Robison & Co

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Health and Well-being for Self-employed Workers

Use this Risk Insights document to understand the common health and well-being burdens that freelance or self-employed workers often face, as well as proper risk management guidance.

Robison & Co is an owner-managed insurance brokerage, offering advice on all areas of business and personal insurance, as well as independent financial advice on investments, mortgages and pensions. If you’d like to find out more about our process, would like an audit of your existing policies, or advice on a new policy, please call Robison on 01730 265500. We’d be happy to discuss your current needs and ascertain your level of risk.

 

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Black Friday Fuels Underinsurance Concerns

Black Friday is one of the biggest shopping days of the year, with UK consumers expected to spend a massive £4.7 billion on deals and discounts this year. However, consumers need to consider the impact of Black Friday spending sprees on their household contents value, and in particular the dangers of underinsurance.

Simon Gubbins, Managing Director at Robison & Co., said: “The average UK household contents is valued at £35,000, yet 1 in 4 homes do not have contents insurance and of those who have purchased contents policies, over half are underinsured. This is particularly true of high value home insurance policies, where the risks of underinsurance are even greater.

Some of the most popular items purchased on Black Friday include games consoles, TVs, iPads, sound systems, hoovers and high-end kitchen equipment – items which collectively contribute considerably to the value of your home contents, so your home insurance policies need to be amended accordingly. This is also true of high value purchases made throughout the year. If you knowingly or unknowingly fall into the trap of underinsurance, you could run the risk of severe financial penalties in the event of a claim.”

Underinsurance is a growing problem in the UK, as consumers take an increasingly relaxed approach to purchasing policies. Online comparison sites make it possible to purchase almost any kind of insurance policy without taking any form of professional advice, and it has been revealed that 50% of policyholders provide a rough estimated value for their possessions when taking out home contents insurance, with some decreasing the value to reduce the overall premium.

Simon continued: “Underinsurance is a serious problem in the UK, particularly with owners of high net worth properties. Many policyholders assume insurers will pay up to the sum insured. However, if the insurer deems that the property has been insured below the reinstatement value, they can apply an ‘average’ condition, which will consider the percentage by which the property is underinsured and reduce the settlement proportionately”.

For example, if a policyholder insures their home and contents for £800,000 and subsequently makes a claim for £100,000, their insurer may determine the true reinstatement value at £1m, meaning that the original policy only related to 80% of the actual value of the property. As such, they would only settle in respect of 80% of the claim – in this example, £80,000 rather than the full claim value of £100,000.

Simon continued: “While underinsurance is a frightening prospect, it is an easy trap to fall into without the right professional advice. Our advice to consumers is that they should be as diligent with shopping for their home insurance as they are with finding the best Black Friday deals! Don’t risk falling into the underinsurance trap and take some professional advice for the peace of mind that you will be adequately compensated in the event of a claim.”

Robison & Co is an owner-managed insurance brokerage, offering advice on all areas of business and personal insurance, as well as independent financial advice on investments, mortgages and pensions.

If you’d like further information with regard to high net worth homes and how to avoid underinsurance, see our blog: Is Your Home and It’s Contents Underinsured 

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Urgent HSE Inspection Update for Construction Businesses

Construction companies need to be prepared for surprise HSE site inspections over the coming months, following HSE’s announcement that they will be investigating the adequacy of measures implemented to safeguard against the long-term health complications caused by asbestos and dust exposure.

It’s estimated that there are 8,000 work-related cancer deaths each year, with 3,500 of these fatalities stemming from the construction industry – asbestos and dust exposure representing the primary causes of these deaths.

Simon Gubbins, Managing Director at Robison & Co., said: “This latest inspection initiative from the HSE is focused on protecting construction workers’ lungs from exposure to harmful substances which can cause long-terms health issues, such as occupational lung disease. Employers can expect HSE inspectors to assess workers’ understanding of safety and procedures for preventing and controlling potential risks, and if poor standards are found, organisations could suffer enforcement action and costly fines.”

The latest news bulletin from the HSE highlights that priority is often given to safety and workplace accidents, but thousands more workers suffer ill-health as a result of inhaling harmful substances, such as asbestos, silica, wood and other dusts. Construction businesses and workers need to be aware of how dangerous and hazardous to someone’s health such substances can be and have procedures in place to manage these risks.

Simon continued: “Organisations should be able to demonstrate they have a risk management plan in place to mitigate these potential risks, but also workers must be aware of this plan and trained to actively follow the necessary procedures to reduce the risk of asbestos and dust exposure. With the HSE’s ‘Dust Buster’ campaign in full swing, this is an area of workplace safety that construction businesses should review. Our construction insurance specialists can help businesses assess their risk, identify exposure hazards in the workplace and put together bespoke insurance policies that will help protect them in the event of an incident.”

As specialists in construction insurance, Robison & Co. understand the risks faced by businesses operating in the construction industry and will work with you to develop comprehensive, bespoke policies based on your individual needs. We have extensive experience dealing with different levels and types of construction insurance cover, including employer’s liability, contractors all risks, contract works, latent defects and plant and equipment cover.

If you’re a building contractor and would like an audit of your existing policies, or guidance relating to employer’s liability insurance for construction workers, please call Robison today on 01730 265500. We’d be happy to discuss your current needs and ascertain your level of risk.

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General Risk Assessment Template

Use this risk assessment template to establish a general framework for identifying, mitigating and potentially eliminating risks within your organisation.  Customise to fit your specific business needs.

Download the Risk Assessment template here:  Risk Assessment Template