Local Authorities Insurance

Local Authorities Insurance You Can Count On

As engaged members of our community, we value the impact local authorities have on our welfare. As a public entity, we want to ensure you have peace of mind as you focus on delivering benefits to your communities. We’ll work with you to provide risk management strategies and insurance while taking into account your current and future needs. We work with blue-light organisations also known as emergency services, such as police, fire service, and emergency responders. After assessing the unique circumstances and risks a local authority entity faces, we help developed a tailored insurance programme for local authorities that include:

Employers’ Liability Insurance

Employers’ liability insurance is the most common form of local authority insurance. It's for employees who are injured while at work and helps to keep you and your workers safe.

Generally, the required limit is £10 million.

Public Liability Insurance

Public liability insurance ensures you are secured for injuries to third parties. This includes members of the public, but it isn't limited to a single group as local authorities have to cover damages to third-party property for which you're legally liable.

Policy values range from £2 million minimum to £5 million as standard. However, more providers understand the need to extend public liability insurance limits to £10 million.

Medical Malpractice Insurance

For coverage for injuries as a result of a medical error or poorly administered medicines and drugs. Most authorities will only ask for this coverage if they provide nursing care. However, it's essential to include this feature as standard to cover every base.

Professional Indemnity Insurance

For financial losses as a result of services rendered. PI is easy to confuse with medical malpractice insurance as they overlap. But, PI is typically used for services that include:

Accountants
Insurance brokers
Architects
Any provider that offers professional advice services

Connect With Our Expert Team

With over 30 years of experience in finding the best value and comprehensive insurance solutions for our public sector clients, we look forward to partnering with local authorities.

Our specialised public sector insurance team stands ready to understand your entity’s needs, evaluate your current and emerging risks, and match you with the best insurance in the market from our extensive network of A-rated insurers.

Let’s keep your local authority organisation protected, no matter what.

What Is A Local Authority?

As straightforward as this question may sound, it's easy for organisations to misunderstand which bracket they fall under, leading them to neglect their insurance responsibilities.

A local authority is an organisation that looks after certain areas such as borough and parish councils. They are the part of the government responsible for overseeing their local area to provide services including:

Refuse collection
Social housing
Grants
Road repairs

All local services that are government-run and funded

If your responsibilities include any of the above, it's vital that you reconsider your insurance policy. It may be the case that you need local authority coverage to protect yourself from employer, public liability, or medical malpractice lawsuits.

Why Do I Need Local Authority Insurance?

For most local authorities, investing in substantial coverage is a legal requirement to protect themselves and the public. For the latter, local authorities insurance uses features such as fleet, public liability, and employers' liability insurance. The central government mandates the legal requirements for insurance cover.

Secondly, local authorities use insurance programmes provided by brokers as a risk management tool for internal protection. Also, LAI is a shield to protect the public against any unforeseen circumstances that may occur.

You can also use local authority insurance as a financial tool to ensure that you are keeping within budgets. This helps you to protect yourself against expensive risks that could halt or slow down your organisation.

More importantly, although many local authorities run under the same banner, they are all unique. As a result, each authority requires a tailored plan that is specific to their specifications and requirements. Purchasing coverage from the same source as a neighbouring organisation is a risky move as the policy may not be comprehensive. Local authorities have enough on their plate to provide the best level of service to the public without needing to worry about the financial costs.

Insurance is not just something reactive - it's supposed to support the continuity of the services you provide. If you need more information, please get in touch with the team at Forum Insurance today.

We'll outline a thorough risk management audit and set a detailed risk management solution in place to protect all aspects of your organisation. With us, you'll be proactive rather than reactive.

What's Included In Local Authority Insurance?

Local authority insurance will include everything that is outlined in the risk management consultation. You should always arrange a no-obligation meeting before investing to ensure your coverage is suitable.

Once you are happy the policy fits the requirements of the authority, inclusions usually cover:

Liabilities
Material damage
Indemnity
Machine, engineering
Plant
Travel
Health
Trustees
Cyber insurance
Commercial legal expenses

Other additions could incorporate risk management, cash flow management, and corporate governance services into your plan.

Are There Optional Extras?

Yes. Each individual parish and borough council will have specific needs. For example, your parish council may require charity insurance, whereas the neighbouring authority does not. Therefore, it's imperative that you consider add-ons that plug the gaps left by basic protection.

Risk Management

You may find it tough to decide which add-ons are essential and which ones are worth omitting. In a perfect world, you'd pay a premium for the most extensive insurance policy, yet we understand that most local authorities have budget restraints. That's why we follow the "MEAT" proposition of providing the Most Economically Advantageous Tender.

It's vital to invest in a thorough risk management process with your broker as it identifies areas of risk that could prove costly.

At Forum Insurance, we provide everything from additional risk management and reporting services to claims management enhancements. We believe our solutions enhance policies to their maximum value in conjunction with instant access document portals and low claims rebates.

Our customers also receive:

A 24-hour helpline
24-hour claims management services
Fleet telematics with a mobile app
Commercial legal services

Our added-value benefits suit companies as you get access to our national and worldwide connections and partners designed to support your local authority.

All of our optional extras are covered in the risk management process, so if you're interested in comprehensive cover, you should arrange a free consultation now. We always carry out a risk management audit to highlight any potential risks.

How Can I Tell If My Current Coverage Is Adequate?

Because insurance variables change at a rapid pace, it's important to review your current coverage. Otherwise, you may find it isn't extensive and doesn't cover the local authority's needs. Features to watch out for are:

Increase or decrease in property values
The cost of lending
Up to date interest rates
Inflation

All of these will affect the fluctuation rate of your insurance policy fees. At the moment, the unpredictable nature of the health pandemic means your coverage may be inadequate as furloughed staff and turnover rates have impacted the wall roll massively. We estimate that your policy needs could change on a monthly basis as a direct result of the Coronavirus crisis.

What Must You Do?

With a lack of experience or expertise in the insurance industry, you may make your situation worse. Therefore, you must have a brokerage business in place that has access to a range of contacts and is up to date with the latest industry trends. When you pick a quality broker, you make sure you are kept up to date with your organisation's requirements, as well as any changes in demand or the obligation for different types of cover.

For example, cyber and terrorism cover are particularly popular right now, as is the D&O (Directors & Officers) market. It's very hard to get D&O protection because it protects against the loss created by an action of one of your managers, directors, or officers, including their death. Thankfully, Forum Insurance performs a free review of your existing coverage to analyse present or future risks.

This lets us point out any potential gaps that might open up your local authority to claims and possible legal action. But that isn't all we do. Apart from a full review of your business practices, we undertake gap analysis, rebuild values, and the property market as a whole. The rebuild assessment that we offer, for instance, is essential at this time as the likelihood is high that building expenses will rise. By closing the gap and ensuring you're adequately covered, you'll be able to recoup any losses.

Remember that the current climate means you could be open to clauses in existing dwellings that are unoccupied, such as schools and government buildings. If you've not renewed your policy recently, your cover won't be relevant, which is why a broker is crucial. Don't let the industry's volatile nature leave you vulnerable - hire Forum Insurance to point out your weak and strong points.

How Often Should You Review Your Cover?

The COVID-19 outbreak has accelerated the need to review insurance policies for local authorities as you are one of the most impacted by the pandemic. With that in mind, it's worth considering your coverage monthly or every six weeks as the environment can change quickly.

When life goes back to normal, every six months is a general rule for gauging whether it's time to search for a more comprehensive policy. Of course, this depends on the changes that have taken place within your organisation. This may encourage you to gauge your cover outside of your renewal review and inform your broker.

Our advice is to sanction an additional review outside of your renewal when the risks are greater or more complicated, for instance, landlords or standalone properties. Combined with mid-term cover analysis and the Tenancy Act, this should be enough to make sure you're fully protected.

Never hesitate to get in touch whenever there are any changes to your organisation that take place. These should include, but aren't limited to:

Taking on new properties: When you take control of a property, it must be added to your insurance coverage, or else you won't be able to make a claim. It may also void your current policy.

Buying new vehicles: The same applies to new cars as taking on properties. However, your employees or anyone who works for the authority will need to be on the vehicle's insurance policy.

Any changes in business activities: Change of business activity could make a big difference as you could promote a director with a criminal record or bankruptcy record. As a result, you need to notify your broker as insurers want information on everyone who helps the council to do business.

Even adding a secondary activity or a non-executive advisory applies.

What Are The Authority's Main Exposures?

The main risk exposures are very similar to any sort of standard business but on a larger scale. This is because you are responsible for so many more variables, which means you've got

to follow tighter regulations. Therefore, the main areas to cover are:

Public liabilities
Properties
Vehicle fleets

The above requires the most basic form of cover because there is a risk of damage or casualty, and anything physical or anything caused by an indirect action will leave the council vulnerable. For example, on the damage side, you have materials and buildings, and you have professional indemnities and liabilities covered on the other side. Then, depending on what type of employee benefits of staff protection you put into place, you must factor in health, travel, personal possessions, accident, or death of service.

You are exposed if you, like many other local authorities, manage features such as properties or fleets. Although it saves money, it puts extra safeguarding responsibilities on your shoulders, which is why we offer an extensive range of operational extras.

Finally, there are the financial and reputational risks involved with a lack of cash flow. Unforeseen circumstances often absorb lots of money, which is problematic when you have creditors to pay within a 60 to 90-day window. A comprehensive policy will pick up the cheque, which is why an expert brokerage is an essential tool.

How Much Does Local Authority Insurance Cost?

Size matters when it comes to council insurance because you may not have the money to buy the most suitable coverage.

The good news is that local authority insurance varies from organisation to organisation, and it's very unlikely that you will ever get two policies of the same price.

Choosing a quality broker is essential as their ability to find policies that match your budget is integral to securing quality coverage.

How Is The Price Of Local Authority Insurance Calculated?

The price will vary depending on various factors. While the exact cost of a local authority insurance policy is hard to calculate due to the many variables, insurers usually go off:

The level of risk involved
Your location
How the organisation is run
The council's size
The number of employees

Once your unique needs are considered, the most common ways that a public sector insurance broker would charge for risk management services are - a percentage of the premium price or an hourly rate. The latter is based on the time estimated to manage your profile.

In some circumstances, a mixture of both pricing options is used so that each client receives optimum value and comprehensive cover throughout the policy term.

At Forum Insurance, we take the time spent on adjustments made throughout each year as the organisation grows, adapts, and changes into consideration. We factor in inclusions to add further benefits of support, too. This allows us to provide tailored policies that deliver the highest level of standard.

What Should I Remember When Searching For Local Authority Insurance?

You should always schedule one-to-one contact with your broker to get a sense of which provider will offer the best deal. However, this means more than analysing the cost and the extensive nature of your policy - you must get a sense of their dedication, too.

Dedicated service and advice are just two of the solutions you'll rely on in the future as you'll need to contact the broker to help you with further queries. This may involve additional adjustments in the cover that make your coverage more extensive. Therefore, your provider needs to be available 24-hours a day to assist you in limiting any damage caused by unforeseen circumstances.

Therefore, you want to find a broker who understands local authorities and your specific sector over a larger corporation. This is due to the fact that big businesses almost always offer their standard package products without tailoring their solution to your requirements. You should look for a broker that can provide you with a structured timeline of accountability and direct points of contact to ensure delivery is of the highest standard.

Aside from a broker that will go above and beyond the call of duty to place your risk correctly, you must hire a professional team with expert knowledge of the industry. Without experience and skill, your broker won't be able to locate and secure the most suitable council insurance policies.

The areas you want refer to are:

Their website and blogs
Social media accounts
Subscribe to their emails
Take a look at their reviews

All of these mediums offer a sense of how much of an authority leader they are in the space. Only the most reputable providers regularly publish high levels of content, whether on their website or as guest posts on a separate blog.

Is The Cheapest Policy The Best? If So, Why?

The most pertinent point to remember when searching for local authority insurance cover is that the cheapest policy isn't always the best option. Have you ever bought something cheap and it actually ended up costing you more? Did you have to purchase a superior product to replace the cheap one, or did you have to get someone else to fix it?

Concerning council insurance, wasting valuable resources isn't the only factor. The worst-case scenario is that you run the risk of not being covered. Therefore, a poor service isn't only counterproductive but prevents you from safeguarding the people who you must protect.

The least expensive coverage is often the least suitable because it will cost you more money in the long run and put you in a potentially tricky legal situation. That's why we always strive to ensure you have the best possible cover and top-rated quality service at Forum Insurance.

There are times where you would have a restricted budget to work within, which is fine as we will try our best to give you the most valuable protection possible. However, if we notice that you would be underinsured at that price point, we will advise you to think about increasing your budget as your complete protection is our number one priority.

Don't worry because we have saved many thousands for our clients by doing a thorough and legitimate risk and current insurance assessment. We do this by potentially decreasing your budget, what you have been previously quoted, or your premiums.

Why Is It Sometimes Better To Pay More For Local Authority Insurance?

The obvious answer is that the add-ons will plug any gaps left by a policy that isn't comprehensive enough. However, an element that most councils forget to factor in is how far the operational extras stretch when you are in a tight spot.

Do your staff travel regularly? That means the trip's cost needs to be covered, especially if it's company policy to use public transport. Trains are often late or cancelled, and you should be reimbursed for the delay. Business travel protects you for transportation in the UK and internationally, yet it goes so much further. Most authorities don't know this, but it can include costs relating to loss or theft of personal and business valuables, money cover, and even hotel bookings.

Of course, there is the protection offered by personal injury cover, too, should an accident happen. Plus, we can locate cover for the health and wellbeing of your staff. Whatever you need, our brokers will find it and help you add the extras to your minimum coverage.

What Can I Do To Lower My Premium?

The most important thing to remember is that the level of cover is paramount. Trying to cut your premiums is counterproductive unless you are adequately insured as you'll increase your exposure and potentially pay more.

Of course, once you're happy that your policy is extensive, you can begin to lower your premiums through risk management practices. Using telematics on your fleet, for instance, will negate potential claims as the data provides actionable insights. Alternatively, crafting wide-reaching health and safety procedures should mean your property is properly maintained and doesn't pose a risk to staff or the public.

Using your budget strategically is another excellent option, especially if your operational budget is bigger and runs out on a certain date. Self-insuring involves putting part of your resources and securing the rest from the insurer. If you balance your budget with low claims rebates, you'll still end up recouping some of the loss. We help by giving our customers £10,000 back as long the deal claims ratio is under 15%.

As a result, self-insuring through the authority's budget could reduce your premiums by a significant amount. Don't hesitate to contact us for more information on the scheme on the details of self-insurance. We always endeavour to get the best quotation for cover and premiums, whatever the method.

What's The Minimum And Maximum Local Authority Insurance Term Length?

Your length of the term is entirely up to you and your local authority as the best brokers can accommodate anything between 1 to 5 years on a standard term. Of course, there is the flexibility to set up longer agreements if necessary. Whatever you need, there is a range of options on the table to suit your requirements.

At Forum Insurance, We are also able to accommodate insurance for a day for ad-hoc cover. Usually, local authorities require such adaptability to safeguard for events or one-day vehicle insurance. You don't want to ruin the community spirit of an occasion such as a local fair by putting people's wellbeing at risk, which is why short-term add-ons are available.

Everything is set up according to your specialist needs.

Why Is It Better To Purchase Local Authority Insurance From Forum Insurance Rather Than A Large Provider?

Unfortunately, larger companies are too busy to invest in the customer experience. From our perspective, we believe that nobody should feel like a number on a spreadsheet as it's a disillusioning prospect. Instead, we aim to make our customers and clients one of the family.

How Do We Achieve This Goal?

To do this, we are structured so that our team is as agile as it is dedicated. Via this format, you can take advantage and get in touch with a team member directly at any time. Alternatively, you can come to see us or we can come to see you as we like to offer a personal touch. Not only does this strategy ensure you feel you're looked after and provided with the best level of service, but it allows us to spot issues that big insurance companies may miss. Face-to-face interaction is a personal and intimate form of communication.

We will always give you full attention and provide you with the best knowledge in the field, and that's because Forum Insurance is locally based with a focused team of professionals. Our staff is easy to get a hold of regardless of your preferred method of communication.

As well as recruiting new staff members who are knowledgeable of public sectors organisations, meaning they are specialised in your industry, we also have personal contacts throughout the UK. Their job is to assist us with any necessary advice and knowledge that we will pass on to our clients and customers. As a result, you can trust that we will get you the best result as our research and business practices are constantly updated.

Of course, our internal staff is diverse and knowledgeable as we believe in diversity in the workplace. This allows us to deal with any policy queries or questions as our team is collectively knowledgeable. Our group has built their skills through their passion and hunger to understand the insurance environment specifically for your industry.

The Independence Factor

We are independent and not tied to any one sector, and that enables us to create an ethos that isn't robotic or computerised. Rather, we are genuine brokers who are interested in helping solve your problems and won't stop until we have found a suitable compromise for all parties. We have dealings with various policies from all different industries to ensure every query is solved.

We are proud of our independence as it means we are not invested in the dealings of any other insurers or insurance groups. Too often, brokers let their relationships with providers sway the decision-making process as it suits them better. At Forum, our lack of ties with insurers is why we can provide you with the best policy.

If one premium is higher than another, you can be sure that we will always go for the best option for you, and not sacrifice your needs. Our clients come first, even before our own company's interest. Of course, you don't have to take our word for it - check out the placements on our website and online platforms. We have freedom of placement, which means our offers are more specialised, niche, and customer-focused. They reflect the spirit of our brokerage firm. We think this allows us to keep the customer at the forefront of all of our teams' minds.

Without zero financial premium targets to hit, Forum Insurance is the broker that puts our clients first before everything else - before our company, before our team, and before any financial interests.

What Makes Forum Insurance Different?

There are plenty of rival insurance companies that offer local authority insurance cover, so why should customers choose Forum? It's a good question, and one we're happy to answer.

Aside from our independent nature and the fact we treat customers like family, we try to be industry thought leaders. Therefore, we stay up to date with the latest trends, whether technological or revolve around business practices. This allows Forum to strike a balance between providing levels of service that are incredibly high while maintaining the customer experience. This is further by the fact that we place a strong emphasis on retaining clients.

Too many insurers concentrate on new customers because they believe that is the most lucrative strategy. However, we disagree as we value your loyalty and your custom. As such, you'll never feel like a faceless name or number on our books. We started from the grassroots level thirty years ago, and remember where we came from and why we started our company.

However, we don't operate in a bubble. Although we are independent, we have a large contact base to ensure our members receive a standard of service that's tough to replicate. Our relationships with Zurich, Allianz, AXA, RSA, and Aviva are healthy for this very reason.

What Are The Next Steps?

The next step is to secure comprehensive Local Authorities Insurance cover that is essential to your organisation. To do that, you can contact us via our website or email or pick up the phone.

We have tendering resources for authorities that need information on this topic, too. Even though the majority of authorities have tendering processes in place, we would like to provide everything possible to help you with a smooth process towards getting on cover.

So, don't delay - speak to one of our knowledgeable team members now to ensure your authority isn't vulnerable.

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How improving home/office security can reduce insurance premiums and deter criminals

by Niraj Mamtora • 2 February 2021

The recent pandemic times have left everyone in a financial crisis, and during such phases, it is advisable to keep your budget in check. There are various ways in which you can cut back on the costs, and no matter how small that saving is, it will compound over time. One of the things that require our time and investment in home insurance. These policies act as a safety net in case of any theft or accident. This can account for a significant chunk of our income, so we need to be aware of how to bring the insurance premium down. One resourceful way of doing that is by investing in improved home security. The money that you spend in the security installations will be covered over time in the form of a decreased annual premium. Here are some ways you can upgrade your home security and eventually reduce premium costs: Security Locks Investing in secure locks can help in reducing your premium insurance costs and ensure the safety of your home. But this includes modern locks and not the conventional style locks as thieves are familiar to them. If you already have some sort of lock system in place, you can opt for an upgrade. It is better, however, that you go for locks approved by the British standard as they have been subject to various tests to ensure they are resistant to all sorts of attack techniques. Alarms This might sound reasonably traditional to you, but modern alarms are a great way to secure your house and intimidate anyone who tries to break in. The warnings come in many different forms, such as smoke alarms or home intruder alarms. The smoke alarm can either be a standalone variety that will go off if there is any smoke in the premises of a system alarm that automatically calls the firefighters if it recognises smoke inside the house. It is recommended to do a fire drill just to confirm the functionality of these alarms and to be on top of any maintenance or wear in tear, especially in terms of battery replacement. Home intruder alarms are usually installed on entry points such as doors or windows and automatically make a loud sound once they are triggered. These are often wireless and some with pet-friendly sensors to reduce any discrepancy. Some of them are designed in a way that does not make noise but alerts the security officials in the area to reach the site of the breach. CCTV Installation Modern technology makes way for new and improved methods of home security. CCTV cameras are one such upgrade that puts your mind at ease with regards to home security. Installing a CCTV camera increasingly lowers your chances of a possible theft which then gradually leads to a lower premium. You can establish one or several cameras in various locations to monitor every activity that occurs in your home premises and surrounding areas. The entire footage is recorded and connected either to your phone or a backup memory card so you can easily access it if needed. Neighbourhood Watch Scheme The neig hbourhood watch scheme has been around for many years and is still considered to be a valuable asset in maintaining security. It not only looks out for the community but also makes others keep a keen eye out for any unwanted entry in your house too. This scheme is also a great way of spreading awareness among the local communities on how to protect themselves against any harm. It brings together the community members in a way that serves every person. Overall, it is believed to reduce premium costs so ultimately, you would be saving up as well as returning the favour to the community . Final Thoughts There is no doubt in the fact that security policies markedly reduce your home premium by a fraction of the total cost. All the retained money can be used elsewhere either for personal expenditures or just savings, the true benefit is peace of mind.

Are You A Sole Trader? You Should Know Why Business Insurance Is Necessary For You

by Niraj Mamtora • 27 January 2021

The legal definition for a sole trader states that it does not have a separate legal existence from its owner. Keeping this in mind, all sole traders must know that business insurance is vital for them to protect their business and personal interests. After all, running a business all alone involves putting your financials in a lot of risks. So, better be safe than sorry, and get yourself business insurance to protect you from the worst! Here at Forum Insurance, we tailor the perfect business insurance for sole trader to ensure that all their personal and business interests are safeguarded so they can enjoy complete peace of mind and take risks that would help their business grow! Why Is Business Insurance Vital For Sole Traders? There are plenty of reasons why a sole trader must get business insurance, no matter how big or small their business is. Here are few of the several reasons why they should do so! Insurance Keeps Your Business Running Smoothly As you might already know, sole traders cannot afford any time off, and they need to work continuously to keep on earning their living. Without you working around the clock and managing everything, your business will take a quick dip. However, this is something that you can control. What if something happens that is out of your hands? For instance, a theft or a robbery? Well, even if you are working around the clock, a theft or a robbery can still halt your business for some time. However, if you have business insurance and your claim succeeds, all the losses suffered and the profits you have to forgo because of a non-functioning business would be paid by your insurance company, bringing your business back on its feet! Builds Credibility Having business insurance plays a great role in building credibility in the eyes of your prospective clients and customers. An insurance builds trust, and gives reassurance to the clients that you are a safe bet in case things go south as you have complete coverage! Business Insurance Protects Your Personal Assets As a sole trader, your personal assets are at risk of lawsuits as well. This means that in case you go bankrupt or liquidate for whatever reason, claimants can come after your personal property to recover money. A business liability insurance, professional liability insurance, or malpractice insurance can safeguard your business and personal assets in case you lose a personal injury claim or any other lawsuit. You Are Responsible For Property Damage And Other Liabilities Being a sole trader, you are the only one responsible for any property damage that occurs on the premises for whatever reason. If you want it to be covered, you need to have business insurance, or else paying it all from your pockets is nearly impossible. On the other hand, if an employee or a customer gets injured while on your business property, they have the legal right to sue you for compensation. Here, considering all the legal expenses and the damages, you would need business insurance to safeguard your business, or you would most probably liquidate. Different Types Of Business Insurances There are multiple kinds of business insurance policies for you to choose from. Hence, it is essential that you have adequate knowledge about them all. Sole Trader General Liability Insurance The general liability insurance protects you when a client brings a claim against you. This insurance provides you with all the legal costs of handling the lawsuit and even the compensation in case you end up losing it. Other risks such as bodily harm and property damage are also covered in the general liability insurance. Sole Trader Products Liability Coverage As the name itself suggests, the sole traders liability coverage protects your business against claims brought forward due to incidents arising from your products. This can also be added with the general liability insurance, but it totally depends on the insurance policy. The claims are generally brought forward by people who have a negative effect on their business because of using your product, or by those who are harmed or injured in any way because of using your product. Professional Indemnity/Liability This specific type of insurance protects you in case your customer or client suffers from a loss due to an error you made while providing them with a service. The loss is often in monetary value, and that client is looking for compensation for the error you made. Professional Indemnity will protect you from such legal actions. Sole Trader Commercial Auto Insurance If you use any vehicle for commercial purposes, you need to get commercial auto insurance as well. It will protect you from any unfortunate events such as accidents, and even personal injury to other people and employees. Some insurance policies also protect all the vehicles being used by the business from vandalism and theft. Life Insurance Getting life insurance is essential as part of your business insurance. Being the sole owner, in case the worst happens and you lose your life, life insurance ensures that the beneficiaries receive a considerable amount of money. It will allow your family to be financially secure after the only breadwinner passes away. With complete peace of mind of their family being protected, a sole trader can work more efficiently on their business and be as profitable as they can. Hence, speak with expert insurance brokers such as those at Forum Insurance so they can safeguard all your interests and tailor the best possible Business Insurance for you. Conclusion In a nutshell, allow experts at Forum Insurance to do all the hard work for you and let them use their expertise to make the most viable Business Insurance policy for you at highly competitive prices! Once you are covered, you can focus on things that would help grow your business and profits.

How does GAP Insurance protect you from the hidden costs of car ownership?

by Niraj Mamtora • 20 January 2021

How does GAP Insurance protect you from the hidden costs of car ownership? One of the products you’ve probably heard of but not had explained properly is Guaranteed Asset Protection (GAP) Insurance. This article will give you all the facts so you can decide if it’s suitable for you or not. There are 2 keys thing to note; All new cars depreciate, in fact according to The AA, on average a brand new car loses 60% of its value after 3 years. In the event of a total loss (theft or write off) a motor insurance policy will only payout the current market value of the car and not the value you paid at purchase even if its a fully comprehensive policy. What is GAP Insurance? GAP insurance is an additional insurance policy that in the event of a total loss scenario pays the shortfall between the payout from your motor insurance policy and the amount you paid for the car brand new (including any outstanding finance). How did you purchase your vehicle? Finance Agreement or loan As stated before, a fully comprehensive car insurance policy will only pay out the current value of your car in a total loss scenario. If you have a total loss you will still be liable for any interest owed on the loan, possibly leaving you in a position of negative equity because you owe more than the car is valued. This can occur in a total loss scenario if: You’re paying a lot of interest; A motor insurance policy will pay out the current value of the car which does not include any interest owed on the finance agreement. This interest would still need to be paid by yourself, resulting in outgoing payments for a car you no-longer have. The car's value is depreciating; As the depreciation increases, the car's current value decreases resulting in a lower payout from the motor policy, you wouldn’t be able to buy a new-for-old with the payout. The agreement deposit is small; A small deposit on a loan will usually have a high servicing cost resulting in a high amount of interest owed, again possibly leaving you in negative equity. You’re paying the debt off slowly (over 3-5 years) On average cars depreciate 60% after 3 years and usually the monthly payments don’t decrease, meaning you could be paying off a car which is not worth much. Your finance product leaves you with a lump sum to pay at the end These ‘balloon payments’ are common, usually you pay it to keep the car, or you hand the car back. In a total loss scenario, you don’t have the car to hand back resulting in a lump sum owed which might not be covered by the motor policy claim. Imagine you’ve just had your car stolen or written off and you still owe money on the car after the motor insurance payout. You can’t purchase a new car as you’re still paying off the loan or saving up to pay the balloon payment. That's where GAP insurance comes in handy. Cash payment Buying a car with cash poses less problems as you don’t have to worry about any interest owed or any balloon payment. The only problem is depreciation, cars depreciate the fastest in the first 3 years of ownership, in fact as soon as you drive your car out of the dealership it is considered used and begins to depreciate. Let's use an example for this: You bought a brand new car for £50,000 cash and it was stolen or written off after 3 years. According to the AA, you would only get its current value estimated at £20,000 from your motor insurance. Clearly this isn’t enough to buy the equivalent brand new car and you would end up asking yourself why you didn’t purchase GAP insurance which would have paid you an additional £30,000 so you could yourself get that new model you’ve had your eye on. Generally, cash purchasers are aware of the upcoming depreciation and accept it as part of their purchase as they plan to keep the car long-term or gift it to someone they’re close to. How much does GAP insurance and where to get it? The most expensive place you can purchase GAP insurance is with the car dealership, directly. That is because they know you are functioning on an emotional high and want to capitalise on it. In fact, in 2015 the FCA ruled that car dealerships cannot sell you GAP insurance unless the customer has had 2 clear days breathing space as their practices were harmful to clients. Now you know why GAP insurance can help you, why not get a quote live on the Forum Insurance website here and you can be covered in less than 5 minutes!

The meaning behind: Authorised & Regulated by the FCA

by Niraj Mamtora • 13 January 2021

What does FCA Regulated Mean? The body that is responsible for the regulation of all financial services in the United Kingdom is the Financial Conduct Authority (FCA). The main targets of FCA are to increase market integrity, promote healthy competition, and to protect customers. It achieves all of this by conducting three operational activities that include supervision, enforcement, and authorisation. As a result, all investment firms, consumer credit firms, and financial service providers need to be authorised. Moreover, the Bank of England's Prudential Regulation Authority (PRA) is responsible for the regulation of all insurance companies, banks, and credit unions. Operational activities of the FCA FCA has made it its main objective to make sure that all financial services prioritise customer protection against profit maximisation. Their regulation method I based on three major operational activities, which include: Authorisation: In order for a financial service provider to be regulated by the FCA, it needs to be registered or authorised by the FCA. The FCA then looks over the firm and the individuals involved to ensure that all required standards are met dutifully. For credit unions, insurance companies, and banks, the regulation process is undertaken by two bodies, including the FCA and the Prudential Regulation Authority (PRA). Supervision: Under this operational activity, the FCA supervises to ensure that all required standards are met by the individuals and firms. The element of risk is of primary importance that falls under the supervision. This operational activity is also based on a three-pillar approach with the three pillars being: Proactive supervision of the largest firms Reactive supervision as a response to the events that take place Thematic analysis which takes into account the risks impacting entire sectors or multiple firms Enforcement: This operational activity involves intervention by the FCA to charge penalties on the firms or individuals failing to meet the required standards. The FCA can impose penalties, including prosecution, compensation for the consumers, and orders to stop the trade. The whole regulation by FCA is performed in order to make sure that the consumers are protected. As a result, consumers can gain the confidence in the services provided to them by the firms or individuals. The regulation and consumer protection directly impact the economic stability of a country. This is because increased consumer trust tends to increase the growth and competition. Who does the FCA regulate? The main responsibility that FCA undertakes is the regulation of the conduct of financial markets and firms. The finance industry of the UK has defined financial services as the economic providers. Several types of businesses that have to manage money fall under this definition laid out by the finance industry. These include banks, insurance companies, credit card companies, stock brokerages, and credit unions. Apart from these businesses, the FCA also provides regulation services for listed corporates and their officers. However, the regulation undergoes in compliance with the listing and the disclosure obligations. The FCA can also bring enforcement proceedings against anyone for the civil and criminal offenses of manipulating the market and insider dealing. This a part of their role that is to maintain and restore market integrity. If any authorised firms or their officers breach the Money Laundering Regulations, the FCA holds the authority to prosecute them. The funding to the FCA comes directly from the firms that it is responsible for regulating. These firms pay the FCA as part of the fee it charges for services. The FCA won't provide any regulation activities to the financial services providers as long as they are not registered or authorised by the FCA. If an applicant wants to get themselves authorised, they have to submit their qualification and experience, business plans, and qualification and experience. The FCA then thoroughly analyses these details before making a final decision. Once a positive decision has been made, all authorised firms are required to comply with the principles and rules and meet all minimum standards. There are a total of 59,000 firms being currently supervised by the FCA. Most of these firms are serving wholesale and retail consumers as well as users of many of the world's most significant and largest global markets. The complexity and size of all these firms vary greatly. Moreover, FCA provides a level of regulation based on the level of risks of harm the firm poses to market integrity and consumers. Why is it important to be FCA regulated? Investing money is a risky business. As a result, consumers take extra caution while investing their money as everyone wants to avoid working with a firm that is unreliable and untrustworthy. FCA regulation or authorisation means that a consumer can trust the firm. It ensures that the firm treats all consumers in compliance with the strict criteria laid out by the FCA. As a result, consumers do not have to do extra research on the firm in making their final call. This is because FCA regulation ensures that all firms that fall under their supervision are complying with all the requirements of the Financial Services and Markets Act 2000 (FSMA). Another major importance of FCA regulation is the impact it has on the economic stability of the country. This is because consumer trust in financial services is directly linked with the stimulation of growth and competition. Conforming to the FCA's is also beneficial for the businesses. This is because new businesses are won by financial service providers who always put their consumers first. History has shown that these businesses are won by the financial firms based on the quality, service, and price they have to offer. FCA has done wonders for the financial industry ever since it came into existence. The importance of this can be understood by the fact that before the FCA regulation of the financial industry, there were billions of pounds of fines being paid for financial crimes. These were in the form of compensations, penalties, and fines. The FCA has made it its utmost priority to monitor the sales-driven culture. Based on this, it implements suitable enforcement and control measures to make sure that the consumers are protected and the economy stays stable. How do financial services providers become authorised and registered by the FCA? In order to get registered or authorised by the FCA, an application has to be submitted. Once the application form is sent to the FCA, it will appoint a case officer for the firm. The responsibility of the case officer is to work with the firm to understand its procedures and processes. This evaluation is followed by an assessment by the officer to ensure that all the standard requirements in the FCA Handbook are being met by the business. Moreover, the FCA also checks against all key position holders in the business, including the directors and other such as compliance officers. They then approve whether these individuals should continue to hold their respective positions. Once this whole process has been carried out, the FCA writes to the applicant to tell them whether they have been authorised or not. If the applicant is not authorised, the FCA provides them with a fair explanation for the rejection. There is also an application fee to be paid by the applicant. If authorisation is confirmed, the applicant then has to pay an annual fee to the FCA for its regulation services. Moreover, they also have to effectively stay in communication with the FCA and submit any important reports on a regular basis.

Brexit and Car Insurance: Do You Need A Green Card?

by Niraj Mamtora • 6 January 2021

Brexit has affected a lot of policies. It is only natural that one may worry about what their travel insurance policy is going to be like as a result of this. Being a client of Forum Insurance, you will still get cover in all the countries enlisted in the Insurance guide. The duration of the cover is 90 days which can be further extended for an additional 12 weeks (maximum) based on our prior agreement.

Where And How To Find The Best Cover For Your Property

by Anton Hilton • 7 December 2020

Owning a property means there are tons of things that you need to take care of at all times. After all, it is a long term investment, and you need to safeguard it in any way possible. Among all of that, one of the most important things is getting insurance for your property in case the worst happens. So, what do you do to protect your property? You get insurance for it. Now, we will explain to you how and where you can find the best cover for your home, so when things go south, your house is fully protected, and you are not left with thousands of pounds in expenses.

Cybersecurity – Corporate’s Constant Top Risk

by Anton Hilton • 24 November 2020

The Chartered Institute of Internal Auditors (Chartered IIA) has seen cybersecurity rank as its top risk for the third year straight. But their survey has also brought new dangers to light with the recent surge of COVID-19 seeing disasters and crisis preparedness ranking as a new top five risk. The results came about after a comprehensive survey of over 570 Chief Audit Executives. Of these, 79% labelled cybersecurity as one of the greatest corporate risks that they had to deal with, whereas 27% labelled it as the single greatest risk. This growing fear of having inadequate cybersecurity has seen a surge with the advent of remote working as individuals and companies are now all the more reliant on technology, making them that much more susceptible to viruses, phishing activities, and malware practices.

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