Introducing Direct Insurance Corporate Risks

After months of hard work, we are delighted to officially announce the launch of our website. You can now find us at www.dicr.co.uk.

Our goal with this new website is to provide our visitors with an easier way to learn about what we do at Direct Insurance Corporate Risks, what solutions we offer and how we can help to save you money on your insurance premiums.

You might have also noticed that we’ve changed our name, don’t worry we’re still part of Direct Insurance Group. The business has seen significant growth, including the continued success of our Lloyd’s business, Direct Insurance London Market, therefore the name change is to help bring more clarity with regard to our relationship with you – our corporate client.

The new website includes all the useful information you’d hope to find, information on what we do, where we’re based and how to get in touch. Amongst the new features, the site contains integrated social media buttons for Facebook, Twitter and LinkedIn to foster improved communication with our clients. We will be constantly updating our content with helpful information, articles, blogs, newsletters, company announcements and client successes.

We hope you find the new website fresh and modern; we worked hard to make sure it contains valuable information to help you with all your insurance needs.

For any questions, suggestions, feedback or comments, please E-mail us at info@direct-ins.co.uk or speak to your Account Executive.

Thanks,
Direct Insurance Corporate Risks

Waste and Recycling Insurance – The ins and outs

The waste and recycling industry is vital for keeping communities clean and providing environmentally friendly ways to reduce waste. Due to heavy investment in evolving technology and government support, this industry continues to grow. But, it also remains hampered by its own methods, which are perilous for workers. The dangerous nature of waste and recycling work can make insurers wary. But, without bespoke waste and recycling insurance, you risk letting your business go up in flames.

Who It Covers

The waste and recycling industry encompasses a wide variety of businesses differentiated by the materials they handle, the methods they employ and the equipment they use. Daily operations at some waste and recycling businesses can be radically different from those of other businesses in the same industry.

What links these different businesses together is that they all interact with waste materials. The broad range of businesses in the waste and recycling industry has pushed insurers to offer policies which can address the industry’s diverse needs. Waste and recycling insurance policies can cover the following businesses:

  • Skip hirers
  • Waste management
  • Landfill operations
  • Incineration plants
  • Waste to energy plants
  • Trade waste collection
  • Recycling operations
  • Consultants
  • Waste brokers

This list is not exhaustive. At Direct Insurance Corporate Risks we can work with your business to ensure it is covered. If you work with waste and recycling, we will fashion a policy that is perfectly tailored to your business.

Common Covers

The wide disparity between businesses in the waste and recycling industry means that waste and recycling insurance is not one-size-fits-all. You need a bespoke policy to cover your business’ distinct risks. Your policy should at least include the following common covers:

  • Employers’ liability
  • Public liability
  • Property damage
  • Business interruption
  • Fixed and mobile plant and machinery
  • Environmental impairment liability
  • Motor fleet

Policies vary among insurers for many reasons. Ensure yours addresses all of your business’ risks.

Common Extensions

Because waste and recycling policies are usually tailor-made for businesses, insurers must be able to offer a variety of options for businesses to choose from when constructing the best bespoke policy. Some common extensions include:

  • Legal expenses
  • Contingent motor liability
  • Sudden and accidental pollution
  • Defective premises
  • Spoilt melts
  • Personal accident
  • Clean-up costs
  • Landfill sites and waste tips

Again, this list does not represent the entirety of waste and recycling policy extensions. Talk to us for a full list of offerings to make sure your business is protected on all sides.

Common Exclusions

Although waste and recycling policies may seem like a blank slate, ready to be filled with a mixture of covers unique to your business, there are certain covers which the majority of insurers will always exclude. These exclusions include the following:

  • Asbestos and lead-based paint
  • Nuclear hazard
  • Natural radioactive material
  • Underground storage tank(s)
  • Divested location and property
  • Communicable diseases

Check your policy to find out what your exclusions are, since there is no standard waste and recycling policy. You may be able to cover normally excluded hazards by paying higher premiums.

Bespoke Is Best

Your industry may be dangerous, but that does not mean the future of your business needs to be. Rely on the insurance professionals at Direct Insurance Corporate Risks for the resources and expertise to safeguard your waste and recycling business.

Motor Fleet Risk Management – All You Need to Know

Managing a motor fleet is exhausting work. Whether your business’ fleet consists of five or 500 vehicles, gathering them all together and managing their collective risk can feel like an endless exercise in futility. While addressing one specific risk, three more different risks can pop up, all demanding your immediate attention.

Instead of addressing risks as they develop and perpetually playing catch up, invest in motor fleet risk management strategies that thwart problems before they appear.

Managing Risk

Risk management is a pre-emptive, habitual strategy aimed at analysing risks and implementing processes to reduce or eliminate them. A concerted risk management effort comes with many benefits—it can lower your premiums, reduce business disruption, protect your employees and much more.

Although the process will vary slightly according to your needs, the five basic steps for analysing your business’ risks, listed below, should be the bedrock of any organisation’s risk management programme:

  1. Identify the hazards.
  2. Determine who might be harmed and how.
  3. Evaluate the risks and decide on precautions.
  4. Record your findings and implement a plan of action.
  5. Monitor and review the plan.

Following these steps can help you isolate and eliminate your business’ biggest risks.

Pricing Motor Fleet Policies

If you purchase a motor fleet insurance policy for your business, be aware that your premiums will be highly dependent on your business’ past claims experience. But an unfavourable claims history does not necessarily preclude a favourable and affordable motor fleet insurance policy—good risk management can translate to vastly improved policy terms.

Analysing Claims and Accidents

As part of an effective motor fleet risk management strategy, investigating your business’ past accidents can slash claims costs. Start by analysing the conditions that led to your business’ past accidents and any preventive measures taken to reduce them. Did they work? If not, consider new accident-reduction programmes.

Rely on your insurer to supply the past accident data that will serve as the foundation of your analysis. A typical claims and accident analysis should include the following information:

  • Accident circumstances such as day, date, time and location
  • Vehicle(s) involved
  • Driver(s) involved
  • Claim types
  • Cost analysis

Surveying Your Fleet

Some motor fleet insurers employ specialist fleet surveyors tasked with performing a more in-depth analysis that identifies significant problem areas and provides recommendations.

Insurers will sometimes provide surveys for free under the condition that the insured complies with the survey’s findings. Any resources the insurer expends on free surveys are expected to be recouped via the insured’s survey-compliant improvements and subsequent reduction in claim costs.

Because fleet surveys are more extensive and detailed, business owner and manager investment is central to success. Unless owners and managers are ready to support improvement initiatives spurred by the survey’s findings, the fleet survey will probably not achieve all of its objectives and will likely leave some risks unexamined.

Controlling Your Risks

Use the results from your internal analysis or external fleet survey to streamline processes and promote a positive health and safety culture. Apply the recommendations to your business’ management controls such as managerial structure, general processes and drivers’ handbook. Typical management controls which dictate how your fleet runs include the following:

  • Working hours policy: Consider the maximum number of driving hours, breaks and times of the day when driving should take place.
  • Working conditions: Interview drivers to figure out what practices need changing.
  • Route and workload planning: Study whether there are more efficient ways to allocate assignments and chart routes.
  • Mobile telephone policy: Enforce a mobile policy that complies with the law and stresses driver safety.
  • Safety equipment: Establish clear rules for using safety equipment such as seat belts, first-aid kits and fire extinguishers.
  • Vehicle controls: Adopt a ‘clean car’ policy which prohibits leaving any valuables in view and dictates that drivers can only park in secure places.
  • Responsibility for vehicles: Assign specific vehicles to drivers who are responsible for their condition.
  • ‘How’s my driving?’ schemes: Some businesses include stickers on their vehicles encouraging members of the public to call in with complaints or compliments, encouraging drivers to drive more carefully.

Reining in Your Risk

Reining in your business’ motor fleet and driver risks can feel like trying to hold water in the palm of your hand—no matter what you do, some risks slip through the cracks. Trust the insurance professionals at Direct Insurance Group to help you create an effective motor fleet risk management strategy and find you the perfect insurance policy that comprehensively covers all your needs. Call us at 01277 844 360 to start bolstering your business today.

What is Business Interruption Insurance?

If a fire causes the facility to be temporarily unusable, what would you do next? Would your business be able to pay utilities, wages or any other standing charges without any income? It could take months before the damaged property is rebuilt and the stock, machinery and equipment are repaired or replaced. Ideally, you would move to a temporary location while your permanent place of business is being repaired. Yet, traditional Property Insurance does not cover this move or a loss of income when a business must temporarily close. With Business Interruption Insurance, this setback can be minimised by simply adding this cover to your Property Insurance policy.

What can be included in a Business Interruption Policy?
• Compensation for lost income if you have to vacate the premises as a result of disaster-related damage covered under a Property Insurance policy.
• Compensation for the gross profits that would have been earned based on previous financial records, had the major loss/peril not occurred.
• Covers operating expenses, such as utilities, that must be paid even though business temporarily ceased.
• Covers the increased cost of working, including expenses of operating in a temporary location while repairs to the permanent location are completed.

Considerations for Business Interruption Insurance
• Business interruption insurance cannot be purchased on its own—it must be added to an existing insurance policy, such as property or office insurance.
• Purchasers must also determine that the policy’s maximum indemnity period is sufficient to cover the amount of time it will take for the business to recover following a major loss. This includes considering the worst damage or disaster that the business could incur, estimating how long it will take to repair or replace buildings, machinery and stock, and determining the length of time it will take to recover customers and market share. Typical maximum indemnity periods range from 12 months to 36 months, in 6 month increments.
• Price of cover depends on the risk of disaster to the premises. This may depend on the business location, nature of the business and how easily the business could function at an alternate location on a temporary basis.

Insurance experts estimate that Business Interruption Insurance is one of the most, if not the most, valuable cover available. Yet, it is often overlooked by business owners. Since Property Insurance only covers the cost of physical loss or damage and contents of a business in the event of a disaster, Business Interruption cover is invaluable in covering the loss of income while the permanent business location is being repaired.

Contact Direct Insurance Group at 01277 844 360 today to learn about our business continuity resources and to make sure that your business can survive an interruption.