Legal Indemnity INSURANCE

At Forum Insurance we know that if we look after our clients, our clients will look after us. With over 30 years of experience we ensure our clients have the correct covers tailored to protect themselves and their business. We use our extensive access to the wider insurance market to find the best cover at the best price. We are pleased to see the Financial Conduct Authority (FCA) announce that from January 2022 home and motor insurance policies renewals will be offered the same price as new customers. Sheldon Mills, Executive Director, Consumers and Competition at the FCA commented; “These measures will put an end to the very high prices paid by many loyal customers. Consumers can still benefit from shopping around or negotiating with their current provider – but won’t be charged more at renewal just for being an existing customer.” Click here to read the full press release. This is already a part of our renewal process; as we approach the insurance market and search for the best cover and price for each policy. This is one of our key reasons we have a 4.8 out of 5 star rating online . The new rule set by the FCA will improve genuine competition within the insurance market, as firms will no longer be able to offer below-cost prices to attract new customers. This predatory pricing practice harms consumers long term by increasing insurance premiums for everyone. We look forward to seeing the FCA’s next steps and welcome any changes that improve the insurance market for our clients. Want to experience how we put our clients first? Call us on 0208 909 2899 and get a same day quote.

What role does insurance play in securing long term success? Retail stores play a vital role in the local community across the nation by creating jobs and providing access to essential products and services. In our 30 years experience protecting retail and convenience store insurance risks, we know that to achieve long-term success retail store owners need their business to run smoothly, and most importantly be protected from any unforeseen incidents. Insurance is designed to do exactly that, protect your livelihood, your assets and your customers – paving the way for your business to truly grow. There are many insurance covers available to protect you and your business. Whether you’re looking for a new policy or checking the suitability of your existing policy we’ll discuss the plan to success. Liability Cover There are two main types of liability insurance to provide protection against accidents in your store. Public liability insurance is designed to cover compensation payments and legal costs if a member of the public sues your business because they have been injured or their property has been damaged. For example, if an employee fails to put out a wet floor sign after cleaning the floor and someone slips and breaks a bone. In this instance your public liability insurance would cover the financial impact of an unexpected claim up to the maximum stated limit of liability. Employers liability insurance is a legal requirement, and is designed to protect you from financial loss if your employee becomes ill or injured whilst under-taking their work for you. Business Interruption Cover In the event your business cannot function as usual you will most certainly start losing income. Business Interruption insurance will put your business back in the same trading position it was before the unforeseen event occurred. This insurance will cover your loss of revenue or profit for the period of inability to trade. With this cover in place you can assure that any interruptions in your business, will not result in financial loss. No more sleepless nights that a burst water pipe or fire damage are costing you lost income as your store is closed. Contents Cover Protecting vital assets like your fixtures, fittings, and equipment is essential for the function of any business. You should ensure your contents are covered on a new-for-old basis to secure your longevity in the industry. Accidental damage, a burst pipe or an electrical fire are risks we can prepare for, but the replacement costs can be enormous. Having the incorrect level of coverage will leave you out of pocket, due to the ‘averages clause’ most insurers follow. This clause can result in insurers to reducing claims settlements if you accidentally or intentionally underestimate the value of your contents. For example, you have valued your contents at £20,000 but the actual value is £40,000. This is an underinsurance of 50%, according to the clause the insurer is entitled to pay out only 50% of the claim value. It’s horrible to think, but to continue this example the business is burgled and the business claims for £12,500 of losses. The insurer can use the average clause to pay out 50% of the value of the claim meaning only a settlement of £6,250 and the other £6,250 would be paid from your business. Self-insuring or underinsuring can save you a small sum of money in the short term on the premiums, but in the event of a claim those savings can be wiped out in an instant setting you back a lot further than your initial saving achieved by reduced levels of cover. Don’t be caught underinsured. Typically the store’s general stock is not covered under your contents insurance and will need to be covered separately on the policy. For grocers, cigarettes, wines and spirits should be covered separately to general stock. Deterioration of Stock If you have frozen stock, this should also be covered separately, which can provide cover for damaged stock in the event of breakdown of the fridge or freezer. If you have a cold-room there are increased risks and this will need to have its own provisions within the policy. Goods In Transit Goods in transit will cover you for any loss or damage to stock while traveling between your supplier(s) and your store(s) up to your chosen limit. Theft Of Cash Theft is a daily risk your convenience store faces. Whether you’re open or closed, there will be cash at your premises. The cover available is often restricted depending on the circumstances, for instance there will be a limit on cash covered in the till, in a locked safe overnight, and when in transit. If you’re in doubt that you’re sufficiently covered, use your busiest day possible and set your cover to those levels. If you’re transporting cash from your store to the bank or bank to the store then you would need cash in transit. Fidelity cover is when your employees steal cash from your business, it isn’t always required but as you grow so will your risk of it occurring. What Now? Not every business has the exact same requirements and risks. Getting an expert review of your insurance with a broker will put your mind at ease and secure your path to long term success. At Forum Insurance we offer free reviews and quotations. We will create you a tailored insurance policy with the covers that are a right fit for you and your business at competitive rates. Request a call back via the green button on the right.