Where And How To Find The Best Cover For Your Property

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.

Valentine’s day is full of romance and excitement for many people, but if you’re not careful it has the ability to leave you emotionally and financially distraught. There are many risks which are not considered which can result in an increase in insurance claims for lost or stolen jewellery, fires caused by candles or water damage from overflowing baths. Without the right insurance cover, the claim for the above reasons might be declined. This can leave you without compensation resulting in an emotional and financial loss. What can you do to reduce the chances of something going wrong this Valentine’s day? Expensive jewellery and watches The gift of jewellery is almost synonymous with Valentine’s day, most of these items can be covered by your home contents insurance policy. Single item value There is a value limit for any single item which is covered under your policy, an industry standard is around £1,000 although this does vary. Any item valued above this will need to be specified on the policy. Depending on the price of the item this can be a problem, we recommend checking your insurance policy for “single item limit”. If the item you want to insure exceeds the single item limit then contact your insurance company to list the item, note, you may need to pay extra for your cover or insurer it separately depending on the value. For your benefit, we recommend you keep ownership of the valuable items such as original receipt for the item, photographs or official valuations. In the event of a claim these will be vital to a successful claim. Away from home personal possessions There is a greater risk of something being lost or stolen when away from home, especially if it’s expensive jewellery, equipment or technology. Without cover away from your home you won’t be able to claim. Most standard policies only allow you to claim for lost or stolen items in and around the home so we recommend requesting this cover or using an insurance broker that can tailor your policy to your needs such as Forum Insurance. Fire Hazards Often you don’t think of fire hazard because you’ve lit candles before, you’ve used your fireplace or electric heater before and nothing has gone wrong. But in fact the risk of fire is always there but be more cautious on Valentine’s Day. Remember to turn off all candles, gas or electric heating sources when out of the room, going to sleep or when the area is heated up enough. Flood Hazards I doubt you’ll experience a flood in the traditional thought of it, from a river or excessive rainfall but more likely from a romantic bath. Remember to turn off the taps and remove the bath plug to stop it overflowing. If the bathtub overflows it can ruin your bathroom causing damp or even impact lower floors by destroying ceilings and floorboards. A leak from your bathroom to a floor below causes the cost of a claim increasing, which will impact your pocket through your insurance premium, or at the worst you’ll have to pay for repairs yourself. We recommend having accidental damage which will provide compensation to your property and contents through, yes, accidental damage. It is not often standard on policies so be sure to check your documents. Without it, you will be left having to pay for repairs and compensation out of pocket for the water damage. What’s next? Next, get an insurance policy that will cover you this Valentine’s Day for all the mentioned risks. At Forum Insurance it is within our consultation phase that we assess what type of home insurance policy you need. In fact, we will custom build you a policy so that you don’t have the wrong cover and to make sure you’re not overpaying. For more information speak to a member of our team on 0208 909 2899 or visit our website to request a call back. 

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.