Safety Nets

I am not into scare-mongering – that is not the way to sell insurance, in fact I don’t like to even ‘sell’ insurance. Our intention is to ‘provide’ insurance that people need. Where we see gaps we can offer cover and protection – something that cannot be done by a computer or someone in a call centre who doesn’t know your circumstances.

It occurred to me yesterday watching a programme about the spinal injuries unit at Stoke Mandeville hospital that life can change for people in an instant and from something as trivial as falling off a chair. One of the patients on the programme was a roofer, whilst he had regular work through a main contractor he was engaged always as a self-employed contractor and so had no holiday or sick-pay allowance. I am not sure whether he had any protection for his income but if he didn’t then that may have significant consequences for him and his family. One other patient found this out as he had to put their house up for sale as his ongoing rehab and inability to get back to work meant that he could not meet his mortgage repayments.

So incidents that affect you may well effect those who rely and depend on you and a nominal premium for a little protection may well go on to make a significant steps to maintaining your lifestyle should you find yourself unable to work.

Contact us to find out more about Personal Accident and similar protection.

Alistair

Price Rises Pressure Motor Trade

It's no secret, particularly if you are in the motor trade, that insurance rates are on the up. This is often no reflection on the individual or business at hand as they may have not experienced any claims and still present a good risk but claims seen across the board mean insurers have seen a significant reduction in profit and even losses in this sector. Some insurers - Equity Red Star - even pulling out of the market altogether. 

So how can you set yourself above the rest and present a good risk. Unless you take risk management and security seriously it is likely that insurers will not be interested in offering discounts when quoting. We, as a broker, need to be in a position to portray your business in the best possible light. Here are some things you may wish to consider working on prior to your next renewal. 

Act as if uninsured - If you remember this as an overriding principal then you wont go far wrong. Acting as if you are uninsured will mean that you will pay more attention to security, to health and safety, to cleanliness and legislation.Within this over-arching point there are several other things to consider. 

1) Security - Taking into account the above, insurers will be more willing to offer good rates if you have good security. Not all cases require an alarm but those that do should consider at least some form of digital signaling and a police response. If trading from home then insurers will need you to have a significant key safe and decent door and window locks. 

2) Health and Safety - This is not a scary concept and is fairly straight forward. Its mainly about applying common sense and writing it down. Two body repair businesses walk into an insurance brokerage, the first is clean and tidy risk the second is a clean and tidy risk with an accident book and a written health and safety policy - who do you think gets the better rate? You can download template Health and Safety policies from the HSE website and an accident book will cost you a couple of pounds.

3) Legislation - Depending on what your business is, what sort of property you occupy and how many people you employ there may be some legislation applicable to you. Insurers would expect you to be compliant with these things and if you are not you may find yourself putting your hand in your own pocket to pay for a claim. If for example there is some legislation stating that the electrical circuits must be inspected and they haven't been which leads to an electrical fire you may well discover the insurance to be void. It doesn't have to be a nauseating experience to find out what your obligations are. You can find most information on the HSE website or on industry sites. There are also professionals who will guide you through H&S and legislation issues. 

4) Drivers and Training - Insurers are keen on training. Record any training you give to your employees no matter how small. Obtain licences and driving references for new drivers. Insurers like this area of the insurance to be well managed. Consider sending drivers on AA Drive-tech courses should they pick up claims or convictions. Stating that you have a set, clear plan for driver training means insurers will see you as a well managed business. It also means that insurers will be confident that, in the event of a claim you have systems in place to try and prevent that happening again. 

5) More is Less - Flipping the old cliche around often we find that trying to scrimp on the insurance by only insuring Third Party or having a low vehicle limit means that you often restrict the insurers that will quote. Insuring liability, tools and / or premises etcetera often means that more insurers will be willing to quote which  in turn means you may benefit, not just from insuring your business more appropriately but also from more palatable premiums. 

For more information on any of the above or to see if we can assist with your motor trade business please do not hesitate to give us a call. 

Alistair

Inspiration from Marginal Gains (Team FW taking Inspiration from Team GB)

A while ago I blogged about controlling your inner chimp. This technique, explained to me by Coaching Psychologist, Mike Duckett, was pioneered by TeamGB and generally famous sports psychologist Dr Steve Peters and it totally makes sense. In fact one could look at the David Brailsford (Performance Director of British Cycling) era and utilise the lessons to enhance or perform better in business. 

One thing that has made a huge difference in British cycling, leading to the current dominance at the Olympics   and major wins in competition such as the Tour De France is attention to detail. In cycling we are talking about things like the amount of rotations of a pedal per minute required to travel a certain distance or the amount of carbohydrate an athlete should imbibe each hour as a ratio to their weight. What British Cycling is doing here is assessing the requirements and ability of the rider and working out how those minute requirements can be met and how technique and strategy can be adapted to enhance the ability of the rider. Small, small details. 

So what does this have to do with business? Well take a price comparison website - this is equivalent to deciding you want some insurance (or fancy a bike ride) and going to the one stop, no fuss online shop (a well known high street bike and car part retailer) to purchase your insurance policy (bike). What you will get might be something that does the job instantly, allows you to trade (or go for your bike ride) but will not really provide you with what you 'need'. This word - need - is key. Often we know what we want, I'm sure that as a kid Bradley Wiggins wanted the coolest looking bike with all the spokey dokeys (if you were born in the 70's / 80's you will know what they are) but it is the professionals that have surrounded him that have nurtured him into the cyclist he is today by recommending the correct bike, nutrition and indeed through Dr Peters, the right train of thought and essentially giving him what he 'needs' in order to succeed.

The attention to detail which comes from expert advice leads to what David Brailsford terms 'marginal gains'. These are small amounts of progress or advantage that when they add up produce race winning performance. In insurance terms we are talking about fine tuning each aspect of the cover a customer needs ensuring that the marginal gains in these areas lead to competitive prices and appropriate cover. 

This is what Fairweather Insurance pride's itself on - the attention to detail. Whether we are looking at your home insurance, a multinational company's liability needs or a small let property they all equally deserve this service and the benefit of our expert advice to deliver the most competitive and appropriate solution. 

It doesn't stop with preparation though. Watching the Tour de France you are acutely aware that the rider is not alone, whilst they might win the medal or jersey they are not waived off at the start of the tour only to crack on their own. The car is with them all the way loaded with everything they need to compete. It is also this level of support that is key to the success of a broker. It is no good us giving a client a piece of paper and wishing them luck, we are there to assist with claims (when you come off the bike) as well as underwriting and advice when your requirements change. 

So as a client are you looking for a quick fix which may or may not be suitable for you or would you rather a race winning set up and support? 

Alistair