CAP Business Clubs
  • Home
  • Members
  • Contact
  • Podcasts & Workshops
  • Contributions
  • Books
  • courses

 Blog page 

See our members

It’s fine – no need to change anything..

7/3/2014

0 Comments

 
Picture
Author - Andrew Long



Picture

It’s fine – no need to change anything..

This is a response that I often hear from both prospective and long-standing clients – they frequently consider that what protection they have in place is “fine”. This is frequently not the case as the following examples will illustrate:-

Case Study  - Homeworkers

A professional couple had operated a successful business from their comfortable home for a number of years.  Upon contacting them to discuss in greater detail, it transpired that their “Homeworkers” policy was barely worth more than the paper on which it was printed! Although their premium was quote substantial, there were alarming gaps in their cover :-

·         They did not in fact have cover for Employer’s Liability, meaning they were in breach of the Employer’s Liability  (Compulsory Insurance) Act.

·         Although they had extensive business equipment including tablets, laptops and mobile phones, none of these were specified and not covered at all away from their home.

·         The “Homeworker” policy wording excluded any business activity which generated an income in excess of £25,000 per annum – this business was generating 10 times this amount.

·         The client’s home was a 200 year old stone building, whereas the insurer statement showed it was built after 1980. This in itself would have a dramatic effect on the acceptance and the premium rating with any insurer.

By taking a little time to get to understand the client and their business, I was able to offer an insurance programme which included a separate policy for their home and business – ensuring that all the gaps highlighted were closed, giving them complete peace of mind. The overall result was a delighted client.

Caste Study – Property Owner

A local charitable trust owned a substantial property for which they are responsible for the management and letting to a small number of tenants. I visited them and took the time to understand how they operated and what was important to them.

Upon studying their existing insurance schedule it was clear that there was a very obvious element of cover missing. As a landlord, their primary source of income was the rent received from each of their tenants. In the event that the building sustained an insured event (fire or flood e.g) which rendered the building uninhabitable, they would potentially lose income until any repairs were completed. Given that the building was Grade 2 Listed, this could involve months of negotiations with English Heritage and the local planning authority – during which time their tenants may have relocated and perhaps not even return. The potential loss of income would have proved catastrophic to my client, so I recommended that they insure against the risk of this for a period of up to 3 years. The cost to them was a few hundred pounds, which they were happy to pay to avoid the consequences.

Next time you have a few minutes; take a look at what cover you have for your business, your property or your vehicles. Better still – talk to an expert in the field who can give you advice on the best way to protect what matters to you.

0 Comments



Leave a Reply.

    Categories

    All
    Accounting
    Broadband
    Business
    Computing
    Crafts
    Digital
    Education
    Electrical
    Fashion
    Finance
    Food And Drink
    Garden
    Health
    Human Resources
    Insurance
    International
    Jobs
    Legal
    Maintenance
    Marketing
    Mortgages
    Networking
    Other
    Photography
    Sales
    Seo
    Social Media
    Telecoms
    Training

    CAP BUSINESS CLUBS BLOG

    Archives

    December 2018
    November 2018
    July 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    October 2016
    July 2016
    March 2016
    February 2016
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013

    RSS Feed


     Visit us on Facebook - We always appreciate any "Likes"
    Picture

    Contact us
    T: 01594 723120
    M: 07811 981929
    Email: Here


    Office 3
    The Main Place
    Old Station Way
    Coleford, Glos
    GL16 8RH


    Picture
    Home
    Members
    Contact
    Join
    Links
    Testimonials

Picture
CAP Business Clubs 2025

Privacy Policy
  • Home
  • Members
  • Contact
  • Podcasts & Workshops
  • Contributions
  • Books
  • courses