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Morgan Clark Business Insurance News

Warehouse fire underlines need for business interruption insurance

A recent devastating fire has illustrated the need for good business continuity planning, and in particular loss of profits insurance. Without business interruption insurance, the company at the centre of the blaze could have ceased trading permanently.

Prompter pay-out on insurance claims needed

Insurance companies should pay out more promptly on insurance claims, and should compensate claimants when this doesn’t happen. A change in legislation has been called for to overcome unreasonable delays in paying a valid claim.

Landlords’ insurance claims: tell tenants how to turn off the water

As autumn gives way to winter, we all recall the big freeze of last year and the huge rise in burst pipes. Many of these were in rented accommodation, exacerbated by tenants not knowing how to turn off the water supply.

Ensure business interruption cover is sufficient

A leading European business interruption specialist has warned that many companies may not have sufficient insurance cover. In particular, greater care must be taken in calculating the specific costs the organisation could face if they – or their suppliers – are unable to trade.

Leisure industry vulnerable to cyber attacks

Cyber attacks are on the increase, and the leisure and hospitality industry is the chief target, according to one insurance broker. And it warns that this is only likely to increase as hackers become more sophisticated.

Back to business after the riots

The recent civil disturbances across the UK had a severe effect on many businesses. One local authority called on Morgan Clark to help those affected get back on their feet.

Students: are they worth it?

An expert has warned that letting property to students may not be as good as it seems. They may offer the greatest rental yield, but there could be a significant downside.

Are you covered for working from home?

The economic down-turn has encouraged a growing number of people to start their own businesses, and many of these are set up in their own home. But all too often they don’t appreciate the effect this has on their standard home policy and are ignoring the need to take out specific business insurance.

Warning over Olympic rentals

With the current scramble for Olympic tickets, some successful applicants will also be looking for somewhere to stay during the 2012 London Games. A specialist insurer for the residential lettings market is warning landlords that their insurance cover could be invalidated if their tenants sublet.

Create the perfect rental property inventory

Landlords’ inventories are not just vital to cover unreasonable damage caused during a tenancy: they are also critical if your property is damaged by fire or flood. But what makes the perfect rental property inventory?

Cyber insurance set to rise

It’s not just celebrities who are affected by the growth of cyber space. A leading underwriting agency has predicted that the risk of cyber-related crime is growing to such an extent that it will soon overtake more conventional business risks.

SMEs feel more at risk from crime

Over a third of smaller businesses believe they are more likely to be the victim of burglary since the start of the financial downturn, according to recent research. This also revealed that there is considerable concern in the sector over e-risks and cyber crime.

Too many false alarms

The vast majority of signals from automatic fire alarms are not caused by real fires. As a result, they tie up fire engines which could be attending real emergencies. They also cause huge disruption to businesses, affecting efficiency, profitability and service levels.

Make your workplace safer

If you are an employer, you must comply with fire safety law. In particular, you must ensure that you – and all your staff – know what to do to prevent a fire in the workplace, and how to escape if a fire does break out.

Protect empty property

Against the backdrop of a tough economic climate, the number of empty retail units, business premises and houses is on the rise. So advice has been issued by insurers for landlords to take action to protect unoccupied properties.

Businesses at risk from inadequate insurance

Businesses could be at risk because they have inadequate insurance cover, according to a recent report. In addition, there are major deficiencies in how commercial insurance is arranged and a lack of understanding of how claims are processed.

Taking away the stress of a complicated business claim

When a fire strikes a business, it’s hard enough just to keep operations going. Making a complicated insurance claim adds another level of stress. One dental practice’s experience shows how using an experienced firm of loss assessors can take away this burden and ensure a successful settlement.

Rise in claims against businesses

The British are now far more likely to make an insurance claim against a business, according to one UK insurer. The risk of being subject to a claim is higher for trades who have direct contact with the public, such as plumbers, electricians and carpenters. So it is vital for them to have the protection of a public liability policy.

Has your burst pipe claim stalled?

It’s now several weeks since the recent freezing weather caused burst pipes in businesses across the UK. If you are making an insurance claim as a result, then there are certain things which should have happened by now. A useful Guide will help you to decide if your claim is – or isn’t – progressing satisfactorily.

Cover for unpaid rent

Insurance policies which are specifically designed for landlords are often very similar to standard home policies. One area where they differ however is that they will also include provision for ‘loss of rent’. But landlords should be aware that this does not provide cover if your tenant defaults.

Listed buildings: are you fully covered?

There are more than half a million listed buildings in the UK and many are in use as business premises. If a catastrophe such as a fire or flood occurs and more the 40 per cent of the historic fabric has survived, then English Heritage will insist on a full, like-for-like re-instatement. So it’s vital to have appropriate buildings insurance.

Landlords: remember flood risk

Advice has been issued to landlords to make sure they find out about any flood risks when purchasing a new property. In particular, it doesn’t have to be in an at-risk area to be in danger: independent research has shown more properties are likely to be affected because of rising sea levels.

Landlords: are you fully covered?

Buildings insurance is the most popular form of policy purchased by a landlord for a buy-to-let property. But there is other cover which should be considered: in particular Landlord’s Contents Insurance. While there’s no legal obligation to take this out, it could provide vital support if disaster strikes.

Avoid a burst pipe in your business

The recent atrocious weather has led to a spate of burst pipes across the country. It’s not just homes which have been affected – many businesses have been devastated by water cascading through their premises. If your business has escaped, then don’t be complacent: it could happen to you in the future. A handy checklist is available which should help you to prevent burst pipes.

Business interruption: it’s not a simple science

If your business suffers a disaster such as a flood or fire, you face a complicated insurance claim. This will cover not just buildings and contents but also business interruption. And getting the level of claim right – particularly in areas such as loss of profits or increased cost of working – is vital to safeguard the future of your business.

Burst pipe in your business? Read our free guide

Every large snowfall is followed by a big thaw – and the inevitable burst pipes. Businesses are as much at risk as homes and face the added trauma of loss of trade and increased cost of working. A free guide from Morgan Clark can help you through this difficult time.

Is your business at risk from flooding?

You don’t have to be near a large river or by the sea to be at risk from dangerous flooding. All too often it’s a small stream or surface water which is at the heart of major floods. Businesses must be fully aware of the flooding risk posed to their premises and their business before applying for a business insurance policy.

Businesses flooded in Cornwall: get our free Guide.

The floods in Cornwall this week have devastated many business premises. Business owners face an extremely difficult time dealing with the aftermath and protecting their business. At the same time they have to make what can be an extremely complicated insurance claim. Help is at hand with Morgan Clark’s in-depth Guide to Making an Insurance Claim: A Flood at your Business Premises.

Cockermouth flood damage highlights consequential losses

With the first anniversary of the Cockermouth flooding at the end of the week, it’s a good moment to consider the devastating effect a flood can have on a business. Many businesses in and around the town were forced to close and some are only just able to open again. So it’s not just short-term trading you have to consider: there is often a serious long-term impact.

Don’t waste valuable management time

If your business has been hit by a disaster such as a fire or flood, you face huge disruption. A Sussex-based engineering company became increasingly concerned because valuable management time was being diverted into making a complicated flood insurance claim. By handing over the claim to Morgan Clark, senior staff could focus on ensuring the business survived – and a far higher settlement was achieved.

Professional help prevents damaging losses

As winter approaches, the danger of flooding increases. If the worst happens and your business is flooded, then the experience of one company might reassure you that this disaster can be overcome. By turning to Morgan Clark, they were able to resume trading quickly, agree a very favourable settlement for loss of turnover, and face the future with a stronger business model.

Make sure you’re not under-insured

If you suffer a fire in your business premises and you’re under-insured , then you could face severe difficulties with your insurance claim. One businessman in Hampshire whose restaurants and flats were gutted by fire discovered he did not have sufficient insurance to cover his losses. It was only by bringing in Morgan Clark to manage his claim that he was able to find a satisfactory conclusion to an extremely complex insurance claim.

Morgan Clark helps businesses survive

Engaging Morgan Clark to negotiate your insurance claim could save your business. This was the experience of one London-based consultancy after it suffered a loss of vital data. The consultancy’s Managing Director is convinced that, without Morgan Clark’s professional help, the business would not have survived.

How long is your indemnity period?

Businesses face significant financial risk if they do not have a sufficient indemnity period for business interruption. Morgan Clark, one of the UK’s leading loss assessors, recommends that businesses take out two-year indemnity cover: this will give enough time to restore the business to the levels it would have reached if the disaster had not occurred.

Mitigate your business losses

Businesses face further liabilities in the aftermath of a flood or fire if they fail to mitigate their loss. Too many suffer financially by failing to secure their property from further damage or from theft or vandalism, and may fall foul of the terms of their insurance policy.

Effects of flooding are long term

Recent heavy rain has brought back memories of the flash floods which devastated areas of the UK recently. If your business premises have been flooded, it’s not just a case of waiting until the waters recede and then business can return to normal.

Don’t forget the small print

Don’t ignore the small print on a commercial insurance policy, and review it regularly to ensure you still comply with all your policy’s terms. This is the advice of leading loss assessors Morgan Clark, who have seen many companies suffer financially from this oversight.

Risks from reducing insurance cover in a recession

The British Insurance Brokers’ Association (BIBA) has issued warnings about the dangers if businesses reduce their insurance cover during the recession as a way of cutting costs. They have quite rightly pointed out that this can pose a significant financial risk if disaster should strike.