Insurance Brokers, Commercial Insurance, Business Insurance and Home Travel Insurance

10 Nov

Making The Insurance Claims Process Work For You

Filed under: Claims,Commercial,Loss Recovery Insurance,Retail Insurance — Higos @ 11:20 am

The main reason we purchase insurance is to ensure our assets, business, staff and profit are protected should we suffer a loss following an insured event. Ensuring we have the correct level of cover in place is vital if we are to be certain no nasty shocks are waiting in store when it comes to making a claim.

The insurance industry is changing. Most changes are positive and customer focussed, however the drive for reducing costs and maximising efficiency (especially in the claims sector) is something customers need to be aware of. Gone are the days when insurance companies used to view a claim as an opportunity to prove their value to their customers.

There are some exceptions – and it pays to know who they are! – however many insurers are now more interested in ensuring claims are settled for the lowest possible amount. The whole claims process, including the appointment of loss adjusters for smaller claims, now works with this aim in mind. This process does make claims resolution faster, but there are downsides as well.

You may have seen the recent furore over the claims team which was getting large bonuses for minimizing payments to asbestos related claimants. This culture needs to change and your insurance broker has a key role to play in this process.

A lot of insurance brokers have also got caught up in the drive for reducing costs. A significant number have done away with claims staff altogether and now pass clients’ claims directly on to the insurer concerned.

There are still organisations out there – such as Higos Insurance Services – that put customer service at the top of their strategy. A broker who provides an expert, experienced and independent claims team, prepared to fight to ensure their clients get prompt and full claims resolution should feature prominently on your insurance shopping list.

Also on that list, depending on the size and complexity of your business, it may be prudent to consider commercial loss recovery insurance. For as little as £30 or £40 per annum you can have a qualified independent loss adjuster to prepare, present and negotiate certain insurance claims on your behalf.

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19 Sep

Now Is The Ideal Time To Prepare Your Home For Winter

Filed under: Home Insurance — Higos @ 9:27 am

September is the month householders should get ahead of the game by having their boiler serviced and carrying out simple maintenance checks around the house. That way problems can be fixed before the cold weather arrives later in the year.

This may seem a strange task to do when the sun is still shining, but as we have all witnessed in recent years the weather patterns are becoming less predictable and an early cold snap could easily catch us out.

Having your boiler serviced and ensuring water pipes are adequately lagged are sensible preventative measures to take now. Too often we all put off these tasks until it is too late and we find we have no heating or hot water at the very time they are needed most. That will also be the time when the rest of the nation is turning on their heating systems and finding they have problems too, so it becomes a mad scramble to find an emergency plumber who can fit you in.

Burst pipes can cause huge amounts of damage and make all or part of a house uninhabitable, causing inconvenience and expense. Taking the time to go into the loft to ensure the wrappings have not deteriorated or become dislodged or replacing them with new ones, can save large amounts of hassle later in the year. Also if you can do it now, when temperatures in the loft are reasonable rather then cold or freezing, it can make the job far easier.

It also pays to look through your policy documents to see what cover you have and that it is still sufficient for your needs.

New purchases of large or expensive items may need to be declared or individual cover arranged, for example. Conversely, a policy purchased through an online service may have given you a level of cover considerably in excess of your actual requirements and you could be paying far more than you need to because of it.

A local insurance broker will be able to give you face-to-face advice on the cover that best suits your needs and they will have often negotiated exclusive deals with insurers which will save you money while also giving you the peace of mind that you have the right cover and are not paying excessively for it.

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08 Aug

Specialist Insurance Cover For Motor Traders

Filed under: Business Interruption,Motor Trader — Higos @ 5:21 pm

As a Motor Trader it is important you get the right advice and are able to question your insurance provider to make sure you have the correct cover to fit your needs. As a motor trader you are unique in the world of insurance because you need and have access to specialist covers.

Whatever your exact business, you will need Motor Trade Road Risks and Public Liability cover as a minimum.

Road Risks is a specialist cover designed for your industry and can be very cost effective. Primarily it will cover you and your employees to drive vehicles owned by the business and customer’s vehicles. You should also extend the cover for social, domestic and pleasure cover. In addition you can extend your policy to include your spouse and, where required, family members and even friends. But beware a vehicle owned by another party (e.g. your children, a friend) would not be covered. They own the vehicle and therefore they have to insure the vehicle appropriately. Remember the policy covers the vehicles owned by the business and customers. Further extensions to Road Risks cover include courtesy vehicle cover for customers and additional windscreen cover.

Whether you operate from premises or not you should include Public Liability cover which for motor traders is more suitably described as Public Liability, Servicing & Sales Indemnity or Defective Workmanship. This area will cover if a claim is made against you by a third party for personal injury or property damage. For example, if you repair a vehicle and it is then involved in an accident and it is deemed after investigation the accident occurred as a result of your work.

You should include cover for vehicles at home or at your premises. This is where the expertise of a broker on checking the parameters of a policy is important, as they will be able to recommend the right cover for you. If you operate from garage or forecourt premises then a combined motor trade package is required, and will include the option of tailoring all other covers into the policy.

Property Damage is available to cover you against claims to your buildings, equipment, vehicles or stock. You can also include Business Interruption, to cover your loss of gross profit following a claim under the Property covers. The purpose of this cover is to keep you in business following a catastrophe, such as a fire. Business Interruption will cover the salaries of your staff, such as mechanics, who are very skilled and in short supply – you do not want them leaving to join a competitor whilst your premises are rebuilt.

If you employ people, even on a casual basis, you will need Employers Liability. Health & Safety is an important business for all businesses these days and it is important you keep on top of issues including Health & Safety policies and risk assessments. If you are responsible for these matters then you may find government websites an invaluable sources of information.

One essential area of cover, which leads on from Health & Safety issues, is inspection requirements for pressure equipment (Air Receiver/Compressor) and Lifting Equipment (Lifting Table). Your broker will be able to add this on to your package of cover, ensuring you complying with the latest regulations.

In conclusion, speak to your insurance provider and make sure the cover you have in place is correct. Higos Insurance Services has the expertise and is here to help, providing you with the cover, service and advice you require.

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19 Apr

Why SME’s Should Talk To A Broker When Arranging Insurance

Filed under: Commercial,Retail Insurance,SME Insurance,Underinsurance — Higos @ 11:05 am

SME’s are a key target for insurers in 2011, with considerable competition to take costs out of the products, particularly when offered through direct and online channels.

However, taking out SME insurance is not like insuring your car; commercial enterprises can be complex and the size,scope, needs and growth prospects of the business must be taken into consideration when sourcing insurance cover. The danger for businesses obtaining quotations online is that, while it may seem to simplify the process,
businesses receive no advice on the most appropriate cover for their business.

They risk underinsuring or not selecting the covers they really need, the proof of which will only come to light when they need to make a claim. For businesses like tradesman, for example, they need to know what employers’ liability cover they need for bona-fide sub contractors and when they need insurance and when they do not. Correct definitions for these areas of cover are simply not available on many direct sites. So how does the employer know what cover to take out? The simple answer is they don’t and that could spell trouble for them further down the line, in the event they need to make a claim.

Similarly, we are aware that quotations being obtained from some banks are significantly in excess of the standard
market rates. This is particularly so in the case of new businesses – we have seen quotations which have been 50% higher than the quote we have been able to obtain.

This looks like banks making the assumption that clients who have set up loans and business finance will take the easy option of accepting the quote they provide, rather than the inconvenience of shopping around for cover.

At Higos Insurance Services we arrange a face-to-face meeting with your business, ensuring you get the best range and level of cover, so you can be sure your business has the right insurance protection, should you need
to call upon it.

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24 Feb

Help Is At Hand To Meet Your Legislation Requirements

Filed under: Commercial,Retail Insurance,Risk Management — Higos @ 3:51 pm

If your business owns certain types of plant and machinery it puts you under legal obligation to make sure that it’s safe to use and fit for purpose.

Engineering inspection cover can ensure that you fulfil these requirements. However, this vital area of cover is often neglected because of confusion about the legislation and frequency of inspections.

Are you fully aware which of our items need to be inspected and do you know who needs to carry out the inspection in order to satisfy the legislation ?

Most businesses who own lifting plant are aware that annual or six monthly inspections are required. Keeping on top of this inspection cycle, plus changes to legislation and inspection frequency can be difficult when you have a business to run. There is also a wide range of equipment that must be examined by a competent person in order to satisfy the health and safety legislation. Examples of equipment include steam boilers, local exhaust ventilation and certain refrigeration devices. Being capable of operating the equipment does not mean that you are competent to warrant its safety in the eyes of the law.

Small business premises such as catering establishments, offices and light industrial units often have equipment in the above categories which can easily be overlooked, thus exposing the owners to the possibility of heavy fines or even imprisonment.

Higos Insurance Services can remove the headache of having to remember and arrange individual inspections on numerous items at varying intervals. Higos will arrange inspections for you with a
leading provider to ensure compliance with inspection legislation relevant to your business.

We understand how confusing legislation can be, so we have experts on hand who can offer you the cover you require and the advice you need, allowing you to concentrate on running your business. In addition to engineering inspection cover, Higos also provides cover for a number of other areas which are typically excluded from a normal commercial policy, such as electrical or mechanical breakdown and the explosion of pressure plant. Contact Higos today on 01749 834 500 for further details.

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07 Feb

Take Action Now To Avoid Rate Increases

Filed under: Commercial,Home Insurance,Personal — Higos @ 5:12 pm

The recent Government austerity measures are affecting us all. Several of the cutbacks announced in the recent Comprehensive Spending Review will impact on property insurance policyholders.

The Government’s decision to cut flood protection investment by 25% over the next few years, for example, is a major worry for insurance companies and underwriters. The government-Insurer ‘statement of principles’ agreement, under which the insurance industry is currently offering flood cover as part of standard property insurance, ends in 2013. The debate about how to deal with the issue after this date has been intensified by the flood protection reductions.

The British Insurance Brokers Association (BIBA), of which Higos is an active member, has set up a think tank of brokers and underwriters to develop bespoke products for properties in ‘at risk’ areas. The only other solutions on the table are pooled funds – similar to current terrorism cover – or further regulation requiring insurers to provide cover in high flood risk areas.

The costs associated with the latter options cannot fail to have a substantial upward impact on rates and, whilst any solutions reached by the think tank cannot rule out rate increases, it will avoid having to cover the cost of expensive regulation. Whatever the outcome, Higos feel it is imperative all commercial and personal property insurance policyholders affected by floods are insured via a broker who is working on their behalf, to ensure the most equitable solution.

The market for flood cover will change rapidly over the next few years and Higos is committed to ensuring that all clients receive the best advice and cover available in the marketplace.

If your business or home is in area which has been affected by recent or historic flooding – or you reside in an area reclaimed from a flood plain – we would advise you to review your insurance arrangements at your next renewal date.

Being insured with the right Insurer before the 2013 deadline will make a substantial difference – in terms of both premium and cover – if your current insurer prices themselves out of the market, or pulls out altogether.

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17 Dec

Household Tips To Protect Against Cold Weather

Filed under: Home Insurance,Household,Personal,Working From Home — Higos @ 11:56 am

The fall of heavy snow experienced by the UK showed once again how vulnerable we are to adverse weather conditions.

Households, in particular, can fall prey to emergencies such as frozen pipes which then turn into burst pipes, causing thousands of pounds worth of damage.

Here at Higos we have put together some practical advice for homeowners to consider. Firstly, while household insurance covers emergencies such as burst pipes, it pays to try to prevent these occurrences rather than have to cope with the damage and disruption to home life that a simple burst pipe can cause.

It is important, if you come home to a burst pipe, that you contact your insurance broker or insurance company straight away, as many now operate an emergency service and will get a local contractor out to you as quickly as possible.

Insurers tend to prefer to use their own accredited contractors but if you want to use your own contractor make contact with your broker or insurer first to obtain authorisation. This can avoid costly complications further down the line.

With more freezing weather on the way, here are a few simple precautions and tips to guard against and deal with household claims this winter.

Conduct a winter maintenance check:

* Check all pipework to ensure it is adequately lagged to prevent frozen pipes. Include the water tank too. This is particularly important if you have moved into a new home and you haven’t carried out a pipe check before.

* New home owners should ensure any essential maintenance issues highlighted in the survey have been undertaken – especially if they may be made worse by adverse weather.

* If you have an outside tap, which is exposed to winter weather, lag that too.

* Check for dripping taps and fix them as these can freeze and block pipes.

Prepare for the worst:

* Know where your insurance policy is stored and the contact number for your insurance broker or insurer so, should an emergency occur, all relevant information is to hand.

* Familiarise yourself with the location of your cut-off switches for your gas and electricity supplies, as well as the stopcock for the water supply. Make sure the stopcock can be turned off.

* Modern boilers often have a frost protection thermostat and will turn on automatically if the temperature is low enough to cause pipes to freeze. With an older boiler it pays to keep the heating on low or set it to come on twice a day to maintain a reasonable level of warmth.

* If you go away over Christmas keep the heating on low – it will help to open the loft door to allow warm air to circulate within the loft too.

* Leave a telephone number with a neighbour so they can contact you in an emergency and if you are away for a length of time, have them check the house on a regular basis.

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23 Nov

Countering The Compensation Culture

Filed under: Commercial,Liability,Retail Insurance,Risk Management — Higos @ 12:32 pm

There is no doubt that all companies have a duty of care to their employees, the public and public property. If proven legally negligent – by action or inaction – then it’s fair to expect some compensation to be made.

I’m sure none of us have any problem with an injured member of staff or the public being adequately compensated, if the company is shown to be liable. However, the frequency and cost of liability claims has been increasing steadily for some years and the ‘where there is blame, there is a claim’ culture is having a real impact on all our insurance premiums.

Insurance companies have to increase the cost of cover across the board to compensate for these escalating losses. Several have been complicit in increasing the feeding frenzy by dispatching claims staff, armed with cheque books,within hours of an incident being notified to them.

The legal fees in liability cases often outstrip the compensation. A recent example where an employee hurt his thumb at work saw him receive £1,200 in compensation, the legal costs to his solicitor were £5,000. His Insurers loss record shows a claim payment of £6,200 – this will have a direct impact on not only his employer’s insurance premium, but all liability premiums for that insurer.

Higos is lobbying for the introduction of an independent personal injuries and assessment board, similar to that introduced in Ireland in 2004. This board has seen a massive reduction in legal costs and compensation awards, with insurance premiums being reduced by 15% – 20% since its inception.

Until an assessment board is in place in the UK we would strongly encourage all employers to look closely at their risk management, to ensure they are covered by an insurer who is financially secure enough to be able to reward good risk management with significant premium reduction.

Higos is perfectly placed to provide advice in this area. We would be delighted to give your company a free insurance health check – we have staff qualified to give up to date risk management advice in most industry sectors.

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12 Nov

Why Use A Broker To Purchase Retail Insurance

Filed under: Business Interruption,Commercial,Retail Insurance — Higos @ 1:51 pm

Buying retail insurance can be complicated and time consuming. How do you know what cover you need? Can you be sure you are getting the best deal? In most cases the answer is you can’t be sure.

Using an insurance broker is the easiest way to ensure your business is properly protected. One benefit of using a broker is the knowledge and expertise they possess. The broker will work with you to assess your
retail insurance needs and advise you of not only the covers you are legally required to have, but also covers that can potentially save your business in the event of a loss.

You may need to consider the Pressure Systems Safety Regulation 2000 Act, which stipulates that any retail premises with a hot water boiler to make hot drinks must ensure it’s inspected regularly as part of a planned service and maintenance regime. Should the boiler explode, insurers may challenge the claim if the necessary cover is not in place to maintain the boiler. The same principle applies where chillers are used by florists, butchers, restaurants and other trades.

Walk-in theft is a common problem for retailers of expensive items such as cameras, phones and laptops. Your broker can help by including theft cover in your policy. Business Interruption insurance covers loss of gross profit should an insured peril occur on your premises, leaving you unable to trade. This cover will be provided until you can begin trading again, depending on your indemnity limit.

Purchasing insurance without the guidance of a broker could leave your business exposed and result in you breaking the law. Once you have agreed the cover you need, your broker will search the market to obtain the best deal. This will certainly save you time and possibly money too.

The advantage of using a local broker is their excellent customer service – they are part of the community and you can have a face-to-face conversation whenever necessary. Service is also demonstrated if you need to make a claim. At Higos we have an in-house claims team, dedicated to dealing with any claim received in a prompt and efficient manner.

How will you be purchasing your retail insurance this year?

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25 Oct

It’s Still Not Too Late To Protect Your Income

Filed under: Income Protection,Mortgage Protection,Payment Protection,Personal — Higos @ 9:43 am

The sweeping cuts in public sector jobs announced in the Government’s Comprehensive Spending Review have left many people worried about their future.

In particular, many are concerned about how they will afford their bills and other essential expenditure if their job is one of the 490,000 expected to be axed in the next four years.

It is when announcements like this occur that people wish they had taken out payment protection insurance, thinking that now it is too late to do so.

In fact, as long as the individual has not been informed by their employer that their job is at risk, they can still take out a payment protection policy, advises Ian Gosden, managing director of local high street broker Higos Insurance Services.

“It is not too late for people to protect their livelihoods,” Ian says. “Higos has two prestigious Defaqto 5 Star products which can offer peace of mind should someone lose their job or be unable to work through sickness or following an accident.

“Many people will know public sector workers facing an uncertain future, whose livelihoods could be at risk, and they need to be made aware that if they act quickly they can protect themselves.”

Cover can be arranged for many everyday payments that could cause people anxiety in a redundancy situation. These include mortgage, rent and other regular payments such as council tax, utilities bills, finance agreements and even gym memberships and satellite/cable TV bills.

“The cover on offer allows the choice between accident, sickness and unemployment, accident and sickness or unemployment only, with 12 or 18 month benefit options,” Ian explains.

He adds: “With public sector jobs set to be slashed, and fears of a double-dip recession looming, the confidence and peace of mind payment protection insurance can give people in knowing they can pay their essential household bills cannot be undervalued.”

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