Want to secure cashflow despite bad luck?

Posted by on 5 October, 2009 No comments as yet

 

Fire risk assessments are not exactly high on the list of priorities for everyone. Some small businesses might think fire evacuation procedures are not important. So spare a thought for the business owner in Scotland who didn’t think a fire would ever affect his organisation.

The business was unlucky enough to suffer a fire and they didn’t have an evacuation procedure, they probably couldn’t find the time to do it – especially as there 101 other things to do every week to keep the business afloat.

 

The fire brigade arrived yet the absence of an evacuation procedure (which should be tried and tested) meant that no-one at the premises could tell the brigade if anyone was left in the building. Read the rest of this entry

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Categories : All Risks Insurance,Business Insurance,Company Insurance,Contractors Insurance,General Requirements,Health & Safety Tags : , , , , , , , , , , , , , , ,

Can contractors insurance enhance a reputation?

Posted by on 16 September, 2009 No comments as yet

 

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.

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Categories : All Risks Insurance,Business Insurance,Company Insurance,Contractors Insurance,Liability Insurance,Uncategorized Tags : , , , , , , , , , , , ,

Health & Safety Inspections – coming soon?

Posted by on 15 September, 2009 No comments as yet

 

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

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Categories : Business Insurance,Company Insurance,Customer Service,General Requirements,Health & Safety Tags : , , , , , , , , , , , , ,

Why is solicitors indemnity insurance so expensive?

Posted by on 2 September, 2009 No comments as yet

 

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

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Categories : Business Insurance,Company Insurance,General Requirements Tags : , , , , , , , ,

Customer Service – Where did it all go wrong?

Posted by on 1 September, 2009 No comments as yet

 

I recently read an article in a newsletter from marketing expert Dave Croydon, Hilltop Consultancy. David was voicing his concern that automated telephone systems were of little benefit to customers, going as far as to call them a “customer disservice”.

The article mentioned that we wouldn’t accept it from the emergency services yet we’re already having to. My Mum broke her ankle last year and called me. Being made of stronger stuff than some of the celebrity icons of today, Mum didn’t want to bother the Ambulance service until she was sure it was broken. It was and I dialed the famous three digits, something we all dread.

How annoying to be put on hold by an automated system that informed me I was in a queue, at 9am on a Thursday morning.  I was very, very Read the rest of this entry

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Insurers tighten their belts on business claims

Posted by on 19 August, 2009 No comments as yet

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

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Categories : Accountants Insurance,All Risks Insurance,Business Insurance,Company Insurance,General Requirements,Trade Tags : , , , , , , , , , , , , , ,