September Insurance Articles

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Could You Be Paying 33% More On Your Policies

Consumers could be paying up to a third more for their insurance policies when they use online comparison sites as opposed to through insurance brokers and businesses.*

In the last few years, comparison engines have faced a lot of scrutiny over the way they promote certain energy, insurance and broadband providers – with questions on how much commission they’re actually getting to show certain packages at the top of their searches.

Analysis from consultancy firm, GlobalData, suggests that some sites are costing Brits heavily, with prices up 84% on these websites as opposed to what providers are offering direct.

For motorists, this could mean spending up to £360 to insure their vehicle.

In this example, a policy was quoted directly at just £248.64 by the insurer, with the identical profile fulfilled via the comparison site rising to a considerable £614.88.

According to the Telegraph, these higher costs are passed onto motorists and policyholders as a way of handling secret commission charges from featured policies comparison sites.

How can you avoid the most common pitfalls? We can help.

When it comes to your insurance, it’s crucial to balance finding the best value deal with the policy that gives you the best protection.

Whilst price comparison websites aim to deliver the cheapest offers for financial products, they consistently don’t meet expectations matching applicants with the insurance cover they actually need.

This is largely due to the assumptions they make about your circumstances, and without having a professional broker available to ask the right questions, you might find yourself looking in completely the wrong place.

It’s also commonplace to find that the additional extras you were quoted as having free automatically renew at a cost the following year. Or that other benefits you might actually find valuable are missing altogether.

Don’t suffer in silence with your cover.

Every day, we match our customers with policies tailored to their bespoke needs and requirements. Talk to our brokers today for more information about our range of policies and providers.

*Source: The Telegraph

How To Pandemic Proof Your Business

The final week of August saw the highest return to the UK’s professional workforce, with 50% returning to the office between the 26th and 30th of August – a significant increase from 30% in June.*

Since lockdown was introduced over six months ago, it’s estimated that working from home has led to the average Brit racking up an additional 28 hours of monthly overtime; equivalent to almost four days’ worth of work.

A key explanation for this is the fact that 86% have been anxious to prove their value and remain in employment during such a difficult period of economic uncertainty.

Now, with the government pushing firms to reopen their premises and save struggling city centres, business owners are faced with a unique challenge to grapple with. That being, how to pandemic-proof their businesses.

Many predict to see businesses dealt lawsuits in the coming months from employees, customers and vendors, all as a response to unsafe work practices that result in the spread of the coronavirus.

Small businesses in particular may fear the consequences of such enormous liabilities as well as the reputational fall-out that could arise from becoming an epicentre of pandemic activity.

How are you planning to minimise risks and protect your workforce?

It’s not enough to introduce the notion of safety protocols without the means to maintain them. You need to be enforcing those protocols every minute, hour and day that your business is in operation.

That could mean limiting activities where close contact is unavoidable, having your team regularly use sanitising gel at stations throughout your workplace, and closing or limiting access to any common areas or breakrooms.

Depending on your budget and available resources, you may also need to consider implementing touchless entry systems as well as desk dividers to give your employees the confidence to return to work.

Another important aspect is to ensure you’re overly communicating what you are doing. Whether it’s to an internal or an external audience, this will mean more people ‘buy in’ to your safety protocols, which is critical to the success of these changes both short and long-term.

Done right, these health measures will go a long way protecting your business from future risks.

For more information about business liability cover and any additional risk management concerns you might have, contact us today.

*Source: Office of National Statistics.

Lifestyle changes lead to a demand for new insurance products

Consumer behaviour has changed irrevocably over lockdown, with increased online activity and media consumption a key driver in the way we’re now purchasing products and services.

Despite the impact COVID-19 has had on the country’s employment and economic stability, internet sales show no signs of slowing down, accounting for 28.1% of retail sales in July – an incredible seven percentage points higher than the 2019 peak of 21.5% in November.*

Experts believe that dramatic changes to spending habits and lifestyles will give rise to a demand for new insurance products across the UK.

Retail purchases for at-home entertainment has shown particular growth this year, with more people obtaining new equipment or gaming technology to create effective office spaces or to satisfy their need for indoor leisure activities.

Yet by increasing the value of your home or its contents, many policyholders are putting themselves at an unknown risk by failing to update their providers and policies on high-value additions to the house.

We have invested £55 billion as a nation on DIY projects around the living room, bedroom and kitchen since March – with gardens the most popular renovation project over summer.

On average, this means UK homeowners have put £4,035 into making their property more accommodating for an extended lockdown homestay.

As it stands, the majority of Brits will have found that it was not a requirement to contact their insurer about working from home back in March, as this was an allowance by the Association of British Insurers.

In effect until 31st October 2020, policyholders who are set to continue working out of the office from this point are being encouraged to check in with their insurer regarding cover for the remainder of the year.

Meanwhile, with the outbreak having an impact on driving behaviours, car purchase patterns and road usage, many policyholders are now in a position where they could see savings on their personal or fleet vehicle policies.

If your circumstances have changed – whether in relation to your employment, personal financial conditions or commercial requirements as a business owner – we urge you to contact our brokers directly to ensure you’re protected against future losses.

*Source: Office for National Statistics

What you need to know before booking time away

The government’s back and forth decisions on which countries make it onto the quarantine exemption list have left many Brits unsure where and when they can go abroad for some much-needed rest and relaxation.

One in five have cancelled trips this year due to quarantine restrictions being imposed on their destination after having already booked, with only 9% hoping to make it anywhere in 2020.

Should you be considering booking some time away, we’ve prepared a few questions that you need to clear up before investing time and money planning your next vacation.

Can I get money back or do I have to accept credit?

In the situation where your airline cancels the flight or your package holiday is cancelled, you are legally entitled to a full refund.

This means you don’t have to accept a voucher or credit note, and you certainly don’t have to feel pressured into rebooking before you’re ready to commit again.

Should I expect the airline to issue a refund?

If your flight is cancelled, it is on the airline to process your refund.

You have at least 12 months in which to make a claim.

So, if it’s taking a little longer than usual due to higher demand, be aware that you also have the option to try to claim through your debit or credit card provider, or where used, PayPal.

What happens if the airline doesn’t cancel my flight, can I still claim a refund?

If your airline does not cancel the flight – even with the FCO warning against travel – it is unlikely you will receive a refund, so you will need to request to rebook for a later date for free.

What about a refund for my accommodation?

For hotel bookings, you are due a full refund where the hotel has closed.

This should also apply where the hotel is open, but government restrictions prevent your from getting to your accommodation.

Whilst bookings through Airbnb and Booking.com have had their cancellation fees waived for those unable to go away because of the outbreak.

Before you travel, make sure that you understand your rights and responsibilities.

If you have any uncertainties or concerns about your holiday cover, refer to GOV.UK for the latest information.