Insurance – Severn Valley Business Group
 

Tag: Insurance

For The Life You Don’t Yet Know

| Comments Off on For The Life You Don’t Yet Know

Life can very often throw us a curve ball and you never know…

When your going to die:

Zurich had 1,779 death claims in 2016 and paid out 98% of these claims totaling a benefit amount of £151,710,069*

If you are going to get a critical illness:

Zurich had 875 critical illness claims in 2016 and paid out 90% of these claims totaling a benefit amount of £63,246,707*

If you’ll lose your business/income:

Zurich had 91 income protection claims in 2016 and paid out 85% of these claims totaling a benefit amount of £9,577,000*

Paul and his story:

The only thing you can know is how to protect you and your family financially

If you are interested in talking to us about protection, give us a call:

*Information retrieved from Zurich ‘2016 Claim Statistics’

Share

Accidents & Ill Health; It pays to know the facts

| Comments Off on Accidents & Ill Health; It pays to know the facts

Man system 2

Each year employee accidents and ill-health cost British employers an estimated £3.9 billion to £7.8 billion, of which £910 million to £3,710 million comes from accidental damage to property and equipment.

It’s often assumed that insurance will cover any financial losses. But policies generally fall short when it comes to costs involved in the general day to day running of a business. The shortfall can be startling:
• Uninsured losses are ten times the cost of insurance premiums paid. (Source: HSE)
• Uninsured losses from accidents in smaller firms add up to £315 per employee, per year. (Source: Norwich Union Risk Services)

Other cost implications that are often overlooked include:
• Dealing with the incident – Immediate action means downtime for the injured person and anyone assisting. Time spent administering first aid treatment, a hospital referral or home rest, all result in downtime. Making the area safe and making machinery serviceable are more costs for which the business is accountable.
• Investigation of the incident – Time spent reporting the incident, holding meetings to discuss it and investigating it internally are the first step. Then time spent with an HSE, or Local Authority inspector and external consultants’ fees to assist with the investigation can rapidly accumulate into hidden costs.
• Getting back to business – Rescheduling work, recovering production, repairing damage and cleaning the site are inconveniences which slow production and reduce efficiency. Hiring replacement tools, people and equipment might also be required.
• Business costs – Absentee costs are deceptive. Besides the salary of the injured worker, a combination of replacement staff salaries, lost time, reduced productivity and quality add to escalating costs. Training new or temporary staff, overtime and contract.
• Increased insurance costs – higher premiums following an incident, cost associated with conditions being applied in order to gain cover.

It pays to fulfill your legal obligations with regard to Health & Safety, this way you reduce the chances of having a claim refused and all the additional costs listed above, which will probably include the cost of fulfilling those obligations in the first place. So why pay twice?

For assistance contact us at www.anchorhands.co.uk

Share

Remember the floods of 2012?

| Comments Off on Remember the floods of 2012?

There will be more flood damaged vehicles on the used car market as a result of the treacherous weather conditions seen in the UK recently. As a result private buyers need to be on the guard and to know exactly what to look for.

Steve Weston, head of Manheim’s Inspection Services, said: “Manheim trains inspectors to BVRLA standards and performs over 300,000 checks each year. Currently, we are running IMI backed training for sales executives at franchised dealers. One of the rookie mistakes many sales executives make is that they often spend more time looking at body work rather than the interior or mechanics.

“For all intents and purposes, a severely flood-submerged vehicle should be considered as an insurance claim, not simply an opportunity to pass on damaged vehicles to an unsuspecting buyer. If a vehicle has been driven into a serious flood or submerged for a period, water can overcome the intake manifold, causing the engine to hydraulic lock and this may require total replacement. So, if a replacement engine or new steel wheels have been fitted, this could be a clue to its recent past,” advises Weston.e

Other tell-tale signs of a potentially flood-damaged vehicle are apparently random or strangely placed scrapes and dents to the bodywork, which may have resulted from debris carried by fast running water.

To help spot potentially flood-damaged vehicles, Manheim has developed a ten point inspection plan:

Lift the flooring -rust, mould, dampness and/or silt under all carpets and mats are a sign that a vehicle may have taken an early bath

Open the doors -tide marks staining upholstery in a vehicle are possible warning signs

Sitting comfortably- rust on all seat-retaining bolts and seat frames could indicate that a vehicle has been in prolonged contact with water

Lift the bonnet -silt and mud deposits on the engine and associated components is a possible danger sign

Get on your knees -pay attention to any recent surface corrosion and body damage on lower sills and floor pan, including axles and component brackets

Exhausting checks -look at the full exhaust system, sometimes the rear box is changed to disguise flood damage

Time to dash – a combination of intermittent electrical problems, dash warning lights and inoperative electrical components could spell major repair bills for flooded vehicles

In recession – take a good look at internal recesses, including cup holders, ashtrays, cubby holes and door pockets for signs of silt and mud

Fits like a glove -check the glove box manuals, paperwork and information packs – they may show signs of water damage

Sense of smell -while some cars smell damp if they have been deep cleaned, be aware of the ‘atmosphere’ in the car as it could alert you to a flood-damaged vehicle

Weston concludes:”Whilst the number of flood-damaged cars is relatively small, recent freak weather proves the issue is real. You need to be aware of the signs that could cause an unnecessary headache and deal with the issue in a professional,transparent and open manner.”

Share

Could your Life Cover be more Tax Efficient?

| Comments Off on Could your Life Cover be more Tax Efficient?

If you are a Company Director looking to provide Life Assurance to help provide financial security for your employees, or your own loved ones, then there is a way of paying premiums in a more Tax Efficient way.

As the premiums are paid by the company, they are usually considered as a business expense and are not treated as a benefit in kind so:

  • as the policy premiums are treated as a business expense they are likely to be an allowable deduction against Corporation Tax
  • there is no liability for National Insurance for employers or employees on the policy premiums
  • there is no liability for employees to pay Income Tax on the policy premiums
  • the death in service benefits are paid tax free to the nominated beneficiaries
  • the death in service benefits do not form part of an individual’s lifetime allowance for pension savings
  • the policy premiums do not form part of an individual’s annual allowance for pension contributions

So, taking out a Relevant Life Policy could be a tax efficient solution to provide valuable death in service benefits for individual employees:

  • where the number of employees is too low for a company group scheme or,
  • who may require more life cover than the main Company scheme provides.

Please remember that tax treatment depends on individual circumstances and may change in the future.

If you would like to discuss the benefits of paying Life Assurance through your company then I am happy to have a chat to explain it in more detail.  www.eurekafs.co.uk

Share

Risk and your business

| Comments Off on Risk and your business

Here we will be looking at the physical risks that need to be accounted for within any business planning, but hopefully will cover the general areas necessary to give you an idea of what to look out for.

Before we move on let’s be clear what we are talking about.

   What is Risk?                                           

“Risk is the likelihood of a body or event to cause harm.”

This should not be  confused with Hazard.         

 What is Hazard?            

“Hazard is the ability of a body or event to cause harm.”

From this we can see that in order to reduce the risks to our businesses we need to remove, reduce or protect against the hazards we come across. The way we do this is by carrying out a Risk Assessment

 There are five steps to carrying out any risk assessment.

 Step 1: Identify and record the hazards that are present, these fall broadly into five categories

Physical: such as pressure, heat, damp, noise, radiation and electricity

Chemical: such as dusts, fumes, chemicals, toxic materials and gases

Biological: such as infections, viruses and contagions

Ergonomic: work conditions, stress, RSI and man-machine interaction

The fifth one we’ll come back to as it’s covered under specific legislation

 Step 2: Identify the people that may be affected by the hazard

Paying particular attention to those groups that may be especially vulnerable such as the elderly, blind, young and disabled.

At this point it is possible to rank the severity of the risk, giving it a more tangible identity

 Step 3: Remove, reduce the severity or Protect against, the Hazard.

The preference here is always to remove the hazard completely (rearrange items to avoid trips and impacts), if this cannot be done then reduce the severity of the hazard (use low voltage equipment or less aggressive chemicals) and as a last resort protect against the hazard (provide warnings or personal protective equipment).

Once again assuming that all the measures have been put into place, it will be possible to rank the severity of the residual risks. You can then establish whether the remaining risks are acceptable or if they need further action.

 Step 4: Record, Plan, Inform and Train            

Record the significant findings from steps 1 to 3 and what actions have or need to be taken as a result.

Prepare any plans or procedures that may be required in order to facilitate the actions

Inform and instruct all relevant people, co-operate with all concerned.

Provide any necessary training that may be required as a result of the assessment.

 Step 5: Review

Having carried out the assessments they must be kept relevant, which means that they should be reviewed on a regular basis or when conditions change (such as work practices, new technology, legislation or results of monitoring)

Remember any revisions to the assessments must be communicated to those that need to know the results of those revisions.

 Why have we gone to the trouble of doing these risk assessments and putting whatever precautions in place, is it because of our genuine concern for our fellow workers safety, is it because it makes financial sense to do it or is it our legal duty?

 The answer is all of the above!

 From a humanitarian and moral point of view, we do not want to cause or allow to be caused, harm to anybody

  1. Research shows that investing in risk reduction leads to better company performance.
  2. A good working environment is good business.
  3. Staff feel that they are valued.
  4. Your customers see a company that does it right and cares.
  5. You avoid costs associated with disruption, sickness, investigation, down time, compensation claims, increased insurance premiums and loss of goodwill
  6. And for those companies that cannot see the benefit, there are legal requirements, with quite hefty penalties for non compliance

 Remember under step 1 of the risk assessment we said there was a fifth hazard, which was covered under its own legislation, this is Fire!

 Potentially this one can be the most destructive, obviously to your staff, the public and visitors, but also to a business and as such should be carried out by a competent person.

 If your stock and premises are all destroyed, how are you going to trade?

 This is why in March 2006 the “Regulatory Reform (Fire Safety) Order 2005” came into force, making it the responsibility of all owners or occupiers of commercial properties, to carry out a Fire Risk Assessment of those premises and put into action any necessary precautions and planning, specific to those risks.

 For the purpose of the legislation “Commercial” means anything non-domestic, so that includes churches, schools, libraries etc. In fact only military and some government buildings are exempt.

 When we carry out our Fire Risk Assessment it’s worth remembering how fire works, for this we use the fire triangle.

  Fire needs 3 elements to exist firstly Fuel (flammable gases, flammable liquids or flammable solids. Secondly Oxygen (The air around us, oxidizing agents and stored oxygen) and finally Ignition (Naked flame, faulty electrical appliances, hot processes and hot machinery)… Remove any one of these and the fire goes out.

 We have seen that there are many types of hazards and therefore risks, surrounding our businesses, it is essential then that we Eliminate these risks, if we cannot do this, then we should Reduce the effect of them, and finally Protect against any residual risk.

 Remember none of this will work if we do not communicate your findings and plans to those who may be affected.

 This way our businesses should be safe environments in which to work, be protected from the disruption and costs that incidents can bring and demonstrate to others that we are responsible and considerate business people.

All of this has to be a cost effective  benefit to all of our businesses, a benefit which you can take to the bank!

 

If you would like more information, then please contact us via www.anchorhands.co.uk

Share

Severn Valley Business Group ©2017. All Rights Reserved.

newsletter software
Close
loading...