July 2023 – Rowett Insurance Broking Group Blog

What do business owners need to know about renewing insurance in 2023?

31 July 202331 July 2023 Gareth Rowett

As a business owner, ensuring adequate insurance coverage is crucial for protecting your company’s assets and mitigating potential risks. With each passing year, the insurance landscape evolves, and it becomes essential to review and renew your insurance policies to align with the changing business environment. In this blog, we will discuss the key considerations business owners should keep in mind when renewing their insurance in 2023, enabling them to make informed decisions and safeguard their operations.

Evaluate Changes in Business Operations:

Before renewing your insurance, carefully assess any significant changes in your business operations. Have you introduced new products or services? Expanded your premises or workforce? Entered new markets or adopted innovative technologies? Understanding these changes will help you determine if your existing insurance coverage adequately protects against the specific risks associated with your evolving business activities.

Conduct a Comprehensive Risk Assessment:

Conducting a thorough risk assessment is crucial in determining the appropriate insurance coverage for your business. Identify and evaluate potential risks, such as property damage, liability claims, cybersecurity threats, supply chain disruptions, and natural disasters. By understanding your risk exposure, you can ensure that your insurance policies provide sufficient coverage and offer protection tailored to your unique business needs.

Review Existing Insurance Policies

Take the time to review your current insurance policies in detail. Understand the scope of coverage, exclusions, deductibles, and policy limits. Assess whether your existing policies adequately cover your business’s risks and if any adjustments are necessary. Consider consulting with an insurance professional who can provide expert guidance and help you navigate complex policy terms and conditions.

Seek Competitive Quotes

Don’t settle for the status quo when renewing your insurance. The insurance market is dynamic, and new offerings may better suit your business requirements or provide more competitive premiums. Engaging a good insurance broker can streamline this process, as we have access to a wide range of insurers and can negotiate on your behalf to secure the best possible coverage at favourable rates.

Understand Emerging Risks and Coverage Gaps

Stay informed about emerging risks and potential coverage gaps that may impact your business in 2023. Technological advancements, data privacy regulations, environmental concerns, and evolving legal landscapes can introduce new risks that require specialised insurance coverage. Keep abreast of industry trends and consult with your insurance provider or broker to ensure that your policies address these emerging risks adequately.

Consider Bundling Insurance Policies

Bundling your insurance policies with a single provider can offer several advantages. It simplifies the administrative process, provides potential cost savings through package discounts, and ensures seamless coverage across different areas of your business. Discuss with your insurance provider if bundling options are available and evaluate the benefits and potential drawbacks based on your specific business needs.

Review Business Interruption Coverage

The COVID-19 pandemic highlighted the importance of business interruption insurance. Assess whether your existing policy adequately covers potential income loss due to unforeseen events such as natural disasters, supply chain disruptions, or civil unrest. Understand the policy terms, waiting periods, and coverage limits associated with business interruption insurance to ensure you are adequately protected against such risks.

Regularly Update Your Insurance

Insurance needs should not be a one-time consideration. As your business evolves, regularly review and update your insurance coverage to reflect new risks and changes in operations. Set a reminder to reassess your insurance needs annually or whenever significant changes occur within your business. Staying proactive and responsive to evolving circumstances will help you maintain comprehensive and up-to-date insurance protection.

How Rowett Insurance can help

Renewing insurance for your business in 2023 requires careful evaluation, proactive risk assessment, and thorough policy review. Get in touch with Rowett Insurance Broking Limited on 01726 871144 to help you get this right.

Be on your guard: protect your luxury vehicle from theft

18 July 202318 July 2023 Gareth Rowett

In recent weeks an unfortunate trend in luxury vehicle theft claims has emerged specifically in some affluent areas of London.

We’ve been advised by our insurers Aviva to make our clients aware of the risk in this area and to be extra vigilant in taking the necessary precautions to protect your luxury vehicles.

To help mitigate the risk, they suggest taking the following actions.

Always lock your car securely when you leave it, even for a short time, and keep your keys with you. Using a steering wheel lock for extra (visible) security could make a would-be thief pass over your vehicle for another.
Consider installing trackers and immobilisers. Products such as the Tracker S5 Plus, Ghost II, Scorpion X and NoGo are Thatcham-approved and highly recommended as they offer an extra layer of protection from key cloning and hacking.
Make sure the subscription for your vehicle tracking device is maintained – a subscription thatʼs overdue could affect your motor insurance policy.

In addition to using steering wheel locks and installing trackers and immobilisers, there are a few other measures you can take to further enhance the security of your vehicle. One simple yet effective step is to always park your car in well-lit areas or secure parking lots, as this can deter potential thieves. It’s also a good idea to keep your car keys in a safe place at home, away from windows and doors, to prevent them from being easily accessible to burglars.

Another important aspect of vehicle security is being cautious about who you lend your car to. While it may be tempting to lend your car to a friend or family member, it’s crucial to ensure that they are responsible and trustworthy drivers. By being selective about who you allow to drive your car, you can minimize the risk of it being stolen or damaged.

Regular maintenance and servicing of your vehicle can also contribute to its security. By keeping your car in good condition, you reduce the likelihood of breakdowns or malfunctions that could make it an easy target for thieves. Additionally, maintaining up-to-date records of your vehicle’s maintenance and repairs can be helpful in the event of an insurance claim.

Lastly, it’s important to stay informed about the latest security threats and techniques used by car thieves. Keeping up with news and updates from reputable sources can help you stay one step ahead and take necessary precautions to protect your vehicle. By staying proactive and implementing these security measures, you can greatly reduce the risk of your cherished car being stolen or compromised.

Of course it’s vital that you have adequate vehicle insurance to protect your cherished car. When you arrange your motor insurance with us, we will ensure to get full details of your car so that the cover is sufficiently high value.

If you have any concerns about your current level of insurance, or are considering investing in a new or vintage luxury vehicle, call us on 01726 871144 and select option 1 to be taken straight to the personal insurance department.

Business continuity advice: preparing for summer storms

18 July 202318 July 2023 Gareth Rowett

While weather forecasting has improved significantly throughout the years, there is still little warning of when and where localised flash flooding may take place.

Recent heatwaves (and more extreme conditions) have intensified flooding throughout Europe and the UK. While climate change may be largely to blame, overtaxed drainage systems and inadequate risk management strategies have led to catastrophic damage for both residential and commercial properties.

Risk management is an essential part of any effective business. What steps can you take to enhance your preparedness and account for possible insurance risks?

Flash flooding in Europe

Even climate scientists are shocked by the scale of recent summer floods in Germany. In an area that usually sees 80 litres of rainfall in the entire month of July, 148 litres per square metre fell in just 48 hours in parts of Rhineland-Palatinate and North Rhine- Westphalia. Switzerland documented their heaviest rainfall on record, after a Zurich thunderstorm saw 4cm falling overnight. This led to flash flooding, logistical issues and travel chaos in the city and its surrounds.

UK flash floods

Closer to home, west London was hit by severe flooding in early July 2021. Water rushed towards the platforms at Sloane Square station, barriers were erected in Chalk Farm and Hampstead, Euston station was closed, and in Primrose Hill people were seen swimming in ponds created by thunderstorms.

While climate change is largely to blame, overtaxed drainage systems exacerbate the problem. Thus was the case for the Gough family who saw their new home submerged after unexpected flash flooding in Dorset. They believe that the damage was caused by inadequate drainage maintenance.

These systems not only reduce peak water levels, but give communities affected by flooding, more time to prepare for the worst. While the consequences for residential properties can be personally tragic, the outcomes for commercial properties can be catastrophic, for both you and your employees.

In addition to physical flood damage to the premises itself, losses can also incur from business interruption and damage to stock, equipment, fixtures and fittings and general contamination. The effects on business continuity cannot be understated, a flood can be devastating.

Flood preparation

According to Insurance company QBE, “planning in advance and taking a few sensible precautions could save disruption and money, should the worst occur”. As part of your overall business continuity plan, some of the measures that they suggest include:

· Not storing stock directly on the floor. Even raising it by 100mm can make a big difference

· If you can, avoid storing stock/objects directly under valley gutters. If not, then try and store lower value, less vulnerable goods in these areas

· Check that normal surface water drains and other flow routes are unobstructed

· Electrical, electronic, and other sensitive equipment may be directly under potential water entry points. In the short term, think how you can protect it; in the longer term, ask yourself if this is the correct location for it.

Consider cellars, basements, trenches, pits, loading docks and other low-lying areas. After an extended dry period, water run off paths may be significantly different from the usual routes. If you have had any incidence of water ingress before, then be prepared with sandbags, flood barriers or similar solutions.

Protect yourself with flood insurance

While many flooding incidents cannot be prevented, proper preparation, risk management strategies and adequate insurance can help to mitigate the physical and financial fallout, including loss of income. All business owners need to take account of these risks as part of the effective operation of your business.

At Rowett Insurance, we can help you to find the right level of cover for you, call our team on 01726 871144.

Month: July 2023