machinery
  • Long lead times on key equipment
  • Political environment
  • New and more restrictive regulations
  • Major protests and civil disorder

The list is almost endless, but most important are the ones that will significantly interrupt the income stream of the business.

We grade each on for frequency and severity as well as potential impact in a detailed assessment and then rank them so we can start planning for these events, to make sure you can #justkeepgoing

What might appear obvious, often tends to be the lowest risk, and the things you never thought of are the worst.

Once identified we can start to consider these risks in detail and plan accordingly.

Have a great day

Board

Business Continuity Part1

Policy & Programme Management

Are you up for this?

Occasionally when I meet a client to discuss continuity planning, I am met with a board who have another agenda, but it becomes clear quickly. I either get enthusiastic buy in from the board or just one director has been delegated to deal with it and the remainder can’t get out of the room quick enough.

In these cases, the organisation is often “ticking a box” for a regulator or a customer. They want a continuity plan, because they need to show it to someone else, but they aren’t really interested in its impact within the business and certainly don’t want to waste time, personnel or resources on it.

I will always try to get the organisation to understand why resilience is so important and what my part is in achieving a solid result, so that continuity becomes “business as usual” within that organisation.

If I can’t, then I will respectfully decline the opportunity, as I will end up doing a bad job, purely because the client isn’t fully engaged  and that’s not good for my reputation.

The first step is always policy & programme management, and without enthusiastic buy in from the board, including a desire to achieve enhanced resilience and allocate appropriate resources to the task, the opportunity is lost on day one!

Want to know more just message me here.

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A women scorned!

There are many risks in life and according to some, a women scorned is near the top, but then my wife would say, if I put myself in that position, I probably deserved it and whilst I might reflect thoughtfully, deep down I know she is right.

I once had a boss who everyone outside our organisation, thought was difficult to deal with, but they just didn’t know him. If you were on his team, he was unfailingly loyal. He was frank and honest and that was sometimes difficult to deal with, but he was never unreasonable. You were never going to get stabbed in the back and you would only be likely to get a punch in the face (figuratively speaking) if you were too stupid or too slow to get out of the way.

In business as in life there is a common thread.

If you are aware of the risks you can plan to avoid them, develop strategies to mitigate the worst consequences, or create policies and procedures that will deal with them as they arise and flatten out the costs involved, so that your business is not unduly interrupted.

When asked about the most difficult thing about being prime minister, Harold McMillan said, “Events dear boy, events!” Those things you never expect, but that happen anyway. For him it was the Suez crisis. You only have to look around the world in the last 5 years to see events that changed the world as we knew it.

So don’t wait for a stab in the back, face up to to the challenges, plan for them and when they do happen, as they most assuredly will, your business can continue confidently.

Want to know how a small investment in time and money can give you almost total peace of mind in your business, so you can #justkeepgoing and how often savings in one area can even pay for the work that needs to be done, so the net cost is neutral.

Message me here or call me on 029 20470 375.

(And yes, my wife is always right 😊)