Cover Feature

GETTING THE BEST VALUE OUT OF YOUR INSURANCE COVER

If the events of the last two years have taught businesses anything at all, it is to ‘expect the unexpected’ at work. But don’t think that new ways of working reduce your insurance liability and risk, advises Simeon Chapman, of Hazelton Mountford chartered insurance brokers.

“It’s never good practice to cut corners”, says Simeon, Director at the Worcester-based firm. “In fact, in the current business climate, it’s more vital than ever to have proper cover.” Simeon sees business interruption insurance as a critical aspect, highlighting recent fires in the region which put businesses out of operation for some time. “Obviously if you can’t trade, your customers will look elsewhere for services and goods, and it can be difficult to tempt them back. Cost savings are top of everyone’s agenda, but while it’s easy to replace a computer or a small piece of machinery, it’s much more difficult to replace customers and profit! “Comprehensive cover can actually be a lot cheaper than people think, and good business interruption covers fixed costs, such as wages and other overheads that still have to be paid until you’re back on your feet. “It’s tempting to say, ‘Oh we’ll scrimp on that’, but at the risk your business won’t be fully protected and you lose out in the long run.” Simeon has seen a definite shift in focus since the rise of working from home. “Cybercrime is much more commonplace, particularly because remote training is challenging. In an office, someone might lean over and say, ‘I’ve got this dodgy email, what should I do?’ But people working from home are more likely to click on junk mail and that exposes a whole new area of risk. Data protection is a similar problem.” Simeon adds, “Conventional office costs have gone down, but liability hasn’t. We see a lot of claims for cyber-espionage – either manipulated invoices or a brute force attack, the data equivalent of a break-in. Criminals aren’t stealing your house contents, though, they’re stealing your data or adding a virus to your system. “In a normal week, we deal with eight to 10 claims – last week, there were 28 claims! There’s also a rise in traditional claims now that roads are busier.” Hazelton Mountford was launched in a small office above a Droitwich wine bar by Gordon Hazelton and Jake Mountford in 2008, with Simeon joining three years later. Today, the company is the only independent chartered insurance brokers in Worcester, no small achievement as only around five per cent of UK insurance brokers have the professional qualifications for this status. “We started with nothing, and today have just over £11m Gross Written Premium, so we’ve done reasonably well,” Simeon says (with some understatement). Hazelton Mountford’s core services are business insurance, private clients insurance and a tenant referencing service and they place great value on their tailor-made customer service. Simeon explains, “We spend a lot of time with our clients assessing and evaluating risks on-site. We then recommend the best terms and cover from an insurance perspective. “Most covers are not compulsory, so it’s about making sure the business understands the risks and gets the best protection for their needs. You either take the risk or you pay a premium for someone else to take the risk.” More growth is on the cards at Hazelton Mountford: they have a second office in Evesham and are actively recruiting. “We ran an open day for school leavers to take on an apprentice but were so impressed with the general attitude and willingness to learn that we ended up with two!” Simeon concludes, “It’s very important to find a quality broker who understands your business and offers the right options. If things do go wrong, you need to be confident they can ‘hold your hand’ through the claims process. “From a cost angle, a business should have a strategy for marketing renewals. For example, going out to market every year with lots of brokers isn’t very efficient. You could have, say, five brokers going to an underwriter on your behalf with five different presentations and quotes. It could end up being time-consuming and confusing. “It’s far better to narrow down to two quality brokers for the best terms. Hazelton Mountford makes sure you get the right deal – we’re not always the cheapest, but we find the cover you need.” More details at hazeltonmountford.co.uk.

Simeon Chapman

BOOST YOUR BUSINESS WITH ARMED FORCES SKILLS

Staff recruitment is tough at present, but a rich seam of skills is available through the Armed Forces Covenant. Regional Employer Engagement Director, Phil Sinclair, explains why employers should consider hiring personnel with military backgrounds.

Over 14,000 people leave the UK Armed Forces every year, but they certainly don’t leave empty-handed. Even those who only complete initial training before deciding military life isn’t for them come away with transferable skills which are ideal for business. Phil Sinclair – an Army veteran with over 30 years’ service – is Regional Employer Engagement Director for West Midland Reserve Forces & Cadets Association. He belongs to a close-knit network of advisors across the UK, who are building mutually beneficial partnerships with the corporate community through a government-backed scheme called Defence Relationship Management. “Effectively, I sell the Armed Forces Covenant to business, but with no costs involved,” he explains. “The Covenant is a promise by the nation that everyone who serves or has served in the military – together with their families - are treated fairly.” While special consideration is given to those suffering injury or bereavement, Phil is keen to point out this doesn’t mean preferential treatment over everyone else. “It just makes sure our Armed Forces community don’t have to tackle barriers to services, goods and resources that the rest of us take for granted.” “Military transferable skills are a great benefit, not least in terms of cost,” he explains. “Our Reservists and veterans develop a wide range of soft and hard skills throughout their military careers, which are a great asset to any workplace. “We’re not saying we have enough personnel leaving to meet the acute level of skills shortages faced by the UK. There are around 150,000 serving members across the forces, with approximately 14,000 leaving every year. But we are proud to say that our value is based on quality not quantity. “It’s all about the genuine skills and experience built up over the years which can make a real difference to business attitude and performance.”

Phil Sinclair - Regional Employer Engagement Director

TOP TRANSFERABLE SKILLS FROM MILITARY TO BUSINESS

Phil explains, “Teamwork is a key part of military training – either working individually, as part of a team or a collective team effort. “Effective communication is also essential. It’s embedded in training, whether you’re a Private soldier or a Lieutenant General, to help maintain focus and direction. “Then there’s leadership. Almost everyone with a military background has a strong and instinctive understanding of what it means to lead, and how to be a leader. It’s part of their lifeblood, along with motivation. “The Armed Forces have a clear understanding of how to motivate themselves and others, and maintain morale individually, or in a team of any size. “Organisation is also crucial. This means choosing the right priorities, managing resources and workflows, and meeting deadlines; this behavior comes naturally to those with a military background. “Another top key skill is planning, which concentrates on attention to detail, resource management, executing plans correctly, and building in contingency where necessary.” Phil adds, “Practically every trade, skill and qualification required in business exists in the Armed Forces, from communications, catering and engineering to logistics, driving, healthcare and education. “For instance, give a Private soldier a task and they will find the most effective and efficient way to do it. You could say that many ex-service personnel are project managers without even realising it!”

Stefan Reeve - Cyber Security Apprentice at Superfast IT and Army Reservist

BECOMING A FORCES FRIENDLY EMPLOYER

Hiring Reservists and veterans has proven business benefits for all types of business, large and small. Companies can sign the covenant to support the Armed Forces community in a number of ways. This includes having policies that encourage service in the Reserves or provide jobs to veterans and their partners. The MOD seeks to foster open, honest partnerships with companies and support their needs too, by providing training and guidance to ex-military personnel moving into employment in the civilian sector. Find out more at

armedforcescovenant.gov.uk

More details about recruiting military veterans are available from the Career Transition Partnership at ctp.org.uk. Employers can also advertise jobs for free at CTP Right Job and Forces

Families Jobs.

Find out more about the work of West Midland Reserve Forces & Cadets Association at wmrfca.org and contact Phil Sinclair at wm-reed2@rfca.mod.uk