When arranging insurance, many people focus on the obvious essentials: buildings, contents, motor, or liability cover. One add-on that is often overlooked or declined to save a small amount of money is Legal Expenses Insurance. However, this modest addition can prove invaluable when legal issues arise unexpectedly.

What Is Legal Expenses Insurance?

Legal Expenses Insurance (LEI) is designed to cover the cost of legal support, including solicitor fees, court costs, and legal advice, should you need to pursue or defend a legal claim. Depending on the policy, it can apply to disputes relating to employment, contracts, property, personal injury, or motor incidents.

In simple terms, it gives you access to legal expertise without the fear of eye-watering legal bills.

The Rising Cost of Legal Action

Legal costs in the UK can escalate quickly. Even straightforward disputes can run into thousands of pounds, and complex cases may cost significantly more. For many individuals and businesses, these costs can be a major barrier to seeking justice or defending themselves properly.

Legal expenses cover helps remove that barrier by providing financial backing and professional guidance from the outset.

Protection When You Need It Most

Legal disputes often arise at stressful times—after an accident, during an employment disagreement, or when dealing with contractual conflicts. Having legal expenses cover means you’re not facing these situations alone. Most policies include access to a legal helpline, allowing you to get early advice before problems escalate.

Early intervention can prevent disputes from becoming costly and time-consuming in the first place.

Value for Money

One of the most compelling reasons to add legal expenses cover is the cost-benefit ratio. Legal expenses cover typically costs only a few pounds per month, yet it can provide tens or even hundreds of thousands of pounds worth of legal protection.

Declining the cover may save a small amount upfront, but accepting it can safeguard you from substantial financial and emotional strain later on.

Peace of Mind and Confidence

Knowing you have legal support in place allows you to act with confidence. Whether it’s defending a claim made against you or pursuing compensation you are entitled to, legal expenses cover empowers you to stand your ground without hesitation.

For businesses in particular, this confidence can be critical in maintaining operations and protecting reputation.

Final Thoughts

Legal issues are unpredictable, but being unprepared can be costly. Adding legal expenses insurance is a proactive step that offers protection, support, and peace of mind when it matters most.

When reviewing your insurance policy, it’s worth looking beyond the headline cover and considering the real-world scenarios you may face. That small legal expenses add-on could be one of the most valuable decisions you make.

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1️⃣ Skills Shortages: With baby boomers retiring, we’re seeing a gap in expertise. 💼 Collaborating with schools and universities is vital, and the apprenticeship levy is making waves, but we must gear up for the next-gen workforce.

2️⃣ Online Threats: Cybersecurity is a must! 🛡️ With increased connectivity, we’re prime targets. Investing in cyber defences is non-negotiable to safeguard sensitive data.

3️⃣ Automation & Innovation: Embracing automation is key, but it comes with hurdles like setup costs and finding the right talent. The Fourth Industrial Revolution is here, offering exciting opportunities in 3D printing, robotics, VR, and more! 🤖

4️⃣ Falling Consumer Demand: Economic shifts impact us all. Rising inflation and debt mean consumers have less to spend. It’s a tough market, but innovation and adaptability will see us through! 💡

As your trusted advisor, we’re here to navigate these challenges together. 💪 Let’s ensure your insurance policies continue to bolster your business in these uncertain times.

#ManufacturingChallenges #InnovationIsKey #StaySecure #AdaptAndThrive 🌟

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If you are underinsured this clause could reduce your claim significantly if your property is damaged or destroyed for example. Being underinsured means that there is a gap between what your property is worth and what your insurance covers.

For Example – A property owner insured her building for the market value of £400,000, thinking that had her covered. But after a fire breaks out on her property, she’s informed by specialists that to rebuild the premises she is looking at an amount of £800,000. As she only has insurance for 50% of the value of her building, she would only be entitled to a 50% payout from her insurance company meaning so would only receive a payment of £200,000.

Underinsurance often happens by accident as people either guess at the values, underestimate the current costs for materials or attempt to reduce their insurance premium, but the last thing we want as a broker is you guessing. There are tools out there that can help you, you can seek an independent valuation for rebuild purposes or there are various websites that maybe able to assist to ensure you are giving providing the right information to your insurance company and therefore paying the correct premium. Ensuring that the amount you’ve insured your property for matches its true value, you’ll know you’re safe if the worst were to happen.

Payout = Claim x (sum insured ÷ current value)

How it works

(The Loss ÷ Correct Sums Insured)  X  Current Sums Insured = Settlement

As another example, if you had a £20,000 loss and the current sum insured was £35,000 and the actual sum insured should have been £55,000 as new, the insurers would only pay out £12,727, shown below:

How it works

(£20,000 (Loss) ÷ £55,000 (Correct Sums Insured)) X £35,000 (Current Sums Insured) 

= £12,727 Settlement

Always remember ‘Value everything as new’ or better still dig out your policy booklet and study your current sums insured.  You can always increase your sums insured with your insurance adviser midterm without any hassle.

We are here to assist you, for further information please feel free to call us for a chat on 01924 499182!

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Directors & Officers Liability insurance provides protection for individuals in a company who hold significant responsibilities, ensuring they are not personally held accountable for any claims arising from wrongful acts committed while acting as a director or officer. This policy can help cover fines, legal expenses, or damages that may need to be paid out of pocket. It applies to various roles within the company, including directors, officers, treasurers, compliance officers, and secretaries. Any employee who has the authority to make decisions on behalf of the company could potentially face personal liability for a claim. This policy is available for limited companies, PLCs, LLPs, charities, trusts or associations.

Employment Practices Liability (EPL) provides protection to companies against claims made by employees regarding violations in employment practices. These violations can include unfair dismissal or discrimination based on factors such as disability, religion, or race. For instance, there was a case where a manager unjustly terminated an employee who had taken time off work to care for her terminally ill son in the hospital. Despite the company having the necessary infrastructure for remote working, the employee’s request was denied. The employee filed a claim directly with the managing director of the company, and as a result, the director was found guilty of unfair dismissal. They were then ordered to pay £60,000 from their personal funds.

Corporate Legal Liability is a type of insurance coverage that can be included in a management liability policy, similar to directors and officers cover. However, this extension specifically offers protection for claims made against the company itself, rather than just the individuals within the company.

Wrongful Acts

Have you ever wondered what constitutes a wrongful act? Well, a wrongful act is essentially a corporate crime. It encompasses any action carried out by a company or its employees, whether it was done intentionally or unintentionally, that ultimately benefits the company in some manner.

Some examples of a corporate crime can include:

Breach of Contract

Tax evasion or related.

Offenses against the Health & Safety Act

Breach of Data Protection

If you would be interested in discussing these policies in more detail or to obtain a quote, please contact the team directly on 01924 499 182 and we will be happy to look at this for you!

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Having worked previously for one of the top 5 direct insurance companies in the UK, I never quite understood why people used a broker. I have now been working at Thornhill Insurance Brokers for 5 months and already I understand the important role an Insurance Broker has in both the insurance industry and for providing service and value to their clients.

Service

One of the standout differences between going directly to an insurer or using comparison sites, and using an insurance broker is the service that is provided.

Insurance Brokers offer what direct insurers rarely can, which is a personal service. When dealing with Thornhill Insurance Brokers, you can speak to the same person, so you don’t have the task of explaining everything every time you get through to a new call handler in a large and faceless call centre. The ease of speaking to one person that understands you, your business and your needs is invaluable.

One of the most important things to remember is at Thornhill Insurance Brokers we work for you! We are here to provide you with the most suitable and competitive insurance we can find whilst offering first class service.

Products

When going directly to an insurer, they can only offer you one product, theirs. Insurance Brokers have access to a wider marketplace, this means that even with the most complex risks, we can locate the right insurer for you that offers the right policy and premium. With the help from our dedicated and experienced insurance executives we can tailor policies to your needs so you can be sure you have the cover you require.

Claim Support

Making a claim can be daunting, when dealing with insurers and loss adjusters, brokers will work with the insurer on your behalf and do their best to make sure that the claim process is smooth and hassle free. Customer service is at the forefront of our business and with over 40 years of experience as an Insurance Broker we have the expertise to work with insurers on your behalf.

Price

One common misconception surrounding insurance brokers is that you will be paying a premium for using their services and therefore it will be more expensive than going directly to an insurer.

This isn’t the case; insurers are often able to offer brokers different pricing to direct clients which can mean that the prices can be more competitive than going directly! Insurance brokers have access to a wide range of products and insurers and having the right cover can often be more cost effective than paying for something you do not actually need.

On the whole, using an insurance broker can have great benefits and we are sure that once you make the change to a broker you won’t look back! I would welcome the opportunity to have a chat through some of the services that we offer at Thornhill Insurance Brokers!

If you are interested in a chat, please give the team a call on 01924 499182

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Choosing the Right Fleet Insurance

Managing a fleet of vehicles comes with great responsibility. In addition to managing drivers and maintenance, fleet managers must keep the safety and protection of their assets front of mind. To mitigate any risks surrounding your fleet, it’s important to have fleet insurance.

Fleet insurance allows organizations to protect all of their assets under a single policy. Not only is fleet insurance less expensive than holding individual policies for each vehicle, but fleet insurance also caters to the specific needs of businesses.

When choosing the right coverage for your fleet, think about the risks associated with the types of assets in your fleet. Leverage any fleet data you have available, consider your surroundings and speak with insurance professionals to determine what is best for your fleet.

How Much Does Fleet Insurance Cost?

The cost of commercial vehicle insurance varies greatly depending on the size, type and purpose of your fleet’s vehicles. Because fleet insurance is highly specialized, the cost can vary based on the insurance company.

The type of fleet can play a large role in determining your premium. For example, service fleets generally pay less than delivery fleets, as most delivery fleets need insurance that protects the goods they transport.

Types of Fleet Insurance Coverage

Both federal and state laws require all fleet vehicles to have commercial fleet insurance, specifically liability insurance. This covers bodily injury, property damage or a combination in the event your drivers are at fault for any accident.

• Bodily injury liability coverage pays for any injuries or death associated with an accident for which your business is at fault. Often, this coverage includes legal defense.
• Property damage liability coverage provides protection if one of your vehicles damages another person’s property.
• Combined single limit (CSL) coverage is a type of policy that attaches the same dollar amount of coverage for any instance, whether bodily injury and property damage.

credit: https://www.fleetio.com/blog/fleet-insurance-what-to-consider-when-choosing-and-managing-vehicle-insurance

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For many businesses across the country the fear of flooding is a daunting and unfortunately becoming an increasingly more likely scenario in many areas across the country. According to the 2019 Flood Statistics, as many as 40% of businesses that suffer from flooding do not reopen, as on average the damage caused to a business in the UK is £82,000.

The insurance for the businesses which are worst affected by the flooding in recent years has been hard to find and if found, can be very expensive. At Thornhill Insurance Brokers we have been working closely with FloodFlash, a company that specialise solely on flood cover for businesses. As FloodFlash specialise in flood cover it allows them to spend more time on accurately working out the risk for specific premises and therefore helping business protect themselves at an affordable rate.

Not only is FloodFlash a new, proven and very innovative product, but it is also quick and easy to get a quote, with as little as three pieces of information. Thornhill Insurance Brokers, we can get you a quote in only a few minutes.

How do FloodFlash differ from the regular insurer?

FloodFlash use cutting edge technology that allows them to constantly track the water levels in the premises in the event of a flood, once the agreed height of water has been reached, FloodFlash notify you and immediately start processing the claim, their quickest pay-out being under 10 hours! FloodFlash aim to pay the majority of their claims within 48 hours, with regular insurance companies it can take a loss adjuster 6-8 weeks to attend your premises.

FloodFlash differ from regular insurers in many ways, there are no excesses, no loss adjuster and you can spend the pay-out how you want.

As the likelihood of flooding increases year on year, it becomes even more important to make sure that you have the correct cover to protect your business.

In 2015 a client local to Mirfield had to wait over 7 months for their flood claim to be paid with several site visits and inspections, 5 years later in 2020, Storm Ciara caused serious flooding and once again they found themselves flooded, causing damage to thousands of pounds worth of products that were in their warehouse. This time we had placed insurance for them with FloodFlash and were paid out within 24 hours with no surveys and the claim processed all online!

FloodFlash not only pay out in record time and make it a hassle-free process, but they also allow you to pick your premium. By selecting the trigger point of flood water and the value of the claim ranging from £5,000 to £100,000, this allows you to tailor the policy to your needs!

We would love to explain this further and even offer you an onsite demo!

If you are interested in FloodFlash please do not hesitate to contact us on 01924 499 182 email us at info@thornhillinsurance.co.uk

Home – Commercial Flood Insurance

The post FloodFlash – The Solution To Protecting Your Business Against Flood appeared first on Thornhill Insurance.

Whatever happens your cargo (whether selling or purchasing) should not be travelling uninsured unless it’s a calculated risk that you have thought through as part of your financial planning and overall strategy. It is not a good idea, as goods in transit may face any number of unforeseen fates.  Either you should insure or your customer should demonstrate that they have insured the goods.

Cargo or Goods In Transit insurance can assist with this, it is the method used in protecting goods/products from physical damage or theft whilst being transported within the UK or overseas by road, rail, air or water. In fact, insuring these goods ensures that the value of them are protected against potential losses which may occur during transportation.

Typical cover:

•  theft whilst in transit
•  damage caused by perils during transit
•  loss whilst in transit
• damage caused during transit
•  shipment delay

The amount of the coverage should carefully be evaluated:

– buyers will be typically insured for the value of the goods at invoice cost, plus any freight charge, plus an advance or around 10% to 20% for shipping expenses and unexpected expenses;

– sellers should make sure their profit is included in the covered invoice costs, and evaluate an advance valuation including such variables as taxes and duties.

So ensuring paperwork and invoices are accurate and kept is vital.

To help avoid potential issues when importing or exporting, we highly recommend that the following things are considered ahead of any shipping:

• Who is responsible for insuring the goods—the buyer or the seller?
• When does the title to the goods transfer from seller to buyer?
• Is your product remaining within the UK or going to another country?
• If the transportation of the product involves another country what are their requirements for cover for the items (for example the USA has different laws to Europe and therefore you should ensure you understand where the products are going to and from)

The post What to consider when you are importing or exporting your goods appeared first on Thornhill Insurance.

Terrorism insurance, is it worth it?

Terrorist attacks are unpredictable and there is no way of knowing when and where they might be targeted next, however why run the risk of your business being affected.

Nine times out of ten it’s not the businesses they are targeting but the surrounding environment. And whilst we do everything in our power to prevent such a catastrophic incident, sometimes it just isn’t enough. Therefore, we need to be smart and think about our businesses in the long run and protect ourselves with the correct insurance.

What happens if I don’t have terrorism insurance?

Whether or not your business was targeted directly, you can still face backlash from the event. This could be closure post-attack the building you’re situated in could be demolished and the stock or equipment you work with could be damaged or even destroyed. Most standard insurance policies won’t protect you in this event, and you wouldn’t be able to claim for anything due to the nature of the attack.

In this unfortunate occurrence as a business owner it’s not always about replacing contents or restoring your building to its natural state, but also about the losses you’ll suffer whilst you get back on your feet.

If all is destroyed in such an event you might not be able to trade full stop, therefore all the money needed in order to restore your business must come from savings or even from you personally.

Business interruption is usually in place in most insurance policies and comes as standard on all our package policies, however it may be voided if the damage comes from a terrorist attack.

Due to the unpredictability of terrorist attacks people can often avoid the affected area post-incident. Which would mean for a business owner you might not see the same interest as before and it can be difficult to negotiate such an event.

What’s the alternative?

The demand for Terrorism Insurance is increasing day upon day,

Terrorism insurance is becoming more and more common amongst business owners, especially for those based in major cities. This combined with the continued development of this product sees more policies taken out than ever before. We have connections with five specialist insurers which all have a high level of experience and expertise in writing such policies for all types of businesses.

When we quote for terrorism, we’ll take in consideration the probability of a terrorist attack happening, whether it’s physical or non-physical. Which will all help to ensure the appropriate cover is specific to what you need.

If you are interested in finding out more about terrorism insurance, please get in touch with our team on 01924 499182

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Cyber security is important but getting security systems in place to prevent an attack is only half the battle. Cybercriminals are constantly evolving and no matter how well protected you are, it only takes one wrong click to infiltrate your network. This means that, as well as having your defences set up, you also need to ensure that you have a plan in place should your business be affected by an attack.

Did you know that nearly half of businesses (46%) and a quarter of charities (26%) have reportedly been affected by breaches or attacks in the last 12 months, according to the Cyber Security Breaches Survey 2020? It doesn’t matter whether you run a small business or a large global enterprise, no-one is 100% safe from a cyber attack.

To properly protect your business, cyber liability insurance is a major step towards staying on your feet in the event of a data breach. But it’s important to make sure that your working practices are compliant with the terms of your policy to reduce any uncertainty when it comes to insurers paying up.

Here are some essentials to be aware of:

• Safeguards
  Insurers may require you to implement particular safeguards during the policy period to decrease the risk of data breach or loss. Failure to comply might void your coverage. Measures may include encrypting data, installing firewalls and security patches and following password protocols. Your broker will go through the clauses and conditions of your policy with you. Make sure to regularly review your activities with staff to make sure they’re in line with the small print.
• Misrepresentations or concealments
  If you accidentally or deliberately misrepresented your data management procedures when arranging the policy, your insurer could attempt to argue that your cover is invalid. Unfortunately, they could refuse to pay out even if the misrepresentation was in a totally different area to the breach. From encryption procedures and data storage to back-up arrangements, make sure you’re open and honest with your broker, who’ll find the best cover based on the information you give them. If there are weak spots, they’ll be able to recommend risk-reducing improvements.

If you have any further questions about your cyber liability insurance, or to check you are complying with your policy terms, get in touch with Thornhill Insurance Brokers on 01924 499182.

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