Archive for the: Insurance category

Insurance broker, risk management specialist and consulting firm Gallagher has announced the acquisition of leading South West broker Pavey Group Holdings (UK) Limited (trading as ‘Pavey Group’) that significantly strengthens its presence in Exeter and Torbay while extending its footprint across the South West. Terms of the transaction were not disclosed.

Gallagher — which has existing South West operations in Exeter, Barnstaple, Bristol, Gloucester and Swindon — will welcome Pavey Group and its 83-strong team led by Managing Director Graham Brown and his existing director team into its UK-wide branch network, which serves customers from...

Many property owners still have a widely held belief that the market value of their property is the main driver for the sum insured but only rarely will you find that the actual market value is the same as the rebuild cost.

The rebuild cost has to include many different factors including hard standing areas, underground services and demolition.  In some cases you can find the market value is higher than the rebuild cost but in the large majority of cases it will be the opposite, so it is recommended that you seek professional advice and have an independent valuation carried...

Underinsurance is, simply put, what happens when you have not taken out enough insurance cover to meet your needs. Underinsurance is a common problem, specifically in relation to the contents of a domestic or commercial property or for the property itself.

Recent research by The Building Cost Information Service found that UK commercial property underinsurance on policies is as high as 80%.

With this in mind, we spoke to Jon Tyler, Head of Claims, about the consequences of underinsurance and the steps you can take to mitigate against it.

What does underinsurance mean?

Underinsurance is pretty self-explanatory. It is when the level of...

Business Interruption Insurance is a non-compulsory form of insurance that is intended to protect businesses against the financial loss suffered as the result of a claim.

It is designed to cover your business against a loss of income that is a result of being unable to trade due to an unexpected insured interruption, such as damage to your property.

Business interruption exists to cover the income a business would have received had the incident not happened.

For businesses affected by (amongst other events) fires, theft, storms or a flood, business interruption insurance can be a critical protection for your business. 

Recent research by...

As a Landlord, the risk is always there; when your tenant suddenly can't pay the rent and is unable to pay what is already due. Even if you have undertaken the best checks and references, you can never predict a tenant facing troubled times such as losing their job or becoming ill, ultimately resulting in them not being able to pay the rent.

If this was to happen, would you be able to cover your expenditure and costs over a prolonged period of time?

Certain insurers we work with for property owners and landlord insurance, allow cover to be...

For business owners insurance is often seen as an expense which comes straight off the bottom line and can’t be passed on to customers. However it is also your safeguard in the event of an incident, offering protection for the businesses most valuable assets, your employees and your customers.

We all say ‘it won’t happen to me’, but what would you do if it did? After all, disasters don't just happen to other people. They could strike at any moment to even the most successful and vigilant of businesses. The chances of being hit by a flood or impacted by a...

Jonathan Cox is a Chartered Insurance Broker based in our Exeter Office at Peninsula Park. Working as an Account Director, Jonathan manages the insurance portfolios of many businesses in the South West. In this article Jonathan shares his expertise on how cyber crime and data breaches are becoming a common threat for businesses in Devon.

“One of the first known computer virus to spread ‘in the wild’ was named ‘Elk Cloner’. Written in 1982, by a 15 year old student as a practical joke, the virus was written to target the operating systems of the  Apple II Systems, the leading computers...

Underinsurance occurs when you have not taken out the right amount of insurance cover to meet your requirements. There are occasions where business owners try to reduce their insurance premiums by only covering a percentage of their contents or building value. This may be cheaper in the short-term, however insurance is there to protect you in the event of an accident or incident – taking such a risk, can have a detrimental effect should you need to rely on your policy to get you back up and running.

We’ve all read the horror stories of rental properties going wrong and it...

The weakest point in your online presence is usually your passwords. They are your protection against fraud and loss of confidential information. With the latest methods of password attacks able to attempt up to 350 billion guesses per second – it’s important you get yours right. We’ve put together a few basic tips on how you can reduce the risk to yourself and your business.

• Make your password as long as possible: Most online websites will require you to choose one with a minimum of 8 characters, however most recommendations are between 12 & 14. The more characters in your password...

On Thursday 11th May in conjunction with Sampson Hall, we held a Business Breakfast seminar at Exeter Racecourse. Our goal was to educate and inform our guests on the practicalities of how you can safeguard yourself and your business before, during and after a potential cyber-attack or data breach.

The session required no technical background and was aimed at Business Owners, Board Members, those responsible for information security, HR Directors, Leaders and Managers of teams and those responsible for the companies insurance. We even had a guest presenter; Adam Atkins from Global Insurer Hiscox who discussed the importance of cover and the benefits of having access to a crisis management team.