Business Interruption Insurance

Imagine your business burns down.  Your buildings and equipment are insured.  Phew!  But wait a minute - what is going to provide you with an income now? Loss of property is often nothing compared with the loss of income that follows.

Business Interruption Insurance (BII) is probably one of the most valuable commercial insurance policies a company can have. Simply put it’s the insurance that will keep you in business while you put your business back together.

Yes, chances are this kind of disaster isn’t going to happen to you.  Yet, accidents do happen which is why employers liability insurance is needed by law.  You have to consider the risks and insure yourself accordingly.

BII can cover a variety of events that may affect your business.  Not just fire but loss of power, loss of other utilities, loss of a key supplier, loss of a key customer, storm damage, weather related flood damage or a leaking pipe.

BII will compensate you for the reduction in gross profit while you are unable to trade.  This enables you to pay your on-going costs such as rent, electricity and the salaries of critical staff.  Extra Expense can cover your costs should you move your business to a temporary location.

Sadly many businesses that suffer a crisis, directly or indirectly will no longer be trading 12 months later. The flash floods in Devon devastated many businesses, some of which took 2 years to start trading again.

How long your insurance lasts (the indemnity period) depends on your business.  This needs careful thought.  If your business burns down you have to include the time to demolish and clear a site, time to commission the rebuild, time to rebuild, time to re-staff your business and time to get the business back to where it was.  If the specialist piece of equipment 80% of your orders rely on gets damaged, you need to consider the time taken to locate a new supplier, for the equipment to be made and the turnaround time of the supplier who may be backed up with orders for the next 12 months.

Business Continuity Planning (BCP) will help you understand your business risks.  You’ll be able to think through the high and low risk events and how you would manage the business through any event.  A BCP will help your insurance broker understand your risk and get the best policy to meet you exact needs.

Business Interruption Insurance isn’t a one size fits all policy.  It needs serious consideration to ensure you get the coverage you need for how ever long you need it.  Get in touch and I’ll happily walk you through the process.

So you think you're having a bad day?

Winter Weather Preparations

 

 

 Article courtesy of Allianz

 

My name is Dave Wilson and I am an independent Commercial Insurance broker.

My area of expertise is arranging bespoke insurance cover for companies with a turnover of between £1M and £100M in a wide range of industries and professions but more specifically in the High Risk Liability sector such as roofing, scaffolding, waste management, the security industry, haulage, and also in the leisure industry.   

• I will personally visit you and carry out a free review of your current insurance
• Together we will identify the risks affecting you, your team and your business
• I will personally create a programme of covers which will meet your specific needs
• Together we will continue to monitor your needs as your business evolves
• I will provide you with a single point of contact and continuous support in the event of a claim

 

I make sure that my clients get the cover right in the first place and when there is a claim I make sure the insurers honour their promise.

Being truly independent I am free to arrange the highest quality products and services in commercial Insurance and Risk Management with a personal approach you can rely on.

David Wilson, Protecting People, Property & Livelihoods by giving right advice at the right time providing peace of mind.

 

Hazardous Haulage Contractors

We have an EXCLUSIVE facility specifically for chemical, petro-chemical and other hazardous hauliers, for both Liability and Motor Fleet. The latter is a unique Lloyd’s product, which is regarded as one of the most comprehensive schemes for hazardous haulage in the UK.

Don’t 'hazard' a guess at the price just contact David Wilson at david@nevillejones.com or on 07970 304169 today for a free review and quote.

Waste Recycling

It's good to be green and as a result the growth in waste / recycling businesses has been immense over recent years, although our business partners have been providing solutions to this industry for over 25 years.

Working closely with several trade bodies within this sector, including the ESA (Environmental Services Association), gives us and our business partners an in depth knowledge and understanding of the risks and covers essential to adequately protect your business and livlihood.

Quotations available for:-

• Waste management companies
• Skip operators
• Transfer stations
• Landfill sites
• Incinerations
• Material recycling facilities
• Consultants and surveyors
• Brokers

Classes of insurance covered are:-

• Liability
• Material Damage & Business Interruption
• Motor Fleet
• Plant and Machinery

'Waste' no more time, contact David Wilson at david@nevillejones.com or on 07970 304169 today for a free review and quote.