Business insurance doesn't work like arranging personal lines insurance such as your car, house or travel. Brokers and advisers need time to prepare a proposal, and then they will negotiate with underwriters and insurers to obtain the best policy for you the client. Many small businesses today leave getting a quote until the last minute, and while this is often okay for some trades for others, it can be very costly.
Ageas’ Rob Hopkins explains why the Enterprise Act can be a positive for the insurance sector. Enterprise Act Article from Insurance Age
We have seen a real change in the regulatory sphere in the last two years.
The Insurance Act introduced in 2015 and its last year’s amendment, The Enterprise Act 2016, which came into force on 4 May this year, has meant that some insurers and brokers have really needed to explore the impact of these changes on their businesses and, ultimately, their customers.
Liability insurance is a necessity for your construction business. Ensure you purchase the right levels of cover, from the right agency.
If you manage a construction business, you will require liability insurance in the form of public and employers (if you employ someone) to protect you, your company and your employees. Liability insurance protects your company from financial loss resulting from a claim being made against your business and it also ensures, in the case of employers' liability, that you meet your companies legal obligations.
Rising insurance costs is not the news most high-risk businesses want to hear, however, 2017 will not only see premiums rise but also insurance premium tax which is yet again being raised by another 2% taking IPT to 12%. No business, especially those that work hard to keep their claims history clean, deserves to have to pay more. At FML insurance we thought about ways we could help our clients obtain the correct cover they need whilst not paying more year after year, so we came up with 2 solutions.
Karting, a Safe Sport
In comparison to other types of motorsport, karting is considerably safer. However, many insurers would not agree. Sometimes, kart racers suffer injuries as a result of a crash on the circuit but more often than not, these are only minor injuries resulting in a few bruises. FML has access to a UK insurance underwriter that understands this and is pricing their premiums to reflect this understanding. In the current climate with insurance costs and IPT rising, we are doing everything we can to help keep premiums economical and to show our commitment to this we have also reduced our fees on arranging Karting Insurance for kart operators based in the UK.
The Enterprise Act 2016, Yet Another Insurance Tax Increase, Phil Finally Gets His Diary and Why Your Mother told You to Wear a String Vest.
The Enterprise Act 2016
The Enterprise Act became law in May 2016, we take a look at the act and what it means to SMEs, Corporations and Apprenticeships and how effective it has been in the last 12 months. One of the notable new laws will give SME's the power in some cases to claim damages against late payments. What are the implications of the Enterprise Act for insurance? We discuss the briefing sent out by the Chartered Insurance Institute.
ATVs are not toys they are machines that need to be respected and taken seriously or the potential for injury is great. It's a fact that many ATV injuries occur every year, especially with brokers. When brokers refuse to wear protective gear, are not supervised, and do not ride in a safe manner, the potential for injury is great. However, with the proper precautions, the chances of injury are greatly reduced.
Back in 2011 FML released the following article and dare I say how accurate it seems to be when you look at the current pricing structure for high-risk trades, has the bubble finally burst?
For many years insurers have perceived that the risks faced by scaffolders with respect to injury to themselves or employees, injury or damage to a third party, combined with the loss or damage to their equipment determined that they traditionally have to pay higher premiums for their scaffolders insurance. This was generally higher than building contractors and ancillary trades for employers and public liability as well as all risks cover.
Inflatable leisure equipment and bouncy castles have become extremely popular and are a usual addition to the activities offered at children's parties, functions, events and festivals up and down the country. The first bouncy castle was actually an inflatable structure created in 1959 by John Scurlock, he was experimenting with inflatable covers when he noticed his staff enjoying bouncing around on the covers and so the idea was born. In the last few decades, inflatable equipment has become very diverse and very popular form of entertainment.