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Are you regularly experiencing late payment or non-payment by your customers?
Do you have a few clients who represent a large proportion of your business income?
Would you like to access new markets but are reluctant to expose your business to the risk of bad debt?

If you are constantly having cash flow problems due to bad debt and this is limiting the growth of your business and increasing stress, you may want to consider Trade Credit Insurance.

All types and sizes of business can benefit from Trade Credit Insurance and you will have support from one of the world’s leading providers of this type of insurance.

What is Trade Credit Insurance?
Woman-in-office-relaxed-because-she-has-trade-credit-insurance-coverTrade Credit Insurance provides protection against bad debt caused by insolvency, cash flow problems or political instability in overseas markets.

If one of your customers goes into administration and is declared bankrupt or insolvent or is having cash flow problems and the debt is outstanding for a protracted period, your insurance policy will protect you against loss of income. You are also covered in overseas markets where there is more risk from political instability.

In addition, as part of taking out Trade Credit Insurance, credit checks are carried out on your customers to establish their credit rating and provide a maximum limit your cover will support. This allows you the freedom to trade confidently up to this limit with new and existing clients.

Benefits of Trade Credit Insurance:
  • By insuring your debtor book, you will improve the cash flow of your business. The policy works alongside your credit control and enhances it.
  • You will be able to generate new business from markets you may have originally thought were too risky.
  • Using the latest financial data on companies, our provider will be able to monitor your customers and assess their credit risk so you will be the first to know if there are any problems emerging.
  • Our provider offers a reduced cost for debt recovery and legal expenses to help reduce the costs of getting your debt paid.
  • You may be able to negotiate better terms with your suppliers because they can be more confident that your business will not fail due to a bad debt.
  • It may be possible to obtain more funding on better terms from your bank because they will be assured that your business debt is secured by your insurance policy.
  • No more sleepless nights. Taking out a Trade Credit Insurance policy takes the worry out of bad debt.
  • We meet all new clients prior to the start of the policy so that you know exactly what is covered and how it works.
Gain control over your cash flow and peace of mind for the future of your business, call your local insurance broker in Sutton Coldfield and one of our team will be able to help on 0121 321 4600 or get a quote.
Contractors_hard_hats_insuranceWhen looking for contractor’s insurance, one size does not fit all contracting businesses.

The contracting sector is coming under increasing pressure from rising material costs and a reduction in access to affordable skills. This may lead firms to look for cost-saving measures in other areas such as insurance and opt for a generic policy that may not cover all the risks they face in their day to day work.

Contractors risk underinsurance and higher costs in the long run and should check the terms and conditions and any exclusions before buying insurance cover.

Consequently, contractors are strongly encouraged to work with their insurance broker to seek out specialist cover for their respective trade.

This will help protect against the risk of an insurance claim not being paid as well as protect them adequately should a claim be made against their business.

The key restrictions in insurance cover that contractors need to check are as follows:
  • Height and depth limits
  • Activity restrictions
  • Premises restrictions
  • Hot work exclusions
  • Activity exclusions
  • Subcontractors not being covered
The process of arranging insurance cover shouldn’t be rushed, particularly if the type of contractor work being covered entails a variety of risks such as working at height or with hot materials.

While there are specialist covers available online to purchase direct from an insurer, it makes better sense to use an insurance broker who will seek out the cover that’s right for your business and the specific risks you face.

Other cover you may need
Whilst remembering to insure your equipment, materials and a variety of activities, you may also need professional indemnity insurance if you provide advice to other businesses or one of your customers makes a complaint for negligence or financial loss against you.

You will also need employers’ liability insurance if you employ contractors, staff or part time workers.
In some cases, a contractors’ all risk insurance policy will be the most suitable for your requirements; for other businesses a more tailored solution may be needed.

As your broker, we ask the right questions to ensure we secure the correct levels of protection. Most importantly, we will know the claims record for the insurers we work with. This is one area where contractors should use expert help and find specialist cover – the risks of not doing so can be far reaching.

For more information about insuring your contracting business, call us on 0121 321 4600 or email us at info@clarisksolutions.co.uk
Asbestos_insuranceIf you are a consultant, surveyor or contractor working in the asbestos removal industry, you will need a range of insurance to protect your business from the risks involved with handling the material.

If you have been working in the industry for some time, you will be aware of your insurance requirements and of the different policies available to you.

You have probably found that with some policies you must declare the number of contracts you expect to carry out in a year.  On an adjustable policy, this could lead to additional insurance costs at the end of the year if you go over the specified number or value.

CLA (Risk Solutions) contract works insurance
Our specialist asbestos contractors’ insurance is available as a non-declaration fixed policy. You can work on any number of jobs throughout the year and not declare them on your policy, so you know exactly what your insurance premium will be without any surprise costs at the year-end.

Furthermore, if your current insurer is asking you for an additional premium to cover your previous 12 month’s contracts/work, we may be able to cover some of these costs within your new policy when you transfer to us.

We can provide all the other insurance cover you are likely to need such as:
  • Employers liability insurance
  • Public liability insurance
  • Fleet vehicles
  • Legal expenses
Our broking team can source the most suitable and cost-effective insurance products for your business, so you will have all the advice and support you need under one roof to give you the best protection.

The hidden dangers of asbestos
It is a well-known fact that exposure to asbestos is harmful to health. Even low exposure can risk lung damage resulting in cancer or asbestosis, sometimes up to 10 to 20 years later.

Due to the nature of the product, the fibres are only released when the material is disturbed. Asbestos was a popular building product in homes, schools, factories and other premises built before the year 2000. Therefore, contractors working in the building industry are particularly vulnerable when working on properties found to have asbestos used in their construction.

The fibres are invisible to the human eye and, if released into the air, are breathed into the lungs causing long-term damage.

A specialist contractor, licensed or un-licensed (depending on the work involved), can deal with the problems of removing, cleaning up and disposing of asbestos safely.

Asbestos removal contractors, inspectors and analysts offer a professional service to businesses, local authorities and householders to assess and deal with the material when it is discovered. You can find out more on the Asbestos Removal Contractors Association website.
Construction_Insurance_PolicyThe construction industry covers a broad spectrum of building projects and a wide variety of trades and tradesmen employed or contracted to work on them.

If you are involved in the construction sector, it is vital that your insurance cover gives you the protection you need, when you need it. The various types of insurance needed can be confusing, especially if you are hiring subcontractors on your project.

This is a list of some of the construction insurance cover available:
  • Professional indemnity
  • Public liability
  • Product liability
  • Employer liability
  • Contractors all risk
  • Structural warranty, latent defects, bond insurance and guarantees
  • Plant, machinery and tools
  • Business insurance for construction
  • Business interruption insurance
  • Legal expenses
These policies provide cover for companies, professionals and tradesmen involved in the construction sector such as architects, property developers, house builders and building products manufacturers.

Depending on your involvement and exposure to risk you can access all the cover you need; however, you may need help from expert advisers to ensure you are adequately covered for your particular business and project.

This is where construction insurance brokers can help. They can find the most suitable cover from a wide range of policies available from construction insurance companies, selecting the right one at the best price. For example, a tradesman working in the construction sector will need contractors all risk insurance, public liability insurance and plant, machinery and tools insurance. You may also want to consider personal accident insurance and possibly tailored insurance if your work involves specialist tasks or certain locations that are normally excluded from standard policies such as nuclear power stations. Employers’ Liability insurance is a legal requirement of any business employing staff, temporary workers or subcontractors.

Subcontractors
If you hire subcontractors, they fall into two categories; labour only subcontractors and bona fide subcontractors.

Labour only subcontractors
They will work under your supervision and you will be responsible for paying them and providing the tools they need for the job. These contractors will be covered under your Employers’ liability insurance.

Bona fide subcontractors
They will work under their own terms and hours to get a specified job done and will provide their own tools and be responsible for taking out their own Employers’ liability insurance.

If you are unsure of your legal responsibilities and which type of construction insurance cover you need, talk to one of our advisers on 0121 321 4600.
Construction_insuranceConstruction projects are prone to disputes due to their complexity and levels of uncertainty not usually found in many other contractual agreements.

Weather, labour, technical problems and defects can all play their part in taking your project into potential construction disputes with your clients.

Your construction insurance will cover you for a range of risks for the duration of the project such as:
  • professional indemnity,
  • public liability,
  • product liability,
  • latent defects, bond insurance and guarantees.
However, there may be elements within the construction contract that will need close attention to ensure your construction insurance remains valid.

Contractual notice requirements
A good example of this is contractual notice requirements. Construction contracts often include a “time bar”. Claims need to be made within the specified time and if you are disputing a claim, you will have to act within a certain period.

When entering into a contract, you need to be aware of these time frames and from a construction insurance perspective, check that any particularly stringent or onerous time bar clauses are allowed within your insurance policy.

Do you know what “The Protocol” means?
Claims at pre-action stage, before formal proceedings are issued, can use “The Protocol” to determine the conduct of construction claims. The intention is to resolve disputes early without the need for court proceedings.

A recent revamp in 2016 streamlined the process and though it is no longer compulsory, the submissions are less comprehensive meaning there are fewer steps to be followed before court proceedings are issued. As a result, you will need to engage early in the process and respond quickly to any claims made against you.

If you do find yourself involved in a claim, act quickly and notify your construction insurance company as soon as possible.

CLA provide support for all our clients involved in the construction industry:
  • Architects
  • Surveyors
  • Property developers
  • House builders
  • Civil engineers
  • Building trades
  • Building products manufacturers
Call 0121 321 4600 and speak to one of our Account Managers for more information.