Category: Business

alarm testing

Important news about remote monitored commercial alarm system ‘Redcare’

Gareth Rowett

In recent news, BT has announced the withdrawal of its industry-leading Redcare alarm signalling products, a move that will impact thousands of UK business customers and potentially their insurance policies.

Redcare alarm signalling has long been a crucial component in ensuring the security and safety of businesses, providing a reliable connection between alarm systems, monitoring centres and customers’ mobile devices. With new systems no longer being sold from the end of February 2024 and product servicing being phased out by 1 August 2025, many businesses may face challenges in maintaining the same level of security and it could affect compliance with their commercial insurance requirements. Leading insurers estimate that 120,000 business, organisations and private homes across the UK use Redcare.

Around 75 percent of Redcare systems use the old analogue phone lines and will become obsolete by the end of 2025 anyway. Your installer may therefore have already been in contact with you about this.

If you currently rely on Redcare alarm signalling the advice is to promptly seek alternative solutions to ensure the continuous protection of your premises. Failure to address this issue could not only compromise the security of the business but also potentially lead to insurance policy non-compliance. It is imperative for affected businesses to proactively engage with their alarm system providers and insurance companies to explore suitable alternatives and make the necessary transitions smoothly to avoid any disruptions in their security measures.

If you have a Redcare system now, we advise that you act quickly as it’s almost inevitable that the closer we get to 1 August 2025, the more likely installation bottlenecks and product shortages will begin to occur.

Many customers will be unaware of the technological specifications delivered through Redcare and it’s important that the replacement service they choose provides a like for like performance level. Our insurance partner AXA advises that replacement systems that would be considered compliant must be:

  1. Installed by a company regulated by the National Security Inspectorate or a company regulated by the Security Systems and Alarm Inspection Board.
    and
  2. Includes an annual maintenance contract with an appropriate alarm maintenance company or regulated installer.

Alternative remote monitoring alarm systems on the market include:

  • Emizon – top specification using both wireless and broadband connections.
  • DualCom – uses a combination of traditional phone line and mobile network.
  • Digicom – basic and low cost system using traditional phone line only.

Though most business owners don’t need to be familiar with the technical specifications of their remote alarm monitoring, it will be important to take advice from both your installer or maintenance company and your commercial insurance provider.

Once you have established your needs, if you need further guidance whether your new alarm system is compliant with your policy, please get in touch on 01726 871144.

luxury cars in a dealership

The top things that affect motor trade policies

Gareth Rowett

When it comes to motor trade insurance, there are some key things that could affect policies. It is important to recognise and understand these if you are in this industry, to avoid being without important protection that you need. At Rowett Insurance we want to support you in this. Take a look at our blog below which explores some common issues.  

Defective Workmanship Insurance

This type of cover is usually taken out as part of a motor traders combined policy. It provides cover for accidental damage of client vehicles whilst left in your custody and control. It is crucial that any incidents of accidental damage are notified to your broker or insurer at the time the incident occurs, otherwise the majority of these cases end up with court proceedings when the matter could have been rectified at the time of the loss.

Motor Insurance Database (MID)

Uninsured drivers currently cost UK motorists over £500 million per year1. This means every time a driver pays their insurance premium, a portion of this amount goes to pay for these illegal road users. To tackle this problem, the Motor Insurance Database (MID) was established.

The regulations place a direct obligation on motor traders to load their vehicle details at inception and update the MID immediately for any vehicle acquisition or disposal.

Which vehicles should be added on the MID?

  • All permanent vehicles insured on your motor trade policy which are your property.
  • Trade plates.
  • Temporary vehicles.
  • Stock vehicles do not need to be added on the MID.

If you don’t remove any vehicle you dispose of immediately from the MID, then you could be liable for any third party claims after you have sold it if the new owner hasn’t arranged insurance. This would then affect your insurance premium.

Personally Owned Vehicles

It is common practice within the motor trade market to extend the policy to include vehicles privately owned by directors of the business.

Only directors of limited or public limited companies and their spouses are able to have their privately owned vehicles covered under a motor trade policy. Acceptance is normally restricted to a maximum of two privately owned vehicles per director and one privately owned vehicle per spouse.

You need to specifically request this extension for any personally owned vehicles to be covered under the policy.

County Court Judgments (CCJs)

Do you have, or have you ever had, a County Court Judgment against your name?

If the answer is yes, then your broker and/or insurer need to know about it. It is vitally important, and your duty to declare, any CCJs against you, be them personal or business related, as this can have an impact on your insurance policy which could be invalidated if not disclosed.

At Rowett Insurance we are here to support you. Please speak to us today for a no-obligation review of your current cover and a chat about your unique requirements. Get in touch on 01726 871144 option 3.

  1. https://www.mib.org.uk/media-centre/ ↩︎
email icon on computer screen

Cyber Insurance Focus: How Scammers Steal Your Funds

Gareth Rowett

Funds transfer fraud is becoming an increasingly common problem for most modern organisations. Fraudsters dupe innocent businesses and individuals into transferring what they believe are legitimate payments to fraudulent bank accounts.

However, it’s not always a business that can suffer a loss in this way, but it’s customers too. Customer payment fraud occurs when a fraudster poses as a business and deceives customers into transferring money to a fraudulent account. This type of fraud involves tricking customers by pretending to be a legitimate business. The fraudster convinces customers to send money to a fake account that they control.

One business affected by such a loss was a private, tuition-paying school responsible for educating 11-to-18-year-olds. The school in question has boarding facilities in place and attracts students from many different countries around the world.

Lack of multi-factor authentication lets fraudster in

The scam began when the school’s bursar fell for a credential phishing email. Credential phishing emails are used by scammers to trick people into handing over their login details, typically by directing them to a link that takes them to a fake login page.

In this case, the bursar received an email from what appeared to be Microsoft, asking him to validate his account details online. The bursar clicked on the link provided, which took him to an authentic-looking landing page where he inputted his email login details.

Despite appearances, however, the landing page was actually fake, and the bursar had unwittingly volunteered his email login details to a fraudster. What’s more, his email account didn’t have multi- factor authentication in place, so the fraudster was then able to access the account remotely and gather valuable information including the personal data of students and their parents.

Multi-factor authentication (MFA) is an authentication process that is used to ensure that a person is who they say they are by requiring a minimum of two pieces of unique data that corroborates their identity. Most cases of business email compromise could be prevented by implementing it.

Implementing MFA can be a simple process, depending on the system or account you are trying to secure. Many popular online services, such as Google and Facebook, offer MFA as an option for users to enable. For businesses, there are various MFA solutions available that can be integrated into existing systems and the best place to start is by talking to your IT department or service provider.

Scam initiated with offer of discount

Having spotted an opportunity, the fraudster moved on to the next stage of their scam. Their first step was to set up an email address that looked substantially similar to the bursar’s, but with the addition of an extra letter to the address line. So instead of saying @abcschool.com, it became @abcscchool.com.

The next step was to carefully select which parents to target. Rather than adopting a scatter gun approach and emailing every parent on the list, the fraudster specifically selected parents based overseas.

With the targets selected, the fraudster sent out an email about school fees. The email offered a discount of up to 25 percent if parents paid for the spring and summer terms in one lump sum.To add a sense of urgency, the email stated there was a deadline for the offer.

Social engineering attacks rely on manipulating and exploiting typical human behaviours, and in this case the fraudster knew the scam would have a better chance of success if the parents were provided with an incentive to make the payment within a set time frame.

In addition, the email was well thought through and included a number of features to make it appear more authentic. For example, not only did the fraudster use proper spelling and grammar and include the bursar’s genuine email signature, he also went on to state that if the student was unable to complete the academic year for whatever reason, then the fees would be reimbursed on a pro-rata basis.

School’s security breach puts parents out of pocket

Unfortunately, this offer proved to be too tempting for some and six parents fell for the scam, transferring the tuition and boarding fees over to the fraudulent account details provided on the email. With tuition and boarding fees at the school costing some £10,050 per term, the amount paid out by each parent at a 25% discount amounted to some £15,075.

It was only after a few days, when one of the parents that had received the email forwarded it to one of the school’s administrators to check the validity of the discount offer that the school became aware of the scam. The school immediately notified all parents about the scam and urged them to be aware of any suspicious emails that appeared to have come from the school.

Of the six parents affected, just two were able to get their money back

The parents that fell for the scam reported the incident to their respective banks to see if the transaction could be either frozen or reversed, with mixed results. Of the six parents affected, just two were able to get their money back, with the rest left out of pocket to the tune of £60,300 collectively.

As it was a compromise of one of the school’s email accounts that had allowed the fraudster to gain access to the parents’ email addresses, the school felt morally obliged to reimburse those parents affected by the fraud. Fortunately, the school was then able to recoup most of this loss under the cybercrime section of its business insurance policy.

A lesson learned

This case study highlights the need for customer payment fraud cover in cyber policies. Many cyber policies with crime sections will only provide cover for losses that directly affect a policyholder. But in this instance, it wasn’t the school that suffered a direct loss but its customers.

With more and more financial transactions being carried out electronically and with more and more cyber criminals looking to intercept them, the chances of a business’s customers falling for scams of this nature are only increasing and it’s usually the business that has been impersonated that will take the blame. That’s why it’s a good idea to check your cyber policy for customer payment fraud cover.

About cyber insurance

Cyber security insurance is a type of insurance coverage that helps protect individuals and businesses from financial losses resulting from cyber attacks and data breaches. It provides coverage for various aspects of cyber risks, including liability for data breaches, business interruption, and the costs associated with restoring systems and data. This insurance can help mitigate the financial impact of cyber incidents and provide resources to recover from them.

To discuss your cyber cover, call our friendly team at Rowett Insurance today on 01726 871144 option 3.

chic interior of a holiday home

Holiday Home Insurance: Your Questions Answered

Gareth Rowett

Owning a second home is a multi-faceted venture. It can be a getaway for you and your family when Blighty gets the better of you, providing winter sun or summer shade. For business heads, home ownership is a solid investment regardless of what you plan on doing with it. You can rent it out in the meantime, or keep it unoccupied, ready for your use as and when you please.

As well-known holiday home insurance brokers, we get lots of questions on second and holiday home ownership, so have put together a little Q&A to help with the most common problems.

Q: I haven’t decided where to buy my second home yet. Does location matter?
A: Aside from being a huge factor in your decision, location can mean everything for your insurance, too. Quieter, more secluded areas often pose a smaller chance of theft and other crimes. Flood risk areas naturally pose water damage issues, but it doesn’t mean we’re not able to include this in your policy. The key aspect is to find somewhere that suits you.

Q: Do I need second home insurance? Can’t I just buy regular home insurance?
A: Whilst some policy features may overlap between the two policies (buildings and contents), the conditions are very different. Emptiness, theft and storm damage are insurers’ primary concerns when insuring second homes. As you won’t be living in the property, you won’t be able to deal with an incident immediately.

Q: What happens if I just tell my insurer that I live full-time at my second home?
A: For your own sake, you should always be honest with your insurance company. If you’re not and something happens, your insurance company may be reluctant to pay out if it is deemed you withheld the truth. In turn, this could leave you with significant shortfalls to make up and your assets could even be in jeopardy.

Q: Can I let the property out?
A: Many of our clients rent their second home out over winter, summer or even the whole year. It’s advised you consider public liability insurance. This cover can pay for legal and compensation costs if, for example, your tenant or guest falls in your premises and injures themselves due to your negligence or omission.

Q: Can I employ somebody to check over and clean my second home every so often?
A: That’s fine. In fact, we recommend it, as it could deter would-be criminals planning a burglary. If you do employ a member of staff, however, you’ll need employers’ liability to protect you and your employee. This is a legal requirement and it can cover legal and compensation costs in an incident was due to your negligence.

Q: What are some common ways to reduce the chance of a claim?
A: Having somebody go into your property can help drastically, even if it’s simply a family member or friend. Keep the property looking ‘lived-in’, ensure gates, doors and windows are locked and secure. It’s worth checking your policy document as some insurers demand you use a specific type of key.

Q: Is there anything else I should look out for?
A: Take necessary precautions in relation to the location of your second home. For instance, if it’s very cold during the winter months, consider insulating your pipes. If there’s lots of rain, ensure drainage systems have no chance of becoming blocked. If your home is abroad and experiences unpredictable or extreme weather, try to plan for this where possible.

Typical covers included in holiday home insurance may include:

  1. Buildings and Contents Insurance: This covers the physical structure of your holiday home and the contents within it against damage or loss.
  2. Storm Damage: Holiday home insurance often provides coverage for damage caused by storms, including damage to the building and its contents.
  3. Theft: Insurance policies for holiday homes typically offer protection against theft or attempted theft of belongings from your property.
  4. Public Liability Insurance: This coverage protects you financially if someone is injured on your property and holds you responsible for their injuries. It can cover legal and compensation costs.
  5. Unoccupancy: Holiday homes are often unoccupied for extended periods. Insurance policies may cover issues that could arise during these periods, such as burst pipes or water damage.

It’s important to review the specific policy details and coverage options offered by different insurance providers to ensure they meet your needs.

We have considerable experience in providing second home insurance, as well as an array of other policies, and are more than happy to answer any other query you may have.

Give us a call on 01726 871144 option 3 to speak with one of our team.

two people discussing business with a laptop

Underinsurance explained, with Aviva

Gareth Rowett

What is underinsurance?

Underinsurance occurs when you don’t have enough insurance cover to meet your needs. So, if the declared values of property and assets aren’t correct, or when the time it would take to get your business back up and running after a loss is underestimated, you could be underinsured.

Unfortunately, the unexpected can happen and you may need to make a claim. If you do, the last thing you want to hear is that the level of insurance cover you have won’t cover your costs. But that’s what could happen if you’re underinsured.

How could I be underinsured?

Incorrect Sums Insured limit

It’s not nice to think of, but if you were to suffer a large loss tomorrow, how much would it cost to completely rebuild and reinstate your business?

This is what your Sums Insured limit covers. And it’s not just the bricks and mortar. This covers the cost of replacing key components including plant machinery, and equipment.

Inadequate Business Interruption (BI)

If you’ve thought about the cost of rebuilding and reinstating your business, how long do you think it would take to get all of that building work agreed and completed, and your equipment ordered and installed? Not to mention the time it will take to build back your customer base to previous levels. This is where your business interruption period comes into play. If your BI limit isn’t adequate, you may not be able to cover the full estimated loss of earnings during a period of reinstatement, leaving you financially vulnerable.

Not reviewing these limits regularly

If you haven’t had an independent professional valuation done in the last 12 months, we’d highly recommend you do so. It can be difficult to understand exactly how much cover you need at the best of times, but right now, it’s trickier than ever – inflation, increased cost of building materials, supply chain disruption and a shortage of skilled workers are all causing the cost of getting back to business to go up.

What about indexation?

If the initial Sum Insured are too low, the indexation applied to your policy in line with inflation may have little to no impact. What’s more, inflation indexation alone won’t account for costly delays or increases in other costing factors.

Aviva Business Insurance
From Aviva

Did you know…

10% of SMEs – that’s more than half a million UK businesses – believe they wouldn’t survive if they had to pay up to £10,000 towards a claim that wasn’t fully covered by insurance.

Why won’t an insurer always cover the full loss?

Any claim will only be paid based on the amount of cover chosen. This is called the ‘average clause’. Any claim you need to make – however big or small – will be impacted by the percentage difference between your recommended total sum and the actual sum for which you’re insured.

You should carefully consider the percentage difference between the recommended cover limits and the amount you choose to cover, rather than simply focusing on the total amounts.

What are the consequences?

  • Production delays
  • Employee wellbeing issues
  • Cash flow problems
  • Loss of revenue
  • Supply chain problems
  • Impact on share price
  • Loss of key employees
  • Disappointed customers
  • Reputational damage

How long will it take to get back to normal?

We call this the ‘period of indemnity’. Making sure you have calculated this correctly protects your income and cash flow if anything impacts normal operations. It can often take longer than you think to bounce back.

For instance, if a business needed to rebuild a warehouse after a fire, attaining planning permission could delay work for months. If just one piece of specialist equipment breaks down, it could mean they can’t run properly until a replacement can be sourced.

A recent analysis of large claims (over £100,000) settled by Aviva between 2018 and 2021 found that the average lifecycle to close a claim was 385 days.

However, on average, SMEs said it would take just under six months for their business to be able to return to normal operations following a major loss, such as a fire or flood. If you’re not sure what your period of indemnity should be, speak to your broker.

How do you know if you’re underinsured?

  1. Get a professional valuation
    Working out how much accidents, and other business interruptions, could set you back can be complex. But having to pay more than you bargained for – or waiting longer than you thought to get back up and running – could leave your business struggling. An expert valuation can help you get a true idea of the total value of your assets, so you can choose an appropriate level of cover.
  2. Have regular catch-ups with your broker
    It can also be difficult to stay on top of the market conditions that could affect your insurance policy – such as labour shortages, rising material costs, or wider supply chain issues. Regular catch ups with your broker can help you understand how much cover you need. It’s also important to tell them about changes you’ve made. Things like new plant and machinery, property alterations and inflated stock levels can impact the level of cover required.

Get in touch with us to discuss your policy and check you have the right level of cover in place: 01726 871144 / 69400.

Further reading and case studies

Click to read

planning ahead for business insurance

What do business owners need to know about renewing insurance in 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.

flooding in a town - flood insurance

Business continuity advice: preparing for summer storms

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.

a caravan park on the coast on a sunny day

Everything you need to know about insurance for caravan parks and campsites

Gareth Rowett

Caravan park insurance is a must-have for any caravan park owner or operator. This type of insurance provides coverage for property damage and liability, as well as other perils. It is important for caravan park owners to understand different insurance policies and how they may best protect their business. This includes tailored insurance for campsite owners too and insurance for residential park home sites.

What is caravan park insurance?

Why is caravan park insurance important?

  • It can provide financial protection against losses due to accidents, theft, and other unexpected events.
  • It can also help protect the investments made in the caravan park and its contents.
  • It can help to ensure that the caravan park is compliant with relevant regulations and laws.

Types of Caravan Park Insurance

Property Damage Insurance

Property damage insurance can cover losses due to fire, storm, flooding, and other natural disasters. It can also cover damage caused by vandalism and theft and against damage caused by guests or visitors.

Business Interruption Insurance

Business interruption insurance can provide coverage for lost income due to unexpected events such as natural disasters or power outages. It can provide coverage for additional expenses associated with getting the caravan park or campsite up and running again after an unexpected event and cover you for the replacement of lost or damaged inventory.

Employers Liability

Employers liability insurance is a legal requirement for any business that employs staff. It provides protection against claims made by employees for injury or illness caused by their work and covers the costs of legal fees and any compensation that may be awarded to the employee.

Public Liability

Public liability insurance provides protection against claims made by members of the public for injury or damage caused by the caravan park or campsite. It covers the costs of legal fees and any compensation that may be awarded to the claimant.

It’s important to have adequate public liability insurance in place to protect your business from potential losses and to compensate people who stay on your site should they be injured.

Fixtures and Fittings Insurance

Fixtures and fittings insurance provides coverage for any permanent fixtures and fittings that are part of the caravan park or campsite. This includes items such as furniture, electrical equipment, and other items that are not covered by buildings insurance.

What do policies generally cover?

Standard policies can include:

  • Cover for the buildings and structures and fixtures, fittings and contents within them.
  • Up to £250,000 of unspecified sales stock.
  • Material Damage cover for the park machines.
  • Public and Products Liability.
  • Employers Liability.
  • Goods in Transit up to £50,000.
  • Business Interruption as a result of specified disease, denial of access, loss of attraction, failure of supplier, loss of licence or loss of fish stocks.
  • Business Interruption as a result of property damage.

But additional covers can be added such as:

  • Key person or nominated person.
  • Personal accident including sickness cover.
  • Contents away from the park.
  • Loss of money.
  • Computer all risks.
  • Cover for the park owners’ private houses on the park.

What types of businesses can be covered?

All types of caravan parks and campsites can be covered including residential sites for static caravans and park homes. In summary, the following types of businesses are suitable for this kind of insurance:

  • Residential park homes: for static caravans which are owned and/or let.
  • Campsites: where touring tents and/or caravans come and go frequently.
  • Caravan parks: where a mix of static caravans, lodges, park homes, trailer tents and touring caravans come and go often.
  • Glamping sites: where structures are semi-fixed but guests are usually short-stay.

Conclusion

It’s essential to have the right caravan park or campsite insurance in place to protect the business from potential losses. And, as for any business, you should understand the different types of insurance available and the coverage they provide.

It’s also important to research different policies to find the one that best suits the specific needs of the caravan park, park home site or campsite. As this can be a bit of a minefield and maybe a lengthy task, going to a specialist broker will make your life much easier and can even save you money.

If you would like to discuss cover for your caravan park or campsite, please get in touch with us on 01726 871144.

a business woman with a mobile phone in an office

Learn more about business insurance add-ons

Gareth Rowett

When it comes to protecting your business, having insurance is essential. However, many business owners are not aware of the full range of add-ons available to them when it comes to business insurance in the UK. In this blog, we will explore some of the lesser-known add-ons for business insurance in the UK.

Cyber Insurance

In today’s digital age, cyber-attacks have become increasingly common. Cyber insurance provides coverage for losses resulting from cyber-attacks, such as data breaches, cyber extortion, and business interruption due to cyber incidents. This type of insurance can also provide assistance with managing the fallout of a cyber-attack, including the cost of public relations and legal advice.

Directors and Officers Liability Insurance

Directors and officers liability insurance protects the personal assets of company directors and officers in the event of legal action being taken against them. This type of insurance provides coverage for legal expenses, settlements, and judgments resulting from alleged wrongful acts, such as breach of fiduciary duty, negligence, and financial mismanagement.

Professional Indemnity Insurance

Professional indemnity insurance is a type of insurance that protects businesses that provide professional services, such as architects, accountants, and consultants, against claims of negligence, errors, or omissions made in the course of their work. Professional indemnity insurance covers the cost of legal defence and any damages awarded to the claimant.

Business Interruption Insurance

Business interruption insurance provides coverage for losses resulting from events that cause a business to close temporarily, such as a fire, flood, or other natural disaster. Business Interruption insurance covers the costs of lost revenue, ongoing expenses, and the cost of getting the business back up and running.

Terrorism Insurance

Terrorism insurance provides coverage for losses resulting from acts of terrorism. This type of insurance is particularly relevant for businesses that operate in high-risk areas or industries, such as transportation or finance.

Having the right insurance in place can protect your business from a wide range of risks. It’s important to work with a reputable insurance broker to ensure you have the right level of coverage for your business’s needs. By exploring the lesser-known add-ons for business insurance in the UK, you can ensure that you have comprehensive coverage to protect your business in the event of unforeseen circumstances. Want to know more about how you can boost your business insurance? Get in touch with us on 01726 871144.