Thame Out The complimentary magazine for the Thame area
Avoid discontent this winter
The right insurance can help business owners cope with the problems caused by winter weather, says Mark Nicholl.
With ever increasing regularity, we hear about severe weather conditions disrupting lives and businesses.
A simple burst pipe, a roof collapse, falling tree, or someone slipping on ice outside your premises, could all pose a threat to your business and saddle you with untold costs.
Research carried out by the Association of British Insurers (ABI), showed that the cold weather experienced in the UK in the winter of 2018 had huge financial implications.
Insurance payments to homeowners and businesses for storm, flood and burst pipe damage increased by 290% in the first quarter of 2019, from £93 million to £361 million. In this same period, some 86,000 claims were handled, a huge increase in comparison to the 29,000 claims handled in the previous quarter. This suggests that the UK is still not adequately prepared for risks associated with winter weather.
WHAT CAN YOU DO?
Preparation and planning is the solution. Most prevention measures are pretty easy and straightforward, it’s about keeping on top of them, to minimise your exposure. However part of your planning needs to include checking that you have comprehensive range of property and liability insurance in place as well.
THE SIMPLE THINGS YOU CAN DO.
Unfortunately, in our business we know only too well the impact events like these can have.
Burst pipes due to water freezing can result in thousands of pounds in water damage. Water from burst pipes can damage walls, floors and electrics as well as your property.
Is your roof still sound and are gutters and downpipes clear? Is all your pipe insulation in good condition?
A claim last year from a burst pipe left a business property completely saturated with damaged equipment and stock. Not only did they have to wait for new stock to arrive, the property had to be dried out and re-decorated before it could open for business again. They made a claim in excess of £100,000 which was paid in full and the business was able to continue trading.
Stock up on salt and clear and grit pathways and car parks. This seems obvious but left uncleared access areas can be treacherous and leave you open to a claim. As a business, or property owner, you have a duty of care and in our litigious society the costs can really add up. Expenses can include medical expenses, travel expenses and loss of earnings. But also, if the claimant requires someone to care for them then a carers claim can be made along with a general damages claim. These costs can be far reaching.
Make sure your boiler service is up to date. We all know that boilers seem to break down in the winter months. So rather than leaving it to chance keep your annual boiler service up to date.
KEY INSURANCES FOR A BUSINESS TO CONSIDER:
Buildings and Contents insurance. This will ensure you are covered against the escape of water claims and damage caused by extreme weather conditions.
Business Interruption insurance. This protects you against any loss of income resulting from the incident.
Public Lability insurance covers you against slips, trips and falls suffered by a third party.
Employees Liability will cover you against slips and trips and falls suffered by your employees.
If you would like to sit down and chat through your existing cover or look at taking out new cover our man in Thame is Mark Nicholl. He would be very happy to discuss your needs and advise you on any changes you may need to make. You can email him on mnicholl@jbennett.co.uk or call him direct on 01494 455 802
You can read more articles like this one in the latest edition of Thame Out.
