Top of the Pods

SECURING YOUR ASSETS BY SAM LEEDER Our columnist with a guide on commercial insurance matters during the pandemic

COMMERCIAL INSURERS REACTION TO COVID-19

as the cover was never really charged for.

The frustration from many policyholders is the speed at which insurance companies respond – in view of this the Financial Conduct Authority has written to the CEOs of all insurers urging them to move more quickly. In addition to this, they have confirmed that the Financial Ombudsman Service is available for policyholders to raise a grievance should they be unhappy with the responses received by their insurer or with any delay.

While this situation is extremely unfortunate for individuals and for businesses, insurance is really designed to react to specific events which affect policyholders within a specific region or following an isolated event. Given that this is a global health crisis, it

There has been a lot of noise within the media regarding the insurance reaction to the COVID-19 situation, which has created a potential expectation within businesses that commercial insurance policies provide some cover for Business Interruption.

Unfortunately the vast majority of commercial policies do not provide any cover in respect of interruption to the business as a result of COVID-19. Generally speaking, only very large businesses with an international outlook purchase specific cover for pandemics. There are one or two insurers, who have very broad policy wordings, who are exposed to claims in these circumstances. That said, these insurers have effectively provided cover unintentionally and are therefore impacted massively by these claims

is not really for the insurance industry to bail out the UK economy but rather for the government to step in, which it has, to a point.

What we have seen from insurers, however, is them trying to assist policyholders on a day-to-day basis by relaxing their terms and conditions to reflect the fact that a huge number of business premises are now empty. Under normal circumstances the cover on an empty property would be severely restricted and there would be certain conditions regarding inspections that would be imposed. Most insurers are continuing to offer full cover, however they are asking that you at least visit your property on a weekly basis where you are able.

In addition to this, they are also looking to help with premiums where a specific reduction in turnover, wages or vehicle numbers can be identified. In this instance, some insurers will offer a refund of premium now, rather than waiting until next renewal.

A number of businesses also use third party finance providers to pay their premiums and, much like the banks, these finance providers are trying to work with policyholders where possible to offer short payment breaks to ease cash flow issues.

On the whole the industry is doing as much as it can to help business. If you would like more information on the help available, please get in touch.

Sam Leeder ACII Actus Insurance samleeder@ actusinsurance.co.uk 0114 2903624 07718 189476

HOW CAN PODCASTING HELP GET YOUR BUSINESS THROUGH THE CORONAVIRUS? TOP OF THE PODS James Marriott is a podcast consultant and also the force – and voice – behind Steel City Business, a podcast focusing on the business scene in Sheffield, highlighting all the good stuff that’s going on from the sole traders to start-ups to the big brands working globally. Ahead of the launch of the second season of the show, James shares his top tips for podcasting with unLTD.

There’s never been a better time to launch a podcast.

Pop on Facebook and it won’t be long before you see someone posting a list of a band they’ve seen live starting with every letter of the alphabet. Twitter’s the same. Even LinkedIn.

People have more time on their hands right now, and they want content. Lots of it.

Make a connection with a listener now – in these strange, unusual times – and they’ll still be with you when we come out the other side of this crisis.

Think about your social media, or your e-newsletter. Ultimately, they’re about delivering a message to an audience.

And yet neither utilise your most influential tool – your voice. That’s the power of podcasting. It’s your words, exactly as you say them. No character limit, no filter or cookie consent and best of all they’ve actually chosen to listen to your message.

Habits are changing right now. We are generally creatures of routine, but the ‘norm’ has gone out of the window. Everyone is suddenly open to a whole new ‘norm’. You have an opportunity to be part of that.

JAMES MARRIOTT

Podcasting is socialdistancing proof, and at a time where many people feel isolated, it’s a personal, one-toone medium which is available to everyone. Podcasts are free to listen to, with no expensive hardware required. They fit perfectly into this new ‘norm’ and will continue to do so, whatever happens next.

It is pretty easy to start, but getting it RIGHT from the start is a challenge so here are my top tips:

Content is very much king

Don’t make a half-hour advert. Your audience needs to get something out of listening – people consume content because it’s useful, it answers a question, or it’s entertaining.

Come up with the right idea

What other shows already exist in the same space as you? How do you make yours stand out? What makes it unique or better than others?

Know what you want to achieve – and ask for help

If you know what you want out of doing a podcast, it’ll help you find the right format. One of my most popular offerings is strategic consultations where we start with a blank page and work out exactly what format is right – making sure it meets your aims.

Long or short form are both great

An effective podcast doesn’t have to be long and detailed – Land Rover’s Discovery Adventures had its longest episode clocking in at just 17 minutes.

Don’t spend a fortune

Listeners know not everyone has a studio in their house. Many podcasts sound different right now, as hosts record them at home on their laptops so you don’t need to invest in expensive equipment.

Get the idea right and you have an amazing tool which will see you through these hard times – and far beyond!

If you’d like to book in a free call to discuss how podcasting could help your business right now, contact me via email james@jae.media.

The first season of Steel City Business is available on Apple Podcasts, Spotify, other podcast apps and at steelcitybusiness. com and the show is on Twitter @SteelCityBiz.