Has your insurance programme been reviewed recently?

Has your insurance programme recently been reviewed by an insurance professional with knowledge of your industry sector?

If the answer to the above question is no then you may want to read on to find out if your business is properly protected…

Why should I have a technical review..?

Under-insurance or gaps in cover pose a tangible risk to the future trading of a business and can also impact the personal lives of its employees and directors. Don’t wait for the worst to happen…

Why choose Direct Insurance Corporate Risks..?

  • Our team specialise in your industry sector
  • We have insurance professionals that understand your sector and it’s needs
  • We have an in-house specialist claims team on hand should the worst occur

What will we do..?

  • We will meet or arrange a call with you to discuss your insurance program at a convenient time
  • We will then conduct a full technical review of your program and provide a report of our findings
  • The report will highlight the positives, any areas of concern and, or any gaps in your cover
  • We can then provide an immediate solution using our specialist products to resolve any issues and concerns
  • You’ll also receive a full specialist quotation

Why not put us to the test?

Our regional Business Development team cover every corner of the UK. We’d love to come and speak to you about our commercial insurance offering… To arrange a visit simply email info@direct-ins.co.uk or call the team on 0203 960 2944.

To learn more about our exclusive offering visit www.dicr.co.uk today.

Managing Freight Liability

Facilitating the movement of or transporting others’ property has many inherent risks, particularly if the property is extremely valuable and it is being moved across international boundaries. Unexpected problems and issues can pop up when shipping and forwarding cargo across great distances.

The constantly fluctuating nature of freight contracts further affects those in the transport industry. Contracts can change with each new client, presenting new risks to be managed and new gaps in cover to be plugged. As the owner or manager of a business in the transport and logistics industry, addressing and combating your vast liability helps shrink your exposure and ensure a profitable future.

Common Gaps in Cover

Because contracts can change with each client or shipment, liability risks are variable. Most freight liability policies are bespoke and try to encompass the entirety of a business’ risks.

When constructing your bespoke policy, look for any of the following gaps in your freight liability policy:

  • Liability outside the scope of standard trading conditions: Businesses in the freight and logistics industry will typically use established trading conditions as a baseline for writing contracts and determining liability, such as freight forwarders using the British International Freight Association (BIFA) conditions. However, additional liability may exist outside the bounds of a standard industry contract. For example, if a freight forwarder is also providing warehousing during the shipment, he or she should consider using conditions from the United Kingdom Warehousing Association to figure out additional liability. Determine whether your business’ liability extends beyond the limits of standard conditions and whether your insurer can cover this liability.
  • Liability accepted under bespoke customer contracts: Depending on the contract terms with your customers, you may be unnecessarily accepting large portions of liability. Read contracts carefully before signing and know your obligations. Crafting a bespoke policy can help eliminate surprises in your customer relationships, but it can also create damaging trading conditions that are buried in your contract terms. Make sure all parties involved know their obligations under the agreed-on contract.
  • Errors and omissions, including breach of duty: Coordinating and transporting customers’ shipments requires possessing and providing detailed knowledge on complicated issues such as customs and shipping regulations. Secure cover that includes errors or omissions and any breach of duty. This can protect your business in situations involving shipments delivered to the wrong location or incorrect advice that causes your customers financial loss, clerical errors and more. Without proper cover, your business could be liable for hefty liability claims.

Common Covers

You should also secure additional common covers as part of your bespoke policy, including the following:

  • Employers’ liability is required if you have employees.
  • Public liability protects against claims arising from injury or damage to third parties.
  • Products liability indemnifies your business if you incur expenses related to damage or injury which arises from supplying products or goods.
  • Pollution liability provides protection if you pollute water, the land or the atmosphere.

Managing Freight Risks

Because your business is liable for shipments of third-party goods, diligent risk management is central for managing your liability. A sturdy, bespoke freight liability policy is ineffective unless paired with a concerted risk management effort.

You can never completely eradicate your risks and liability, but you can drastically reduce them. Adopt the tips enumerated below as part of your existing risk management strategy:

  • Explain your business’ trading conditions to your customers before they sign a contract.
  • Obtain written instructions from your customers to encourage transparency and good recordkeeping.
  • Establish clear procedures for issuing and releasing documents.
  • Manage any subcontractors with clearly worded contracts.
  • Follow stringent procedures to ensure cargo security.
  • Adhere to guidelines and regulations for handling dangerous goods.
  • Comply with insurer processes for submitting an insurance claim.

Freight liability policies can differ greatly. Seek out specialised advice to help fashion a bespoke policy to cover your business’ unique risks. Trust the insurance professionals at Direct Insurance Corporate Risks to craft a policy for your business that helps ensure you can keep delivering cargo dependably for years to come.

Unoccupied Property Insurance

Owning an unoccupied building can pose serious liabilities because unoccupied buildings are more susceptible to vandalism, undetected repairs, fire and other losses. If you own unoccupied property, it is advisable to purchase Unoccupied Property Insurance, also known as Unoccupied Building Insurance to protect against risks.

Risks

  • Fire
  • Lightning damage
  • Explosion
  • Windstorm or hail damage
  • Smoke damage
  • Theft and attempted theft
  • Riot or civil commotion damage
  • Escape of water
  • Subsidence
  • Vandalism (no one is present to deter vandals)
  • Malicious mischief on the property and general property destruction

Insurance Solutions

Under most policies, Unoccupied Property Insurance can provide protection if your building goes unoccupied for thirty days, but bespoke arrangements can be made. You may also be able to choose the length of cover (3, 6, 9 or 12 months) to ensure that you are only paying for what you need. It also protects against liabilities in the event someone is injured on your property and claims damages. It may also be a viable option if the property is in the process of being sold or if it is under construction and is uninhabitable.

Depending on your policy, there may be certain conditions that must be met in order for a claim to be covered, such as specific lock requirements and security devices fitted throughout the property. Direct Insurance Corporate Risks will make sure that you know all limitations and requirements of your Unoccupied Property Insurance policy.

In addition to purchasing cover for an unoccupied building, take the following actions:

  • Regularly inspect the property for damage or threats of damage
  • Make sure you have window locks and 5-lever mortise deadlocks to secure the property
  • Install alarm systems that are triggered by intruders, fires or floods
  • Remove all valuables
  • Switch off utilities

We understand that unfavourable incidents can occur, but Unoccupied Property Insurance can provide necessary protection. Contact us today at 01277 844 360 for more details.

Public/Products Liability Insurance

The only way to effectively protect the assets of your business is to carry adequate insurance cover. Liability insurance protects your business from damages caused by bodily injury or property damage for which your business is found to be legally liable.

What Does Public/Products Liability Insurance Cover?

A comprehensive public and product liability policy provides cover for claims of bodily injury or other physical injury, personal injury, advertising injury and property damage as a result of your products, premises, or operations. As a safeguard against liability, the policies allow you to continue your normal operations while dealing with real or fraudulent claims of negligence or wrongdoing. Liability policies also provide cover for the cost to defend and settle claims. Following are some other things that typical liability policies may cover:

  • Personal and Advertising Injury – Protects against offences made by you or your staff during the course of business, such as libel, slander, disparagement or copyright infringement in advertisements.
  • Defence Costs – Provides cover for legal expenses for liability claims brought against your business, regardless of who is at fault.
  • Medical Expenses – Provides cover for medical expenses if someone is injured on your premises or by your products.
  • Premises and Operations Liability – Provides cover for bodily injury and property damage sustained by others on your premises or in conjunction with your business operations.
  • Products Liability – Provides cover for bodily injury and property damage sustained by others as a result of your products. 

How Much Cover Does Your Business Need?

The amount of cover that your business needs depends on three factors: perceived risk, where you operate your business and the type of products you manufacture.

Perceived Risk – Consider the amount of risk associated with your business operations and functions. For instance, if you manufacture heavy machinery, you would generally need more cover than another organisation that manufactures stuffed animals.

Type of Product Manufactured – If you manufacture a dangerous product, you may want to carry higher limits of liability. 

Other Ways to Protect Your Business

  • Establish a high standard for product quality control at your organisation.
  • Keep all company records up to date and accurate.
  • Train your employees thoroughly and properly.
  • Ask Direct Insurance Corporate Risks for safety and compliance information.

Typical Exclusions and Limitations

  • There will typically be an excess requirement for each claim. The excesses will vary depending on the policy and covers sought.
  • Injury to your own employees or to your own property is not covered under Public/Products liability insurance. Make sure you have Employers’ Liability insurance and adequate Property insurance.
  • War, terrorism or nuclear risks are typically not covered.

Direct Insurance Corporate Risks understands that your business needs to be protected, and we are here to help! Please contact us today at 01277 844 360 to learn more about our risk management and insurance solutions.

Waste and Recycling Insurance

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 at 01277 844 360 today for the resources and expertise to safeguard your waste and recycling business