Robison & Co

Real Estate

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Is Your Commercial Property Underinsured? Here’s 5 Ways to Protect Your Business

Is Your Commercial Property Underinsured? Here’s 5 Ways to Protect Your Business

Is Your Commercial Property Underinsured? Here’s 5 Ways to Protect Your Business

Whatever your business, the building that houses your operations plays a crucial role in your success. But what happens if disaster strikes and your commercial property is underinsured, leaving you with inadequate coverage to handle the damage? Nearly half of UK commercial properties are underinsured, leaving many business owners unaware and vulnerable to significant financial risks.

Navigating insurance complexities can feel overwhelming. That’s why we’re here to guide you, helping ensure your commercial property has adequate insurance so your business stays fully protected.

Underinsured Commercial Property Puts Your Business at Risk

When you insure your property for less than its true rebuilding or replacement cost, you risk paying out-of-pocket for repairs or reconstruction after an incident. This situation places unnecessary financial pressure during an already critical time.

In recent years, rebuild costs have risen dramatically due to increasing material and labour expenses. Yet, many business owners haven’t updated their policies. Inflation, outdated property valuations, and a general lack of awareness all contribute to underinsurance.

Robison & Co Can Help

At Robison & Co, we work to help businesses like yours avoid the pitfalls of underinsured commercial property. With our expertise, we ensure you have the right cover, giving you peace of mind that you’re fully protected.

How to Avoid Underinsured Commercial Property

Here are five ways to prevent underinsured commercial property:

  1. Get Regular Property Valuations
    Accurate and regular valuations ensure you’re insuring your property for its current value, not an outdated one. A professional valuation will reflect the real cost of rebuilding or repairing your property.
  2. Insure for Rebuilding Costs, Not Market Value
    Many business owners confuse market value with the cost to rebuild. These two figures often differ significantly, so base your cover on rebuilding costs.
  3. Adjust for Inflation
    Inflation impacts everything, including material and labour costs. Review your policy annually and adjust your sums insured to align with current economic conditions, ensuring your cover grows with the market.
  4. Set an Appropriate Indemnity Period
    When selecting business interruption insurance, choose an indemnity period that allows your business enough time to fully recover. If the period is too short, you may face exposure if rebuilding takes longer than expected.
  5. Regularly Review Your Policy
    As your business evolves, your insurance cover should adapt as well. Whether you expand, relocate, or upgrade your property, keep your insurer informed. Regular reviews of your policy help ensure continued protection.

Protect Your Business with Robison & Co

The risks of underinsured commercial property are real, but you can avoid them. Robison & Co helps you make informed insurance decisions so you’re not left unprotected when it matters most. Our experienced advisers work closely with you to assess your needs and ensure your commercial property has the right cover.

Don’t wait until disaster strikes. Contact us today to work with one of our expert brokers, and make sure your business is properly protected.

Peace of Mind and Financial Security

By partnering with Robison & Co, you’ll gain peace of mind knowing your insurance covers repair or rebuilding costs. Not only will you avoid financial loss, but you’ll also safeguard your company’s future.

To discuss a new policy, or current policy  please get in touch with us via one of the options below!

Book a call        01730 265500        Contact request form        hello@robison.co.uk

 

*All Images are taken from Unsplash

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Insurance broker – How can they help you?

Insurance Broker: How Can They Help You?

Securing the right insurance often feels overwhelming and confusing. With so many options available, determining the best policy for your needs can be challenging. This is where an insurance broker becomes invaluable, especially when looking for a bespoke policy.

What is an Insurance Broker?

An insurance broker acts as a middleman between you and the insurance companies. Unlike agents who work for specific insurers, brokers represent you, the customer. Their primary goal is to find the best possible coverage tailored to your unique needs. They access a wide range of policies from various insurers, providing the flexibility to offer bespoke insurance solutions.

Expertise and Knowledge

One of the most significant advantages of working with an insurance broker lies in their expertise and in-depth knowledge of the industry. Brokers stay updated with the latest changes in regulations and market trends. As a result, they can provide accurate advice and recommendations.

Understanding Complex Policies

Insurance policies often contain complex jargon that makes understanding them difficult. An experienced insurance broker breaks down these complexities, explaining terms and conditions in simple language. Consequently, this clarity helps you make informed decisions without becoming overwhelmed by technicalities.

Tailored Advice

Every individual and business has unique insurance needs. Therefore, a one-size-fits-all approach does not suit everyone. Insurance brokers take the time to understand your specific requirements and offer tailored advice that aligns with your circumstances.

Access to Multiple Options

Working with an insurance broker gives you access to multiple options from various providers. Unlike dealing directly with a single insurer, brokers present a broader range of policies, ensuring you are not limited to one company’s offerings.

Competitive Pricing

Because brokers have relationships with multiple insurers, they can often negotiate better rates on your behalf. As a result, this competitive pricing ensures that you get value for your money without compromising your coverage.

Bespoke Insurance Solutions

One of the unique features of using an insurance broker is their ability to offer bespoke insurance solutions. Whether you need specialized coverage for high-value items or unique business risks, brokers tailor policies specifically designed to meet your needs.

Time-Saving Convenience

Shopping around for insurance quotes can be time-consuming and stressful. An insurance broker takes this burden off your shoulders by doing all the investigating and analyzing for you.

Streamlined Process

From gathering quotes to filling out paperwork, brokers handle every aspect of the process efficiently. Consequently, this streamlined approach saves you time and reduces hassle, allowing you to focus on other important aspects of your life or business.

Claims Assistance

Filing an insurance claim can be daunting and often time-consuming. An experienced broker guides you through this process, ensuring all necessary documentation gets submitted correctly and promptly. They also contact your insurer on your behalf, further removing the burden from you.

Impartiality and Trustworthiness

Since brokers work independently and are not tied to any particular insurer, they offer impartial advice aimed at serving your best interests. Therefore, you can trust their guidance.

Building Long-Term Relationships

A good broker aims to build long-term relationships based on trust and mutual respect. They provide ongoing support even after you’ve purchased a policy, helping you review and adjust coverage as needed over time, as well as assisting with claims.

The Smart Choice

Choosing an insurance broker offers numerous benefits. From expert advice and access to multiple options to competitive pricing and bespoke solutions tailored specifically to your needs—all while saving you valuable time and effort.

In today’s complex world where risks constantly evolve, having an experienced insurance brokerage like Robison & Co as your knowledgeable ally makes navigating these challenges significantly easier.

So, next time you need insurance, consider reaching out to a professional insurance broker. This decision will bring peace of mind, knowing you’re fully protected if the “what if” comes to pass!

Robison & Co staff picture of Insurance brokers

 

To discuss a new policy, or current policy  please get in touch with us via one of the options below!

Book a call        01730 265500        Contact request form        hello@robison.co.uk

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Property Owners Insurance Tips For Weathering The Storm

Property Owners Insurance Tips For Weathering The Storm

In today’s changing climate, it’s more important than ever to ensure your property is well-protected against extreme weather events buy purchasing a bespoke Property Owners Insurance policy. From floods to storms, these occurrences can be unpredictable but being prepared is key. Let’s explore some Property Owners Insurance tips to help keep your property safe and secure.

Understanding Your Property Owners Insurance Coverage

  1. Homeowners Insurance: Your standard policy typically covers common risks like fire and theft. However, it may not include coverage for floods. Consider adding specialized coverage if you live in areas prone to flooding.
  2. Flood Insurance: Living in a flood-prone area? Flood insurance is a must-have. It can be a separate policy from homeowners’ insurance but provides essential protection against flood-related damage to your property.

Mitigating Risks

  1. Regular Maintenance: Keeping up with property maintenance can go a long way in reducing risks during extreme weather. From trimming trees to clearing gutters, small efforts can make a big difference.
  2. Safety Measures: Investing in storm shutters, reinforced roofing, and smart home technology can enhance your property’s resilience. Plus, they provide early warnings and help minimize potential damage.
  3. Disaster Preparedness: Having a solid disaster plan in place is crucial. Make sure everyone in your household knows what to do in case of an emergency, from evacuation procedures to securing valuables.

Protecting Your Investment

While we can’t control the weather, we can certainly take steps to protect our properties and loved ones. With the right Property Owners Insurance coverage and proactive measures, you can weather any storm that comes your way. At Robison and Co Insurance Brokerage, we’re here to help you find the perfect coverage tailored to your needs.

Stay safe and prepared for whatever nature throws at you.

 

To discuss a new policy, or current policy please get in touch with us via one of the options below!

Book a call        01730 265500        Contact request form        hello@robison.co.uk

 

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Key Insurance Terms You Need To Know

Navigating Insurance Lingo: Your Guide to Understanding Key Insurance Terms

Navigating insurance terminology can feel like navigating a confusing maze, but don’t worry! We’re here to guide you through it in a friendly and approachable manner. Whether you’re a seasoned insurance pro or just dipping your toes into the world of coverage, understanding the language used in insurance policies is essential. So, let’s break down some of the most common insurance terms together!

Average Clause:

A provision reducing a valid claim based on the degree of under-insurance.

Capital Additions Clause:

This clause covers alterations or additions to existing premises or newly acquired buildings, as well as additional computer or office equipment.

Conditions:

These are additional provisions in an insurance policy outlining procedures, qualifications, or important stipulations. Conditions may include:

  • Conditions precedent of the policy, relieving the insurer of all liability if not observed.
  • Conditions precedent to liability, relieving the insurer of liability for a particular claim if not observed.
  • Conditions subsequent, which don’t prejudice claim payment but entitle insurers to counterclaim damages.

Data Protection Act:

This covers liability incurred under Sections 22 and 23 of the Data Protection Act 1984, related to personal data. Exclusions include fines, penalties, and the cost of data replacement or rectification.

Debris Removal Clause:

It covers costs of removing debris, dismantling, demolishing, and shoring up.

Definition of Employee:

This term encompasses individuals under contract with the insured, labour masters and their workers, subcontractors, self-employed individuals, students or interns under supervision, and hired or borrowed workers.

Excess:

The portion of loss borne by the insured before insurance coverage applies (also known as a deductible).

Green Card:

An international certificate of insurance for motorists traveling abroad.

Health & Safety at Work Defence Costs:

Covers expenses for defending against criminal proceedings related to breaches of health and safety regulations.

Indemnity:

This principle aims to restore the insured to their pre-loss position as much as possible.

Indemnity Period:

It applies to Business Interruption Insurance, specifying the maximum period during which the policy protects against business interruptions due to damage.

Indemnity to Other Persons:

This extends indemnity to directors, employees, and members of related organizations.

Indemnity to Principal:

Provides indemnity to public or local authorities, with insurers controlling all claims.

Limit of Indemnity:

The maximum amount for which the insurer is liable under the policy.

Long Term Undertaking (LTU):

An agreement offering premium discounts for policy renewal at existing terms for a specified period.

Other Interests:

Parties with vested interests must declare them to insurers in case of loss.

Prevention of Access:

Covers property damage hindering access to premises.

Reinstatement Day One Non-Adjustable:

Initial cost of reinstatement plus an agreed inflation percentage.

Subrogation:

The insurer’s right to step into the insured’s shoes to pursue rights and remedies.

Sum Insured:

The policy’s liability limit.

Unoccupied Premises Warranty:

Conditions for maintaining security and inspecting unoccupied premises.

Warranty:

A condition imposed by the insurer, which, if not met, can discharge the insurer from liability. Types include:

  • Express Warranty: Specific undertakings by the insured.
  • Implied Warranty: Related to the seaworthiness or legality of an adventure, mainly in marine insurance.

 

Understanding these key insurance terms puts you in the driver’s seat when it comes to protecting yourself, your loved ones, and your assets. If you ever find yourself unsure about any insurance terminology or need assistance with your policy, don’t hesitate to reach out to your insurance agent. They are there to help you navigate the ins and outs of insurance coverage with confidence.

To discuss a new policy, or current policy  please get in touch with us via one of the options below!

Book a call        01730 265500        Contact request form        hello@robison.co.uk

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Under-Insurance

Understanding and Preventing Under-Insurance

Under-insurance occurs when a policyholder’s insurance coverage is insufficient to meet their needs. This can result in a claim amount that exceeds the maximum payout the insurance company will cover. Consequently, the policyholder may face a shortfall, leading to significant financial losses for the organisation. To avoid this, it’s crucial to take proactive measures. Here are six effective ways to prevent under-insurance:

Regularly Value Business Assets Accurately

It’s essential to frequently assess the value of your business assets to ensure your insurance coverage remains adequate. While businesses can perform these valuations themselves, hiring a professional can provide a more precise assessment.

Provide the Correct Rebuilding Cost

When insuring your property, always provide the insurer with the cost of rebuilding it, not its market value or the original purchase price. The rebuilding cost ensures your coverage reflects the actual expense of restoring your property in case of damage.

Calculate and Report Actual Total Revenue

To ensure adequate coverage, calculate your actual total revenue and report this figure to your insurance company. Accurate revenue reporting helps the insurer assess potential risks associated with your operation and provide appropriate coverage.

Determine an Appropriate Indemnity Period

Select an indemnity period that allows your business sufficient time to recover from any incurred loss. An appropriate indemnity period ensures you have enough time to restore operations without financial strain.

Increase Sums Insured in Line with Inflation

Regularly adjust your sums insured to keep pace with inflation. This practice ensures that your coverage remains sufficient to meet rising costs over time.

Review and Update Your Policy Wording

Periodically review your policy wording to ensure it offers the broadest cover for your needs. Update the policy whenever there are significant changes in your business to maintain comprehensive protection.

 

By taking these steps, businesses can significantly reduce the risk of under-insurance and ensure they are adequately protected against potential financial losses. Regular evaluations, accurate reporting, and proactive adjustments to insurance policies are key to maintaining sufficient coverage and safeguarding your business’s financial stability.

 

To discuss a new policy, or current policy  please get in touch with us via one of the options below!

Book a call        01730 265500        Contact request form        hello@robison.co.uk