by jqm | Aug 3, 2021 | Latest News
Different sectors require different types of insurance because the risks and issues can vary so wildly. Fast food delivery insurance is an excellent example of this, as it requires aspects of both restaurant insurance as well as insurance for fleets, drivers and other business risks.
These risks were brought firmly into the limelight as the result of one highly popular marketing campaign that turned tragic.
Domino’s Pizza is a hugely popular takeaway pizza chain that has had several marketing campaigns be both very popular and very controversial.
The Noid, a bizarre media concoction from 1986 that was so popular it even got its own video game, would allegedly be pulled due to a man who shared the name of the creature holding a Domino’s restaurant hostage.
Their other popular slogan was that pizzas would be delivered in 30 minutes or less or you get the pizza for free, although the slogan would eventually be reduced to $3 off by 1987.
However, given the complexities in delivering food, given people do not live the same distance away from a restaurant, as well as traffic conditions, weather conditions and every other factor that makes driving a risk, the hard deadline led to allegations of the company encouraging reckless driving.
This led to several lawsuits being brought against the company, the biggest happening in 1989 when a driver drove through a red light and crashed into her car, injuring her back and head. She sued and would eventually settle for $15m.
This, along with a similar lawsuit in 1992 where a 41-year-old woman was killed when a Domino’s lorry crashed into her vehicle, led to the company dropping their guarantee, although they claimed it was the “public perception” of recklessness rather than actual recklessness that caused the change.
Since then, similar guarantees and campaigns have been run based on quality assurance, or use systems such as GPS to ensure that food arrives in a reasonable time, although these are also not without controversy.
by jqm | Jul 28, 2021 | Latest News
Many firms in the county of Cumbria are at risk of being under-insured, a local broker has warned.
Ryan Roberts of RAW Insurance told Cumbria Crack that business property insurance is one of the areas where firms are taking out less cover than they need for the true value of their buildings and other assets.
He gave the example of a firm that insured its buildings for £500,000 when their true value was £1 million, which would mean they would be classed as under-insured.
“In this case, a fire at the premises with a repair cost of £100,000 would be settled by insurers at £50,000, leaving the policyholder seriously out of pocket,” Mr Roberts explained.
He added that firms should make sure that have their premises independently valued before they get insurance and emphasised the sum that matters is how much it would cost to rebuild the premises, not the present market value or how much it was originally bought for.
Similarly, the cost of replacing contents should also be the key metric, while for firms that have invested in machinery or equipment there needs to be a regular appraisal, as the old policy may have covered fewer items or less expensive equipment.
Mr Roberts said the cost of living should also be taken into account, observing: “While most policies are index-linked, factors such as an increase in the cost of building materials could directly impact on rebuilding costs.”
Of course, it won’t just be businesses in Cumbria that have to face these questions. Indeed, this is a widespread problem across the country. Premier Line estimates 40 per cent of firms are under-insured.
With many firms having struggled through the pandemic, it would be a tragedy now to be able to get back to something like normal trading only to be undermined by a problem they cannot receive sufficient payment to resolve. That is why you should take care never to be under-insured.
by jqm | Jul 15, 2021 | Latest News
The pandemic has changed lives all around the world, and business closures have left hundreds of commercial buildings empty, from offices to shops.
With the announced closure of clothing retailer Gap meaning another shuttered storefront on the high street, landlords may be wondering what can be done with empty properties. We have a look at three ideas to help landlords make a profit from empty commercial spaces.
1. Private events
Post-pandemic, many people will be looking for clean spaces to meet up and organise private events, from book clubs, private parties, or exhibitions, your vacant office space could be the key to helping people get back together safely.
2. Professional training
Some companies may adopt a permanent remote work policy, and do away with the need for full-time office space. However, they may need a place to host meetings or staff training. Your commercial space could become a meeting room for hire.
3. Pop-ups
A pop-up is a short-term retail store, such as a holiday craft shop, summertime brewery, food market, or clothing retailer. They typically last a few days or weeks, which is beneficial if you don’t want to commit to a long-term rental contract. Pop-ups can be excellent ways for businesses to increase brand awareness and revenue.
Whatever you decide to do with your vacant premises, always consider any risks involved, and contact your insurer to find out what coverage you need, such as commercial or public liability insurance. Why not contact us for a quote today?
by jqm | Jul 15, 2021 | Latest News
A campaign from the Dog’s Trust, ‘Lets With Pets’ has been informing landlords and letting agencies that exclude tenants with pets from their properties that they are missing out on a significant share of the rental market, with nearly half of UK households currently owning a pet.
Unlike this peculiar story of an unusual pet in Edinburgh, most pets are cats and dogs, and if one of your tenants asks permission to keep a pet on the property, do you know what your reaction will be?
It may initially seem like a risk to allow animals in your property, but permitting tenants to keep a pet can set you apart from other landlords, improve your relationship with your tenants, and even allow you to add a premium to the rental value you can achieve.
With almost half of all households in the UK owning a pet, by excluding pet-owning tenants, you could be missing out on a massive part of the rental market. Allowing pets can increase the demand for your property, and attract responsible tenants looking for a long-term let.
Once a tenant finds a tenancy that allows them to bring their furry friend, they are far more likely to stay.
While it is no longer possible to charge a ‘pet deposit’, most pet owners would be willing to increase their rent by a small amount to account for additional wear and tear, meaning more profit for you.
For the vast majority of pet owners, their four-legged friend is a much-loved member of the family, and they take ownership very seriously. Pets require commitment, a regular income, and a responsible nature – all desirable traits in a tenant.
You may need to check with your insurance provider to see if your policy includes accidental pet damage, as it is likely that it will not be included as standard.
If you’re looking for landlords insurance, get in touch today.
by jqm | Jun 29, 2021 | Latest News
Ensuring your home is adequately insured is vital, and in some cases is either legally required or is a condition for successfully applying for a mortgage.
However, not all insurances are equal and there are many ways in which you can stop overpaying for your buildings, contents and combined policies.
Shop Around
One mistake many people make when setting up their insurance is taking the buildings insurance policy their mortgage provider offers them. Sometimes this is done for convenience but in other cases, it’s under the misguided belief that you have to take their policy.
Take advantage of home insurance comparison websites and compare different deals to see if there is a cheaper insurance policy that covers everything you need.
Avoid auto-renewing policies wherever possible, and be willing to shop around near the deadline to renew to get the best deal. Comparing deals and threatening to move away is the best way to keep getting the best deal.
Go Combined
Oddly, whilst shopping around will often get you the best deal for either buildings or contents policies, in many cases an insurance provider will provide a cheaper combined policy.
According to data from Money Supermarket, a combined policy can save over £30 a year.
Pay Annually
Making an up-front, annual premiums payment can save you money compared with monthly premium policies, so if you can pay a lump sum try to do so.
Pay For What You Need
It can be very easy to stack on different insurance add-ons “just in case”, such as for home emergencies, legal expenses and accidental damage. These can significantly increase the price of premiums for situations that are rare for most people.
No Claims Discounts And Higher Excesses
If you can afford to and do not expect to make claims, consider increasing your excess (the amount you pay before the policy kicks in) and start to build up a no-claims discount by paying the cost of minor repairs and little accidents yourself.
Make sure you are comfortable doing this financially; if you do not feel comfortable paying a higher excess or paying for repairs then it is fine to claim on your insurance or accept a lower excess.
by jqm | Jun 22, 2021 | Latest News
Bodies representing landlords have been invited to high-level talks with government ministers about the future of the private rental sector (PRS).
The government has proposed a ‘Renter’s Reform Bill’ that would see an end to Section 21 repossessions – so called ‘no fault’ evictions. It is now planning a white paper on the sector and National Residential Landlords Association (NRLA) chief executive Ben Beadle is among those invited to talks to discuss what the legislation might entail.
Property investors looking for a landlord insurance quote may be very interested in the outcome, as such cover can include protection against a loss of rental income from tenants who fail to pay or cause other costs to be incurred.
Discussing the meetings ahead, Mr Beadle commented that the changes the government has previously signalled represented “some of the biggest changes to the private rented sector in 30 years”.
He added: “It is therefore vital the Government ensures reforms are fair and workable for both landlords and tenants and we will be working with Ministers to make sure that is the case.”
Mr Beadle noted that one of the original proposals mooted two years ago was a strengthening of the right of landlords to evict tenants when they have a legitimate reason to do so, something he wants to see retained in any new legislation. He also called for a “tenant-landlord conciliation service” to resolve disputes.
The issue of evictions has come back on the agenda this month after the Covid-related ban on them was lifted in England.
While many tenants have been unable to pay rent due to the financial impact of the pandemic, landlords have also been unable to evict those who have failed to pay without good reason.
The NRLA has joined a number of other bodies in calling for government financial help to help both landlords and renters who have been struggling financially because of the pandemic and the consequent inability to pay the rent.
by jqm | Jun 4, 2021 | Latest News
Working at height is often a very necessary task, but it inevitably comes with dangers. Whether it is a crane operator, a window cleaner on a tall building, a roofer, or a tree surgeon in a cherry picker, there will be numerous occasions where working at height is necessary.
The Health and Safety Executive (HSE) has much to say about this issue and for good reason: It is the most common cause of death and serious injury in UK workplaces. The HSE defines working at height as “work in any place where, if there were no precautions in place, a person could fall a distance liable to cause personal injury (for example a fall through a fragile roof).”
As an employer, it is important to know your legal responsibilities from the outset. These are primarily contained in the Work at Height Regulations 2005, which are more precise than the nonetheless important general provisions of the Health and Safety At Work Act 1974.
While work should not be done at height unless necessary, the fact that it so often does need to be means your firm can benefit from working at height insurance. This will cover you for work undertaken in situations where people are using slings, scaffolds, platform access and various other potentially hazardous settings.
This will give you indemnity against accidents, although it is very important to be aware that this does not absolve you of the serious legal responsibilities involved. The 2005 regulations set out the responsibilities employers have to carry out full risk assessments, provide the right equipment and ensure tasks are carried out by trained and competent people.
Failures can lead to tragic consequences for accident victims and also lead to prosecutions for firms, with both hefty penalties and significant reputational damage.
It is, therefore, crucial both to be properly insured and still follow the law very closely when you have staff working in these potentially dangerous situations.
by jqm | Jun 3, 2021 | Latest News
According to the RAC and Ageas insurance, catalytic converter theft is on the rise, promoted by the pandemic, as many vehicles are left unused on driveways and company premises.
Owners of both privately owned vehicles and company fleets, such as this London tax firm, have all fallen victim to the theft of catalytic converters, with thieves wanting to strip away the precious metals they are made with.
Three-in-10 of all theft claims reported are now related to catalytic converters. Before the lockdown catalytic converter theft only accounted for around one in five.
“Drivers are often oblivious of their vehicle’s catalytic converter being stolen,” said RAC spokesman Simon Williams.
“Our patrols are often called to attend cars that have suddenly become excessively noisy. On investigation, it’s very often the case that the car’s catalytic converter has been stolen.”
Part of a car’s exhaust system, catalytic converters contain a honeycomb coated with precious metals such as platinum, palladium and rhodium which help to filter harmful gases from the vehicles’ exhaust systems.
However, when the global value of these metals increases, it usually leads to a spike in thefts. Prices of rhodium hit a record high earlier this year, up more than 200 per cent since March 2020.
The RAC is recommending drivers and fleets get in the habit of taking extra precautions to guard against this type of crime.
With, most offences taking place at night, the RAC says it makes sense to park a vehicle in a well-lit and residential location or a garage if available.
If you’re looking for fleet insurance quote online, then visit our website today.
by jqm | May 17, 2021 | Latest News
The phrase “deliberate acts” is found in many policies, particularly in public liability insurance. However, it is often important to know exactly how this applies in practice.
As a recent Supreme Court case will attest, liability is a somewhat complex part of an insurance policy and the more that is understood about what liability is and what insurance policies cover, the better.
Liability, put as simply as possible, is the person or business who is held to be legally responsible for an event or action, and therefore must face the consequences of these actions.
The most basic examples of these are the responsibility if a product causes illness or injury (product liability), responsibility for the safety of employees (worker’s compensation and/or employment practices liability), and injuries that take place on/in a place of business (public liability).
The latter example is one of the broadest types of insurance and can vary wildly depending on the type of business, whether it is public-facing, serves alcohol and other factors.
Generally, exceptions to public liability insurance are covered by other insurance types, such as property damage and employee liability. However, one key clause that is almost always exempt from liability insurance is deliberate acts.
Deliberate acts is a phrase that appears to be simple; any act intentionally undertaken by a business that they become liable for is not covered. However, it is not always that simple.
There are cases where a person or business’s inaction makes them liable, such as continuing work when it could put a bystander in danger, but this also has to be willful and deliberate.
Recklessness was not enough to constitute a deliberate act, even if this would have been the case for criminal ordinary liability.
by jqm | May 13, 2021 | Latest News
Running a restaurant can be a very rewarding occupation, both financially and personally. As all UK pubs, restaurants, and other indoor food vendors prepare to reopen shortly, the owners of these types of business will no doubt be checking up on their insurance policies. Here is a quick guide to insurance requirements for commercial food premises.
Commercial property
If the restaurant owns the premises, then it should be covered for risks such as flood, fire, and damage from theft with commercial buildings insurance. Fires are a particular hazard for restaurant kitchens, as there may be several high-temperature appliances on the go at once, in a busy space where staff are working at close quarters.
Contents and stock cover
This applies to restaurants who rent or own the premises. Contents insurance provides financial protection against accidental damage, loss, or theft of equipment which is essential to operate the business. Examples include furniture, tills, ovens, and general kitchen appliances.
Stock content covers ingredients and prepared food from loss, theft, or damage, but be sure to read the small print as there may be exceptions.
Public liability insurance
This is essential to protect any business that deals with members of the public. It covers claims of accidental damage or injury to visitors, if the business owner is found liable. For example, if a customer trips over a loose floor tile, they may claim compensation for injuries caused.
Product liability insurance
This is absolutely essential for restaurants. It covers cases of food poisoning and allergic reactions in customers who have become ill after consuming food, and pursue a claim of bodily injury against the business.
Employers’ liability insurance
This is required by law for all workers, including casual and temporary staff. It will protect the business from a compensation claim from an employee who has been injured at work, for example.
If you are looking for takeaway business insurance, please contact us today!
by jqm | May 5, 2021 | Latest News
Every business out there is unique in its own way, and when choosing an insurance policy, it is important to find one that fits their exacting needs when it comes to liability and coverage.
Some businesses, of course, are a little more unusual than others, leading to some of the most unique and bizarre insurance policies ever signed.
From the improbably to the nearly impossible, here are some of the most unusual policies ever.
Astroid Insurance
A meteor hitting your home or place of work is one of the more plausible possibilities on this list, but nonetheless, the prospect of an extraterrestrial object causing property damage is merely highly unlikely.
And yet, some providers will offer coverage against a meteor strike.
It should be noted that most standard home insurance and commercial property insurance policies cover falling objects regardless of their origin so if an asteroid hit your place of business directly you would be covered.
Body Parts
Probably the most famous type of unusual insurance policy is when celebrities insure their trademark feature, often with Lloyds of London and often for ridiculously large amounts.
This has its origins in silent film, with Ben Turpin insuring his crossed eyes for the equivalent of over £250,000, whilst Charlie Chaplin insured his waddling legs for £100,000.
By far the biggest policy in this regard is pop singer Mariah Carey, who allegedly insured her legs for $1bn in 2006 in what may be the largest individual insurance policy ever.
Capturing The Loch Ness Monster Insurance
Insurance policies can sometimes cover some truly ridiculous events. Whilst getting insurance for giving birth to twins or if employees win the lottery are highly unlikely, capturing the infamous Loch Ness Monster is just ridiculous.
And yet, Cutty Sark, who had offered a £1m reward for anyone who could capture Nessie back in 1971, took out an insurance policy with Lloyds of London to underwrite the contest, which was agreed under the condition that the insurance provided got to keep the captured monster.
The Immaculate Conception
On the subject of nigh-impossible coverage, there was also an insurance policy that covered three sisters in the event of the Second Coming.
The immaculate conception or virgin birth insurance would have paid out £1m, although after complaints from the Catholic Church the insurance was withdrawn.
by jqm | Apr 30, 2021 | Latest News
Promoters of UK music festivals taking place during summer 2021 have called on the government to provide a state-backed cancellation scheme, The Guardian reports. They fear that a late cancellation due to a Covid surge could push them to the brink of bankruptcy. Millions of tickets have already been sold for hundreds of live events across the country.
Governments of countries in mainland Europe have already offered to underwrite live music events in case of a pandemic related cancellation. Organisers in the UK are considering cancelling events in advance rather than take the significant financial risk of a last-minute change to the lockdown rules, either because of a local or national spike of the virus.
The reopening timetable allows for mass gatherings to take place from June 21, which means that nightclubs can finally open their doors for the first time since March 2020. They are one of the few businesses that have been forced to shut for the entire 15-month period of the Covid crisis, and there is still a nervousness around planning mass events.
Even when the social distancing restrictions are lifted, there is no guarantee that a spike of the virus won’t cause sudden cancellations and huge financial losses for events organisers. The music industry has been calling for several months for the government to step in with an indemnity scheme to provide support if plans need to be changed.
There is strong demand among the public for live events, the article reports. Larger festivals such as Reading and Leeds have vowed to go ahead, but the iconic Glastonbury festival will not take place for the second year running. Some events have shifted from early summer to late August or September in the hope that confidence levels will be higher later in the year.
If you are looking for nightclub insurance in the UK, please contact us today.
