by jqm | Nov 30, 2021 | Latest News
Thatched roofing is sustainable, beautiful and provides a traditional rustic charm, but it can cause problems when it comes to trying to insure a property.
Outside of building a home in a cave or other natural shelter, thatched roofing was one of the earliest known roofing materials, but was also one that remained popular in the UK for thousands of years, through different eras, civilisations and cultural epochs.
It only finally stopped being used as agriculture began to decline at the end of the 19th century, but remained a traditional roofing style with specialists who would repair existing buildings, and has come into vogue again as sustainable building materials have been prioritised.
With that said, thatched buildings have a very particular set of needs compared to other materials such as slate and shingles, and so either specialist thatched housing or thatched pub insurance will be needed to ensure full coverage.
The main reason for this is that thatch, made primarily of straw in the UK, is a dry biomass material that is exceptionally susceptible to catching fire, and although thatched roof fires do not spread quite as quickly as one might expect, they are at a higher risk of catching fire than, for example, slate or metal.
As well as this, birds, rodents and insects can cause damage to a roof, it lasts half the lifespan of a slate roof without constant maintenance and any damage caused to the roof requires expensive repair due to thatching being a labour-intensive process.
The angle of the roof also needs to be steeper than normal, because if the roof angle is not steep enough, rain and snow will remain on the roof which can speed up the rotting process or even cause it to collapse.
Because of this, a specialist thatched insurance will be contingent on a different set of requirements, such as having adequate fire precaution measures, a pledge to keep the roof well cared for and restrictions on what kinds of heating systems you are allowed to use.
by jqm | Nov 29, 2021 | Insurance
Theft of plant and machinery equipment from building sites soared by 50% during the pandemic, according to the Construction Equipment Association (CEA). Initially, the spike in thefts was driven by opportunistic thieves and organised crime gangs taking advantage of the hasty shutdown of many sites during the first lockdown in March 2020.
Although building sites are now up and running again, many are facing labour shortages, and long delays in deliveries, alongside soaring costs for construction materials. This is driving site thefts back up again, as thieves take advantage of unsecured equipment, and inadequate security and monitoring measures.
In July, thieves in Newark made off with a JCB telehandler from a construction site. Although it was fitted with a tracker, this was removed and left behind at the site, The Nottingham Post reports. The theft occurred over a weekend, and left workers unable to carry out their jobs on Monday morning.
Building contractors and tradesmen often bring their own machinery to a site, or hire plant. In either case, if the equipment is lost or damaged, they will need to be repaired or replaced, which can be very costly. It’s estimated that the construction industry loses £800m per year to machinery theft, the CEA says.
DC Chris Piggott, Rural Vehicle Crime intelligence officer, NAVCIS (National Vehicle Crime Intelligence Service), said: “Many construction and agricultural vehicles now have so-called smart keys containing electronic information needed to start the machine, so it’s vital that keys are removed from machines and stored securely in a remote location.”
Despite all reasonable efforts to secure plant, accident or loss still sometimes happens. That’s why it is essential to be adequately insured for machinery including diggers, bulldozers, concrete mixers, cherry pickers, forklifts, dumpers, cranes, and so forth. Whether you own all your plant, or work on a hire basis, you will need a relevant policy.
For business insurance in Wolverhampton, talk to us today!
by jqm | Nov 17, 2021 | Latest News
New research has revealed that businesses that have enjoyed great success since the pandemic struck, particularly in the eCommerce and healthcare sectors, are neglecting to keep up to date with the correct insurance requirements. This is leaving them vulnerable to loss of stock or compensation claims from workers, according to The Times.
The survey reveals that up to four-fifths of companies that have expanded significantly over the past two years are inadequately insured. They may have policies in place, but these have become out of date or unsuitable to meet the needs of a high stock turnover and increased workforce.
The publication quotes the example of baby and children’s brand start-up My 1st Years. At the end of April 2021, the company were thriving as never before, and on track for annual sales of £30 million, after starting from scratch in 2010. They sell personalised toys, accessories and clothing for small children, and count Prince George among their customers.
On May 1 this year, the brand’s head office and distribution centre in Northampton were destroyed in a devastating arson attack. INews reports that over £3m worth of stock was lost in the blaze, plus £1m of equipment, and a 100,00 sq ft warehouse, head office and photography studio were damaged beyond repair.
Fortunately, the business was fully insured, and the £15m damage and relocation costs were all covered by their policies. Founders Daniel Price and Jonny Sitton had to close the business for four and a half months, and oversee an extensive customer refund operation.
However, thanks to their adequate insurance policy, the brand has successfully relaunched with a new logo and an eye on the Christmas market. Price said that he now feels really optimistic for the future, and is proud of the work his team have put in to get the business back up and running.
For business insurance in Wolverhampton, talk to us today.
by jqm | Nov 15, 2021 | Latest News
It’s has been well recorded that pet ownership significantly increased during the pandemic. According to research conducted by Sainsbury’s Bank, a quarter of Brits welcomes a new pet into their home since March 2020. But as employers try to tempt workers back into the office, many are considering if they should allow pets to be brought along with them.
In the US, a 2018 study by National Insurance claimed that pet insurance is quickly becoming one of the most requested voluntary benefits, and a recent study by pet products company Bark found that over 70 per cent of dog owners still working from home expect to miss their furry companion when they return to the workplace, according to Value Penguin.
This is in stark comparison to 42 per cent who said they will miss their spouse and 39 per cent who said they will miss their children.
It is important that employers do not judge, but respond, which is what many US business owners are doing.
Typical pet insurance policies – which employers can either fully pay or make available to their employees at discounted rates negotiated with the insurance company – cover wellness exams, shots, chronic conditions and acute illnesses and injuries. Offering pet insurance is a great way for employers to demonstrate that they care about employees.
Besides pet insurance, a growing number of businesses are allowing their employees to bring their animals to work. The most famous of these is Amazon which, once again, ranked as America’s number one dog-friendly business this year, according to data provided by the pet-sitting and dog walking service Rover.
However, bringing dogs into the office can be complicated, and the companies that allow it already have fairly strict policies, such as ensuring that employees have adequately trained their pets, providing insurance details, and evidence of medical check-ups for parasites and vaccinations.
It might sound like a lot of work, but allowing employees to bring pets into work could be a very powerful way to entice workers away from remote working.
If you’re looking for business insurance in Wolverhampton, get in touch today.
by jqm | Oct 20, 2021 | Latest News
Landlord insurance is cover that protects landlords from the risks associated with their rental properties, typically including buildings and contents insurance, and sometimes includes landlord-specific covers such as property owners’ liability, loss of rent, and tenant default insurance.
COVID-19 impacted many industries, but according to Property Reporter, more than 60 per cent of UK landlords lost rental income during the pandemic, demonstrating why landlord insurance is a good idea.
There are three types of landlord insurance:
Landlord building insurance covers the cost of repairing or rebuilding your property should be damaged or destroyed. There is also landlord contents insurance that covers your furniture and belongings.
Tenant default insurance will cover your rental income for a period of time, should your tenants fault to pay.
Property owners’ liability insurance covers compensation claims made by a tenant or visitor for injury or damage related to your property.
If you own one or more rental properties, it is important to ensure you have the right insurance in place, as a standard home insurance policy will not cover the risks associated with renting out your property.
While landlord insurance isn’t a legal requirement, it’s often a requirement of mortgage lenders.
The cost of your policy will depend on your property and tenants, the type of insurance you choose, and the cover levels you need. As with all insurance, the insurer calculates your premium (the cost of your insurance) based on the likelihood you’ll make a claim and the possible cost of any claim.
The amount of buildings insurance you take out should be based on the rebuild value of your rental property. This is an estimate of how much it would cost to rebuild your house, including labour and materials.
Your contents insurance amount should be based on what it would cost to replace the contents you’re providing in your rental property. However, this doesn’t include your tenants’ items, as they will need to insure these separately.
If you’re looking for landlord insurance quotes, get in touch today.
by jqm | Oct 20, 2021 | Latest News
If you’re considering getting business insurance in Wolverhampton or anywhere else in the UK, you probably start off by thinking about things that could damage your physical property and assets, and don’t necessarily think about cyber crime…
But cyber crime against a small business can be incredibly damaging, and the recovery costs can mount up, especially when you include specialised repairs and legal fees.
“Cyber liability exposures represent an emerging threat to business today,” says Bryan Smith, Vice President of Product Management at The Hartford. “Threat actors continue to develop in increasingly sophisticated ways to access business systems and networks leading to the potential loss or destruction of confidential business and customer information.”
There are three main types of potential cyber attacks, and a cyber attack on your business could mean:
- Breaches of data confidentiality—where critical information is stolen, such as personal financial information.
- Computer attacks—where your computer system is hacked and compromised.
- Cyber extortion—thieves may demand random payments during an extortion threat to your company’s computer system.
It’s why you need cyber insurance, to protect your business from the cost of threats to computer systems and data.
“Cyber liability insurance can provide coverage for costs and expenses related to a number of cyber threat scenarios,” says Smith, “including, for example, suspected network intrusions and cyber extortion threats, data breach, network or security wrongful acts, denial of service and network outage situations.”
Anyone who has a business that stores or processes sensitive information should consider protecting their business with cyber liability insurance.
If you’re looking for cyber insurance or any other type of business insurance Wolverhampton, get in touch with us today.
by jqm | Oct 8, 2021 | Insurance
A dramatic fire at a building site in the city of Durham has provided a reminder of the importance for contractors to make sure they are comprehensively insured against unexpected incidents on construction sites.
Building site accidents usually involve incidents such as falls from height or injuries caused by people coming into contact with machinery. However, the whole city was left aware of the incident that occurred this week (September 15th).
The blaze at the new leisure, office and housing development on Milburngate in the city centre led to eight fire crews being sent in, with unfounded rumours of an explosion. Buses were diverted and locals were told to close their doors and windows. However, one person needed medical treatment for smoke inhalation.
Fire service area manager Keith Wanley confirmed that there had been no explosion and the fire, which crews were able to extinguish, was confined to a wall cavity.
For many staff, it was a hair-raising experience. Speaking to the Chronicle Live, curtain wall installer Andy Mills said he had difficulty breathing because of the smoke as he fled the scene.
He remarked: “I’ve been on sites for 30 years and I’ve never seen anything like that. I’m just thankful that I got out.”
Fires on building sites come with all kinds of risks that need covering. As well as the need for employers’ liability insurance in case of anything happening to workers, there is also a need to cover against damage caused to plant and equipment, which could be damaged or destroyed in a fire or if a structure collapses on it.
Other major risks include objects falling from height, especially on sites where cranes are involved.
This week witnessed a tragic crane accident when a man died after a crane lifting a hot tub to the upstairs of a property in Mangotsfield near Bristol toppled over, causing the item to fall on him.
In this case the victim, Michael Burcombe, was himself the boss of the company, Burcombe Crane Hire.
Click here to get an Employers liability insurance quote online
by jqm | Sep 21, 2021 | Just Quote Me
Risk is the most important part of all insurance policies. Calculating the cost of insurance policies is about defining the chance, severity, and number of risks that the insurer will pay for in case the worst happens.
There are as many different types of risk as there are risky events in the world, but insurers tend to place them into six specific categories. Most forms of risk fit in more than one category.
Pure Risk
The most popular type of risk to insure, pure risk defines a specific type of event with a known, negative outcome.
Most insurance coverage you are familiar with, such as fires, theft, car accidents and similar, easily measurable events are seen as pure risks.
Speculative Risks
The opposite of pure risk, a speculative risk is a somewhat unpredictable outcome, such as investing in a stock that loses money for you rather than increasing it.
The difference between a pure risk and a speculative risk is that speculative risks can be either positive or negative and as a result are often willingly entered into because of this, whilst a pure risk only has negative outcomes.
Because of this, speculative risks are rarely covered by insurance in the same way insurers would not cover a loss caused by gambling.
Financial Risk
Insurable risks are almost always quantifiable and are therefore financial risks. There is a value to the subject that is insured and so if a negative event happens an appropriate amount of compensation can be provided.
This can most obviously be seen in contents insurance or commercial building insurance where a specific value can be placed on the property or items insured and the cost of replacing them.
Non-Financial Risk
By contrast, a non-financial risk is where it is difficult to assign a monetary value to a risk that has been made, such as making a poor choice or disliking its outcome.
In the past, these were less insurable, but an increasing number of insurers can attempt to cover operational risks and risks to reputation.
Fundamental Risk
Otherwise known as a natural risk, these are risks that are beyond the scope of human control. These include natural disasters such as floods and are highly desired insurance options.
Particular Risk
The most popularly insured type of risk, particular risks are risks that occur as a result of other people, such as burglary, deliberate injury or loss of shipments caused by human error.
by jqm | Sep 16, 2021 | Landlord Insurance
New landlords have been warned not to ignore some of the costs they will face but might not have considered, one of which is getting insured.
Landlord Today advised those investing in property that there are “a lot of expenses to consider” beyond mortgages and repair costs.
Among these is landlords insurance. The article noted that it is not actually mandatory and may “go under the radar”. However, it added, this is an invaluable thing to have and it noted is generally one of the lower costs, at an average of £217 a year for the typical rental property.
This amounts to “a drop in the ocean compared to the money it could save you and all the other costs associated with being a landlord,” the article commented.
Among the benefits landlord insurance provides is protection against the costs of damage to newly-bought (and often expensive) furniture, as well as other forms of damage, the worst of which could be fire.
Not only will this provide peace of mind, but it will prevent a sudden large bill arising that could have been prevented for a modest outlay.
Other costs listed in the article include gas safety certificates, electrical safety checks and licences for houses of multiple occupation and also in local authority areas that apply licensing regimes (which only some do).
Less common insurance issues can include subsidence. Some insurers, though not all, will incorporate insurance against subsidence into wider insurance policies. Landlord Zone revealed that the experience of insurance providers in recent years has been that while these account for a small proportion of claims, they have risen significantly in recent years.
Extreme weather can cause this, either through excess rain causing ground to become saturated or drains to overflow with the same effect, or very dry weather than can cause shrinkage.
Other factors can include tree roots drying up the ground by soaking the moisture out of it.
New Landlords Beware – hidden charges trap the inexpe… (landlordtoday.co.uk)
As the weather warms up, the risk of subsidence rises – are you covered? (landlordzone.co.uk)
Own knowledge
by jqm | Aug 26, 2021 | Business Insurance UK
If you’re looking for insurance for your small business, it isn’t quite as simple as just buying cover to protect it. There are many different parts of your business to consider insuring, and a raft of policies and packages available for different business types, giving you a lot to think about.
If you’ve just set up your own small business, then we will explain what you need to know, what to expect, and what to consider to get the right business insurance for you.
Do your research
Before starting the search for the right insurance, you need to know or have access to key information about your business, to allow you to know what type of policies you will need, and what insurance you’re entitled to, and what is best for your business.
This will include the nature of your business, the company’s annual turnover, the number of employees, and your insurance claims history. As with any insurance, it is best to shop around and compare quotes.
What insurance will my small business need?
There are different types of business insurance you can buy for your company, but some are required by law. These are:
- Employer’s Liability covers your legal responsibility for the safety of your employees, and should they be injured and awarded damages, Employer’s Liability will cover this cost.
- Motor insurance for any motorised vehicle that runs on a public highway (must cover third party property damages of at least £1 million under the Road Traffic Act).
- If you have plant and machinery involved in your business it legally requires an engineering inspection, covering items such as forklift trucks, lifting tackle and pressure plants.
Certain insurances are a contractual requirement, such as insuring a building on behalf of your landlord, or holding a Public Liability policy when working for third parties.
Most insurance cover that is a legal obligation will come with a certificate of insurance, which you are required to keep as proof of cover for at least five years.
If you’re looking for a business insurance quote online, visit our website today.
