May 2023 Insurance Articles

Are you looking for the right insurance for your hospitality business?

The hospitality industry is one of the most diverse. Fast-paced, creative, and people-oriented, the scope for unexpected issues that could cost you eye-watering amounts of money is huge.

What kind of hospitality business do you run?

Hospitality businesses are as unique as the people who run them. Whether you run a pub, club, hotel, café, spa, outside catering company, restaurant, bed and breakfast, guest house, or multinational franchise, having the right level of coverage is essential.

Core ingredients of a good hospitality insurance

Public liability

With a huge footfall of people walking through your premises, it’s vital to have this cover in place, which will protect you against claims due to injury or damage.

Product liability

Your hospitality business will undoubtedly serve food and drink, and if one of your customers becomes ill or injured after the consumption of your product, then your business is covered.

Employers liability

This is a legal requirement and protects your business from claims made by your team and any other employees if they become ill, have an accident, or injure themselves while at work.

Buildings, contents, and stock

It’s important to protect arguably your most expensive assets, from your premises to your stock. The cost of replacing or repairing these due to damage or theft can be huge.

Business interruption insurance

If your business is forced to close, your profits will be adversely affected. For example, a flood, fire, or other unforeseen events could mean delays in reopening as repairs or refurbishments are carried out. With this type of insurance, you can claim for losses in profits.

Equipment breakdown

If any of your equipment breaks down, then your business could grind to a halt. From computing systems and kitchen equipment to security. Insuring these could save your business from closure and loss of revenue.

Cyber-insurance

It’s important to protect your online business activities today. Small and large businesses are at risk from dodgy links or emails that could result in hackers damaging your computer systems or gaining sensitive information.

A huge variety of products

There is a vast range of insurance products available on the market, and different insurers have different titles for their products. From restaurant insurance to venue insurance. But the core ingredients remain the same.

You can insure against almost anything

It’s worth remembering that there is very little you can’t insure against. Perhaps you are interested in damage to reputation cover or the loss of your business’s alcohol licence. It could be that, due to circumstances beyond your control, your alcohol licence could potentially be removed. This type of policy covers your legal fees and could prevent you from losing your licence.

Speak to your broker

Your business is unique and, in other ways, will have similar insurance needs to those of others. Therefore, there will be many core ingredients to creating the right policy, but the difference is in the detail. This is why it’s vital to talk to your broker to find a tailored policy that protects all your hard work from going down the drain.

Browse our website to find the right level of cover for your business.

Could your business be underinsured?

During these challenging times, it’s easy to overlook the value and security that your business insurance provides. Having the right policies in place and providing accurate and up-to-date information to your insurer could, be vital to preventing costly damage to your business.

What is underinsurance?

Underinsurance occurs when a policyholder insures below the reinstatement or replacement price of the insured asset.

What happens when you claim?

If you make a claim for a damaged asset, such as business premises that had a rebuild value of £1 million, if the rebuild value had been underinsured for £800,000 and £100,000 worth of damage was caused, then the insurance company would pay 80% of that claim. In this case, amounting to £80,000.

Some reasons why underinsurance takes place

Incorrect valuations

If you undervalue an asset due to an inaccurate valuation because whoever valued it did so inaccurately, if you insure it at that value and it is worth more, that asset will be underinsured.

The cost of your insured asset increases in value 

With the cost of material energy and transport costs increasing, some machinery or equipment replacement costs will increase. It could be that the demand or supply for your asset has increased significantly, pushing the value or placemat cost upwards.

Your business has grown

If your business is thriving and growing, you will more than likely increase your turnover. Deciding to re-invest in more equipment and stock means that you will need to inform your insurance company of these increases. It could be that your insurance already has ample room for expansion, but it’s always best to check.

Trying to cut costs

During these tough times, it’s easy to become tempted to reduce your level of insurance cover. Choosing not to renew certain policies leaves your business open to more risks, which could destroy it.

How to prevent being underinsured

Here are a few questions to ask when considering whether your business is underinsured or if it has undergone any changes.

- Has your business’s premises undergone any extensions, renovations, or alterations?

- How much stock do you carry, and have you increased the amount of stock?

- Are all valuations of your business’s assets accurate and up-to-date?

- Do you employ more people or changed the roles of your team?

- Have you developed any new products?

- Have you made any changes to your IT systems?

- Have you identified any new threats to your business that could affect your business interruption policy?

- Have you invested in any new or additional equipment?

- Do you offer any additional or new services to your clients or customers?

A good broker can help

Talking to your broker and explaining the potential risks to your business is always a good start to getting the right level of cover. Having access to a vast number of insurers with thousands of products means they will get you the best deal. Whatever your business is going through, whether it is expanding or going through changes, you need specialist cover that could reduce your premium by finding the insurer that best suits your industry.

Browse our website to find the insurance cover that best protects your business.

Have you got the right level of insurance cover for your summer road trip?

There is nothing quite like it. You are all packed, and the car is full of fuel. You have checked the tyre pressure and even had your pride and joy serviced. You start your engine and are about to take the long trip to the Highlands that you have been looking forward to for so long. Wait, have you got the right insurance in place?

Check your vehicle insurance

Maybe you have been lucky enough to buy or borrow a camper. If so, it’s important to check that you have adequate levels of cover. For example, if you are taking the family car on a long road trip, will you still be within your estimated annual mileage? If you are sharing the driving, remember to check that you have the correct level of cover. You might need to add a named driver to your policy, or if they are insured to drive any car, is that at the same level as your fully comprehensive policy?

Personal accident insurance

Whether you are travelling with friends or family, it’s always a good idea to add personal accident insurance to your motoring policy. You could also take out personal accident cover on a separate policy. This means you will be compensated if you suffer an injury that prevents you from working. It’s easy to fall and have an accident, and if you need to provide for loved ones and can’t work, then you know that they will be taken care of.

Breakdown cover

If your car ever decides to break down, you know it will happen while you’re on holiday. And even if something minor happens, like a flat battery or tyre, you don’t want to waste valuable holiday time sorting it yourself when breakdown cover can take care of it all for you. Apart from that, if something more serious happens and you are left stranded miles from anywhere, then breakdown cover is a no-brainer, especially if you have a young family.

Travel insurance

Even if you are taking a staycation this year, you may still need ferry tickets. For example, you may decide to visit one of the many beautiful Scottish islands. Whether you are camping, staying in a hotel, or hiring a cottage, the cost of booking these can be expensive. If you have to return home due to a bereavement or a family member falling ill, then the costs of your accommodation will be compensated. This means that you could rebook your holiday when you have done what you needed to do and enjoy a more stress-free lifestyle without sacrificing your hard-earned holiday.

A quick phone call could save you thousands

It’s easy to become complacent while taking a road trip at home. You may not think you need travel insurance or breakdown cover. Sometimes past experience tells us that it will not happen to you. Perhaps you have had some holidays you would rather forget. Talking to your broker and getting the right insurance for a relatively low cost compared with the thousands it could potentially cost you is always a good idea.

Get a quote for all your insurance needs today.

Is your home insurance up to scratch this summer?

We have all seen them on TV or read about them in the news. Disasters and jaw-dropping events that take us all by surprise. Contemporary home insurance gives you an awesome level of cover. But it’s important to check the details of your policy because there are some things you might be surprised to learn are not covered.

What does home insurance cover?

Protecting your most valuable asset is important, and so many things can go wrong. Home insurance can be divided into two parts.

Buildings insurance

This covers damage to the structure, or bricks and mortar, of your home and permanent fixtures and fittings like your bathroom suite or kitchen.

Contents

This covers the valuable items inside your home, such as clothes, furniture, TV, and jewellery.

Scary summer scenarios  

An outdoor fire

You have a barbeque. A few friends come around, and it’s been a glorious summer’s day. Socialising carries on well into the night. One of your guests smokes and accidentally causes some of the garden growth to catch fire. It could be that you will not be able to make a claim unless it is stated in your policy that you or your guests smoked and claims for damage to your garden might not be covered in your policy.

Storm damage

This summer has already seen some contrasting and changeable weather, from blue-sky days to thunderstorms. Typically, storms are covered in your home insurance policy; however, insurers differ in how they define a storm. For example, if the wind speed is too low and is not defined as a storm, you may not be covered.

Summer holiday burglary

It’s the holiday season for many, and when you leave your home, you want to know that if you get burgled, you are covered. Your standard contents insurance policy will cover this. However, it’s important to update your policy if expensive items are added to your household contents.

Accidents while entertaining

Adding accidental damage to your home insurance policy is worth considering. If you are entertaining guests and they spill drinks on the furniture, you could claim. With a standard policy, these kinds of claims may not be covered.

Your bike gets stolen

This summer is here. Your aim is to get fit and enjoy the sunny sights of the season. You treat yourself to a new bike. You decide to store your bike in your lockable shed. But just because your policy covers the contents of your shed, it does not mean the full value of your bike is covered unless you inform your insurer in advance.

Damage caused by pets

Your dog is a bit boisterous at the best of times, and this time he has done his worst by chewing through the hose, which has led to more damage. Most home insurance policies do not cover damage caused by pets. You may need to talk to your broker about specialist pet insurance.

DIY disasters

During the summer, it’s very tempting to get on with a bit of DIY. If you are taking on minor stuff like decorating and you cause damage, then you will be covered. But if your plan is to carry out work that should be undertaken by a qualified tradesperson like an electrician, then you will not be insured.

You can rely on your broker

A good broker will discuss any scenarios that you may be worried about that suit your lifestyle. Finding the right policy for you is important, and talking to an expert will point out aspects of your policy that may need add-ons and tailor a policy to your needs.

Need to renew or improve your home insurance cover? Get a quote today.

Looking for life insurance?

Life insurance is a very satisfying purchase, as you know it will take care of your family in your absence. Here are a few pointers when it comes to determining your policy.

Be honest

When evaluating you, your insurance provider will need accurate information; otherwise, you could invalidate your policy. So, it will not save any money by not conveying important information. For example, if you smoke and you tell your insurance company that you are a nonsmoker, if the worst happens, your family could lose your payout.

Plan for the future

Life insurance will take care of your loved ones after you are gone. Therefore, it’s a good idea to plan for that scenario. The more detail you go into, the more effectively you will be able to care for your family should the worst happen.

Factor in any debts you may have

It’s important to evaluate your outgoings and income. Take into consideration the remaining balance of your mortgage, and remember that this reduces every year, so that will be factored in by your insurer. It could be that you are saving to put your son or daughter through university to save them from getting into debt in the future.

Place your policy in a trust

This will mean your family will not be liable for inheritance tax when it’s time for the insurance company to make a payout. It will not cost you anything to do this, and your broker will guide you through every step of this simple process.

Consider the term of your policy

When taking out your insurance policy, you will be faced with a choice: do you want a whole-life policy that covers you for your entire life or for a fixed period? Some people may choose a fixed period term while they have a mortgage or until the family grows up and moves out. Knowing they are not dependents anymore; they choose to invest in their retirement instead.

Check out the insurance company

When your broker finds you a great deal that you know will suit your financial needs and take care of your family, do not be afraid to ask as many questions as you like to check the reputation of that company.

Check your documents before you sign

Insurance is about the differing details that make each person’s circumstances unique. And it’s important to discuss your individual needs with your broker. Then, when your paperwork arrives in your inbox or through the post check that all is as you requested before signing. And remember to get in touch with your broker if there is something you don’t understand. After all, that is what they are there for.

Remember to update your policy

Your life changes and it’s vital that you inform your insurer of these changes. If you have changed your occupation, got married, or extended the house, you might need more money to repay a loan you have taken out in the event of your death.

Get the right guidance

With the right guidance, you are more than halfway to getting the right policy for you. Allow your broker to do the hard work for you. Then you can sleep soundly at night, knowing you can provide for your family even if you are not there.

Get in touch today to talk to one of our experts about finding your life insurance policy.

Top tips on planning for your financial future

With so much uncertainty in the air, careful financial planning is crucial. It’s not always easy to predict the future, but there is a lot you can do to prepare for the unexpected. Having a plan safeguards your future and will make your life more comfortable. When doing this, it’s important to ask certain questions so you can achieve your goals.

What are your goals?

Whether you are planning for your retirement, helping with your children’s education, or simply creating a cushion so you can sleep at night. Whatever your goals are, it’s important to prioritise them. If you are saving for a home, you may decide on a five-year plan, and it’s important to set realistic targets so that you achieve your goals.

Have you created a budget?

The first place to start is to examine your monthly outgoings and expenditure. Organise those expenses into categories: those that could change (variable expenses) and those that stay fixed. Once you have done this, you can allocate a percentage of your budget and then decide what proportion you want to save for each goal. Try to factor in the months that may be more expensive. For example, Christmas may mean you don’t save, but if you are prepared, you will not be disappointed.

Have you got any debt?

A good way to add to your budget is to reduce your debts. Paying interest on multiple debts could be more expensive than consolidating them. Better still, pay off any debts that you can. Perhaps one of your financial goals is to pay off debts, in which case you can incorporate these into your financial plan.

Have you looked at all your options?

While high interest rates mean more costly loans and mortgages, the good news is that your savings will also earn a higher rate of interest. There are a multitude of accounts, ISAs, and investments you can choose from to maximise your funds. Choosing to invest in the stock exchange may be a riskier strategy than using FCA (Financial Conduct Authority) regulated savings accounts. Spreading the risk is best achieved by varying the types of investments you make.

Have you got the right insurance?

Having the right insurance is a sure way to prevent any unforeseen circumstances or events from wiping you out financially. Unfortunately, there are many sources of potential disaster. From storm damage to your home and motoring accidents to personal accidents and critical illness. Having good life insurance in place will protect your family if the worst should happen. That said, anything that affects your financial situation could adversely affect your loved ones. This is why it’s vital to make sure you have adequate insurance protection from cyber threats to your health. Otherwise, your future financial goals could be thwarted.

Have you sought advice?

It’s essential to seek the right advice when it comes to planning your financial future. From financial advisors and your insurance broker to your bank. You can insure against losses in almost every situation imaginable. So, a good plan is to spend some time with your broker, who will find the right policies that mitigate your individual risks.

Get an insurance quote that will safeguard your financial future.