Business Insurance
Can contractors insurance enhance a reputation?
Here’s a brief explanation of how accidents can happen, the benefits of quality service and how reputations can be enhanced when bad luck turns up.
There seem to be a lot of people damaging windows in Bond Street these days. Not all of them are sinister. Here’s a true story about what can be done to prevent accidents turning into disasters.
A client had the misfortune of damaging the window of a jeweller on Bond Street whilst he was working there. The windows are supposed to be “bullet proof” yet it didn’t stop a sparky’s screwdriver – he was working inside when it happened.
This electrical contractor has a great reputation. Often working at high class restaurants and retail outlets in airports, they have always been careful to ensure they have adequate cover. And they insist we arrange insurance with companies that are willing to help as soon as a claim occurs.
This happened on a Sunday and a call reassured the jeweller that they had adequate insurance and they could order an immediate replacement window because the damage would be covered without admitting legal liability of course. They were able to do this because they understood the claim process and knew who to call to check they had the right cover. How many people can say that?
The new window was installed without delay yet we were asked to intervene when the cost of the glass (£18,000 from Germany) increased because the pound had weakened between the time the order was made and the settlement cheque delivered. We contacted the loss adjuster and they arranged for the increased settlement. And the insurance company benefitted from their willingness to see reason.
The end result was a win for everyone. The contractor had increased his credibility, the jeweller is certain they used the right contractor, the insurance company paid the claim and secured the client’s business for years to come. The insurance company also learned to settle claims promptly or suffer the consequences of currency fluctuations.
These are not the only challenges contractors face, click here for an article highlighting how subcontractors can avoid problems with HMRC.
Top Tip: Always ensure you know your claim process. It’s extra prudent to try the claim reporting number and enquire about the claim process before you buy. And get your broker to check the insurance of anyone working on your premises – you don’t want to suffer a dent to your finances because they haven’t insured themselves properly.
See our top tips section for simple ways to help yourself today.
Health & Safety Inspections – coming soon?
On the spot fines following these inspections have been increased to £20,000. Find out if your business is at risk and review our 7 free top tips on Health & Safety.
There are three reasons why you may hear from the health & safety “police”. All of them are beyond your control. Read the rest of this entry
Why is solicitors indemnity insurance so expensive?
Legal eagles will be trying to get the best deal for their solicitor’s indemnity insurance in the next 5 weeks. All policies fall due for renewal on the same date so it really is “silly season” when every solicitors insurance in the UK has to be sorted out at the same time. This common renewal date isn’t going to change anytime soon so I’m going to try and explain why it’s important to you, the causes and how solicitors could avoid unaffordable increases. Read the rest of this entry
Insurers tighten their belts on business claims
Jason Cobine of insurance brokers Cobine Carmelson explains why insurance companies decline business interruption claims and offers tips on how accountants can secure the proper payment for their clients.
It’s not exactly news that insurance companies inspect paperwork relating to large claims with a fine tooth comb. In the current climate they may also be lowering their sights and taking a closer look at smaller businesses claims. Will your clients’ cash flow be affected if they suffer a claim? How can you help your clients check they have the cover they require? Read on for a handy hint that could potentially save your clients thousands of pounds. Read the rest of this entry
What is cyber insurance?
Twitter has experienced problems this week. Could it happen to you? What happens when your website is hacked or your e-commerce platforms compromised? Does your theft or loss of income insurance kick in?
The answer is that all three are unlikely yet there is something you can do to . Modern risks can be covered by contemporary insurance policies. Ever heard of cyber liability? It is an emerging form of cover designed to protect businesses in the virtual World. Read the rest of this entry
Landlords gas safety certificates – how to choose the right contractor
A plumbing and heating engineer has recently been jailed for carrying out gas work whilst not being registered. He had used another engineer’s registration after he was served with a prohibition notice. His work left innocent households with heating systems without hot water. Subsequent inspections determined the work was not up to “current standards”
Gas registration rules have changed and the body now approved is the Gas Safe Register. Approved engineers will supply a Landlords Gas Safety Certificate after checking your systems.
People are still killed in the UK because of faulty gas appliances. Landlords are responsible for the safety of their tenants and the HSE recommends checking contractors Gas Safe Register identity card.
It makes sense to use a local contractor. To find one, you can search the http://www.gassaferegister.co.uk/ For further information call the HSE Gas Safety Advice Line 0800 300 363.
