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.

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 has to vacate its 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 Corporate Risks at 01277 844 360 today to learn about our business continuity resources and to make sure that your business can survive an interruption.

Hauliers’ Insurance

Whether you are an owner operator or managing an entire fleet, your haulage business is at risk whenever your vehicles are off the road. Stagnancy is alarming for the transport industry—every second that any of your vehicles are side-lined threatens your earning potential. To ensure maximum profit and efficiency, your employees and vehicles need to be perpetually in motion. Keep them on the move with a hauliers’ insurance policy.

Hauliers’ insurance policies protect you from any loss or damage to goods that you are transporting. Without a hauliers’ policy, you could be liable for loss or damage, which can translate to substantial compensation claims that stop you in your tracks. Clear the road of any obstacles and ensure your own peace of mind with a reliable hauliers’ insurance policy.

Contract Conditions

Hauliers operate according to trade contract conditions that clarify each party’s responsibilities and liability. Typical conditions of carriage include the Road Haulage Association (RHA) conditions or the Freight Transport Association (FTA) conditions. You must be a member of these trade organisations in order to use their conditions of carriage.

Both RHA and FTA conditions of carriage allow hauliers to limit their liability to a certain amount per tonne, but this amount will never exceed the actual goods’ value. Hauliers’ insurance only covers the hauliers’ liability specified in the trade contract, not the actual goods they transport.

Make sure your contract wording also covers liability incurred under the Convention Relative au Contrat de Transport International de Merchandises par Route (CMR), ratified in the United Kingdom by the Carriage of Goods by Road Act 1965. The CMR is a United Nations convention that designates responsibility in the road movement of goods between two participating countries. The CMR facilitates easier travel across national boundaries by establishing standard trading practices and assigning liability, such as making the haulier responsible for shipment delays. Extra CMR liability should be addressed in your hauliers’ policy.

Underwriting Considerations

Insurers rely on underwriters to assess your risks and calculate your premium depending on several factors, including what goods are typically transported. Tanker operators, household removal specialists and hauliers that transport refrigerated goods are all subject to increased underwriter scrutiny due to the sensitivity of their cargo. Policies generally exclude specialist goods like livestock or explosives. It is possible to find policies which insure such specialist goods, though they are likely to have extra restrictions.

Typical Policies

Because hauliers may transport a wide variety of goods, insurers can include an equally wide breadth of cover in their policies.

Hauliers’ insurance policies are diverse. They can be based on a limited contractual liability basis or an all risks liability basis. Depending on your specific policy, it could include the following types of liability covers:

  • Contractual liability cover protects against liability from standard conditions of carriage from the RHA or FTA, or bespoke haulier contracts.
  • CMR liability covers liability generated from shipments which fall under the CMR agreement.
  • Liability at common law provides extra cover, sometimes with a separate indemnity limit.
  • Extended liability offers increased protection for increased liability.

Other possible covers include goods in transit, employers’ liability, public/products liability and business interruption.

Extensions

Insurers echo the array of different hauliers’ policies with a wide range of possible extensions, some of which are enumerated below:

  • Legal costs
  • Hauliers’ property
  • Debris removal
  • Containers
  • Legal liability for consequential loss
  • Drivers’ personal effects
  • Commercial considerations
  • Frozen food
  • Trailers

Exclusions

The exclusions to the average hauliers’ insurance policy can be as numerous as the extensions. Common exclusions include the following:

  • Inner limits are applied to most goods deemed very attractive to thieves, such as precious stones or metals, bottle spirits, tobacco, computers, non-ferrous metals and mobile phones.
  • Theft restrictions designate when a haulier is liable for damage or loss of goods due to theft, such as failing to leave a trailer in an enclosed premises overnight.
  • Claims conditions specify that the haulier must not make any admission, offer, promise or payment without the insurer’s prior consent.
  • Loss or damage while someone other than the haulier is driving the haulier’s vehicle will not be covered.
  • Radiation
  • Terrorism
  • War
  • Riots

Bespoke is Best

Consult with the insurance professionals at Direct Insurance Corporate Risks by calling 01277 844 360 . We can write a bespoke policy that helps avoid any extraneous haulier liability and ensures a smooth path for your business to keep delivering goods on schedule well into the future.

Professional Indemnity Insurance

The need for professional indemnity (PI) cover has grown over the past several decades as more people enter professional service-based professions. While PI insurance still covers ‘traditional’ professionals, such as doctors, solicitors, accountants and architects, a whole new market of professionals now need to consider PI cover. Whether a traditional or new professional, you can protect yourself, your business and your reputation by investing in professional indemnity cover.

PI insurance safeguards against catastrophic losses in the event of a legal action due to a negligent act, error or omission by the professional. In addition to claims of error, omission or negligence, PI insurance may also protect against slander, libel and breach of contract.

Who Needs PI Cover?

It is appropriate cover for anyone who gives advice, makes educated recommendations, designs solutions, or represents the needs of others. Professionals such as accountants, engineers, IT consultants, software developers, planners, estate agents and contractors are prime candidates for carrying PI insurance. The main reasons professionals seek out PI insurance include the following:

  • It is legally required for their profession (Solicitors Act 1974).
  • It is a regulatory requirement. Many professional organisations, such as the Architects Registration Board, require their members to have PI insurance before they can practice.
  • It is contractually required by the customer.
  • It provides extra protection against potential legal costs and expenses.

PI Policy Overview

PI insurance offers protection for service errors, contract performance disputes or any other professional liability issues. These policies can include legal defence costs, damages and compensation due to professional negligence, which can be quite substantial.

PI policies generally have both a claim limit and an annual limit, which is based on the insured’s exposure. The claim limit is the maximum amount that will be paid for any single event, and the annual limit is the maximum that will be paid in any one year. Also common extensions include continuation of cover, liability for loss of documents, and court attendance and staff disruption costs.

There are also common exclusions typically found in PI policies. These include liability for non-financial losses and intentional, dishonest or fraudulent acts by the professional.

Count on Direct Insurance Corporate Risks

There are many different forms of professional liability insurance and various factors to consider when purchasing PI cover for your business. Because there isn’t a standard policy, an experienced broker who understands your company and can knowledgeably design a policy to meet your needs is invaluable. Contact Direct Insurance Corporate Risks at 01277 844 360 to learn how PI insurance fits into your total risk management programme.

Proper Employee Training

The waste and recycling industry is littered with hazards. From constant workplace transport to hazardous materials and manual handling, the waste and recycling industry is dangerous for the uninitiated.

That is why, as the owner or operator of a waste and recycling facility, you must ensure your employees possess the proper training to keep them safe while tackling industry hazards. Neglecting to do so endangers the health and safety of your employees—and the future of your business.

Legal Requirements

In Great Britain, the Health and Safety at Work etc. Act 1974 requires employers to provide whatever training is necessary to ensure, so far as reasonably practicable, the health and safety of employees at the workplace. The Management of Health and Safety at Work Regulations 1999 expand responsibilities, specifying that employers must identify the situations where health and safety training is particularly important.

The corresponding legislation in Northern Ireland is the Health and Safety at Work (Northern Ireland) Order 1978 and the Management of Health and Safety at Work Regulations (Northern Ireland) 2000.

To comply with the legislation, employers must provide training for all employees on the following three topics:

  1. The risks they may face
  2. Measures in place to control the risks
  3. How to get first aid and follow any emergency procedures

Pay special attention to the training needs of new recruits, young people and workers taking on new responsibilities—they may be especially vulnerable to accidents due to ignorance.

General Training Requirements

To maximise your training programme, secure commitment and support from your management team—the standards espoused in training should be adopted company-wide. Your management team and competent trainers must allocate sufficient time to review the programme at every step to ensure it is effective. You should always be brainstorming new ways to enhance your business’ training.

The average training regime will usually contain the following components:

  • Induction training
  • On-the-job training
  • Additional training when changing jobs
  • Refresher training
  • Assessment to verify workers’ competence
  • Periodic review of training needs

Remember to design a training regime that suits your business’ specific needs. The general requirements for training programmes fall into these six categories:

  1. Planning training – When planning your training programme, be sure to satisfy all legal requirements and take advantage of relevant guidance from the Health and Safety Executive (www.hse.gov.uk). Designate enough time for training. Demonstrations alone will not suffice—employees will need time to practise and develop skills under adequate supervision.
  2. Delivering training – When delivering your training programme, make sure staff at all levels receive the appropriate training. Account for employees’ literacy, understanding and language barriers. Make sure it is accessible to everyone. Accessibility extends to the physical location—your programme should be conducted safely in a suitably equipped venue. To boost your training’s efficacy, plan for classroom training or demonstrations that merge into on-the-job training. Always include a risk identification section in your training programme that teaches employees how to recognise and report hazardous situations.
  3. Standard elements of training – Training programmes will vary from business to business, but most will include the following standard elements:
    1. Guidance and codes of practice
    1. Assessment of risks
    1. The limits of individuals’ capability
    1. Special circumstances that pop up at certain sites or certain times
    1. The importance of ergonomic design
    1. Dealing with unpredictable occurrences
    1. Employees’ authority and ability to take remedial action and report incidents
    1. Appropriate and safe use of equipment
    1. Problem-solving
    1. Staff welfare
  4. Training records – Keep records containing the following information to help manage and improve your training efforts:
    1. Names and signatures of trainers and trainees
    1. Date and place of training
    1. Duration of training
    1. Content covered, including handouts
    1. Equipment/aides used
    1. Quizzes to show clear proof of understanding
    1. Confirmation of training, such as certificates
  5. Training review – Your business should evaluate its training programme before, during and after training to ensure the programme is still appropriate and effective. Provide feedback to management on the programme’s efficacy to ensure everyone is informed.
  6. Ensuring effective training – Training programmes should mould competent workers. Arrange for supervision, monitoring and periodic assessment of workers after training to gauge the programme’s ability to equip employees with the necessary skills and knowledge.

Training Is Indispensable

Do not skimp on a quality training programme. Especially in the hazardous waste and recycling industry, your employees need thorough training to ensure their safety and your business’ success. Count on the insurance professionals at Direct Insurance Corporate Risks for a wealth of resources on successfully operating a waste and recycling business. Call us on 01277 844 360 or email us at info@direct-ins.co.uk to start bolstering your business today. Alternatively, visit www.dicr.co.uk to learn more about our tailored insurance schemes.