Three more of our staff have completed their modern apprenticeship training, supported by our insurance partner, Aviva.
Georgia Bunt, Briony Vincent and Stacey Woodley studied with Davies Group in order to deepen their knowledge and understanding of the industry and sharpen their skills in working in this complex field.
Stacey, who’s been with the firm over 22 years, says: “The apprenticeship has given me more confidence within my role and enabled me to share my knowledge and skills with my colleagues.
“I faced some unexpected challenges on the way, but I was well supported by the managers at Rowett and my trainers to achieve my final goal.
“I would recommend anyone working in the industry looking for a long standing career to do this apprenticeship as it is extremely helpful.”
Gareth Rowett, Commercial and Agricultural Director, commented: “It doesn’t matter how long you’ve been working or how senior your role, you can always learn more. I’m doing an apprenticeship myself and it’s been great to see the development of our staff. We’re all grateful to Aviva for the support to improve our skills.”
Georgia, who’s a fairly new members of staff, says: “I thoroughly enjoyed the apprenticeship and learned vital knowledge that I needed to pursue my ongoing career as a commercial broker.”
And Briony adds: “Rowett allowed us to have time for revision and meetings within work time and were very supportive of our learning. The staff at Davies were very helpful, giving us a lot of tools and meetings to support our education.”
Linzie Barnes, Learning and Development Consultant at Aviva, said: “One of the biggest issues brokers are facing is attracting and retaining talent. Aviva is proud to be a part of this story by funding three apprentices who are now coming to the end of their learning journey.
“Together, Rowett and Aviva are investing in up-skilling talent through knowledge, skills and behaviours with the added bonus that the apprentice attains their Certificate of Insurance at the end of it.
“It’s fantastic to see a broker like Rowett embracing this opportunity and growing their talent.”
Rowett Insurance is often looking to increase our team of insurance brokers – at all levels – so if you are looking for a new position, please get in touch by email to office@rowett-insurance.co.uk or follow us on LinkedIn where we always post new jobs.
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 mayneed to make a claim.If you do, the last thing you want to hear is that the levelof 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 aretoo low, the indexation applied toyour policy in line with inflationmay have little to no impact.What’s more, inflation indexationalone won’t account for costlydelays or increases in othercosting factors.
10% of SMEs – that’s more than half a million UK businesses – believethey wouldn’t survive if they had to pay up to £10,000 towards aclaim 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?
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.
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.
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.
