While the busy festive season can be a thriving time for retailers, Premierline Direct, the business insurance specialist, is highlighting the potential losses companies are leaving themselves open to by not considering changes in their stock levels.

 

When a shop insurance policy is purchased, amounts are agreed to cover the business’ assets, earnings and legal liabilities. What many company owners don’t realise is if any of these elements increase during the lifetime of the policy, then it’s possible they could exceed the level of cover provided.

 

As a retailer, there may be tens of thousands of pounds worth of stock on the premises at any one time and during the festive season this value will undoubtedly increase. Without notifying the insurer of such changes, the additional stock may not be covered if damaged by an event such as a fire or flood, or if it was stolen. In fact Premierline Direct’s research¹ shows 48 per cent of small businesses are unaware if their insurance policy covers them for a temporary increase in stock value. However there is a solution available to ensure adequate cover is in place, without constantly amending the policy.

 

One particular benefit offered by some insurers as part of their policies is to provide additional stock protection for busy periods. This benefit allows for around 25 per cent more stock cover at seasonal periods when retailers’ stock levels and customer footfall increases.

 

As well as ensuring additional stock is protected, it is important for retailers to be extra security conscious over the festive period, as statistics show crime increases around this time of year. When reviewing security measures, business owners are advised to refer to the “minimum level of security” section of their insurance policy.  This lays out guidelines on aspects of security such as the types of locks required on all exit doors and opening windows, as well as a suitable alarm system. It’s important to ensure these ‘minimum requirements’ are met.  If the worst happened and a company needed to make a claim, but the security requirements were not in place, then the insurer may not pay out.  Retailers should also ensure the amount of cash held on the premises doesn’t exceed the limits set out in the policy.

 

Chris Little, managing director of Premierline Direct, says: “When running a busy shop during the Christmas period, the last thing owners need to worry about is whether they are fully covered by their insurance policy. Our research shows that 30 per cent of small businesses don’t fully understand their insurance policy, leaving themselves wide open to potentially crippling losses. So, it’s essential they take a close look at their policy to ensure they are adhering to its terms and conditions and that it provides the protection they need.

 

“For added peace of mind, policies that include benefits such as additional stock protection are a great option and will leave business owners safe in the knowledge that they are fully protected.  With the anticipated ‘festive peak’ in crime, it’s important for retailers to be extra vigilant with security and meet the requirements set by their insurer to avoid being left to pick up the pieces on their own.”

 

For further information about Premierline Direct please visit www.premierlinedirect.co.uk or call 0800 107 9373. For more information and advice about security and beating business crime, visit www.beatbusinesscrime.co.uk

High profile campaigns to improve general hygiene are not getting through to British kids according to new figures.
 
A survey of 3,000 six to ten-year-olds, commissioned by Tesco Child Health Insurance, reveals that more than a third (38%) fail to cover their nose and mouth every time they sneeze and almost as many have neglected to wash their hands after using the toilet.
 
The findings are especially worrying given the current concerns surrounding contagious viruses in the run up to the flu season.
 
Other results showed that:
•         A quarter of British children do not use a tissue to wipe their noses, typically opting for a sleeve or their hand instead. A fifth also admitted to having wiped their nose on a towel.
•         Children in London are more likely to use their sleeve than a tissue to wipe their nose.
•         Kids in Northern Ireland come bottom of the hygiene table. Nearly half (49%) admit to not always washing their hands after going to the toilet and a similar number do not cover their mouths when they sneeze or cough.
 
Interestingly the research also showed that boys are more likely than girls to wash their hands after using the toilet. Alternatively it could show that girls are most honest in admitting to having forgotten!
 
Jeremy Sutton, head of Tesco Child Health Insurance says, “Despite the recent focus on raising standards nationally, getting basic hygiene messages through to our kids clearly isn’t easy. The figures show that it isn’t just younger kids that are failing to meet basic standards: of the age groups taking part in the survey, it was the oldest group – the ten year olds – who were most likely to wipe their noses on their hands.”
 
 
– ENDS –
 
For further information, please contact:
Matthew Dransfield, Tesco Bank, Tel: 0131 479 1346
Victoria Lomax, Tesco Bank, Tel: 0131 479 1345
Alex Godwin-Brown, Haggie Hepburn, Tel: 0207 334 7777
Notes to Editors:
Survey of 3,000 British children aged 6-10 years old by YoungPoll between 24 and 29 September 2009.
Tesco Bank
•    Tesco Bank is the UK's largest supermarket bank. Since our launch in 1997, we have grown to have six million customer accounts across 28 financial products and services.
•    Our principal activities are: general insurance - motor, home, pet and travel; credit cards and personal loans; personal savings; Tesco Compare and a network of cash machines (ATMs).
•    We sell our products through multiple channels including in-store, by telephone and online.
•    Tesco Bank is fully-owned by Tesco plc.
•    Tesco Bank is the trading name of Tesco Personal Finance plc, Registered in Scotland No. 173199.
Registered Address: Interpoint Building, 22 Haymarket Yards, Edinburgh, EH12 5BH
Tesco Child Health Plan
•    With Tesco Child Health Plan, parents can make sure that their child gets access to crucial medical treatment when they need it most from £9.99 a month and £8.99 per child per month for each additional child covered by the plan. Customers can find out more and apply by logging onto www.tescobank.com or by phone on 0800 030 4913 or via Typetalk on 18001 0800 012 1880. Calls may be recorded.
•    Tesco Health Insurance is underwritten by AXA PPP healthcare.

Visit Tesco Bank to find out more on child health insurance available.

The property boom of the past decade has not only seen house prices rocket around the UK, it has also seen an increase in the number of people buying properties in order to rent them out. And despite the possibility of the buy-to-let market cooling, it looks as if the trend is set to continue.

According to a report last year from the market research organisation Mintel, it is possible that the number of landlords could double by the end of 2010 - taking the total number of landlords in the UK to around two million.
Which type of landlord are you?

Of course, the nature of people renting out property can vary quite significantly - from those who are renting out just one house, to those that own a number of properties or even a whole block of flats.

Whether you are renting out property to provide a small income in the hope of a return on your investment, or you have a portfolio of properties from which you earn your main income, then in the same way that you would insure your own home, it's important that you consider the insurance you might need for your rental property. And Direct Line could help provide the right residential property insurance for you.

Consider the following and how they might have an impact on any property you are renting out:

• The cost of repairs if your property is damaged for example by fire, storm, flood, or lightning
• The cost of replacing contents in your property under the same circumstances
• The cost should you be carrying out work to your property and a third party gets injured or their property gets damaged in the process
• The possible loss of rental income if for certain reasons you were unable to rent your properties out, e.g. they had been damaged by fire
• The potential costs should an employee be hurt or have an accident while carrying out work on your property

Cover your back

Whether you are the landlord of just one property or of many, the potential loss of income or the actual loss of your investment could be catastrophic. That's why, with Direct Line landlord insurance you can be covered for all of the above, depending on the level of cover you take out.

What's more, with our landlord's insurance policy you also have access to a 24-hour helpline which can give you emergency assistance from reputable local tradesmen who can deal with any sort of emergency such as burst pipes, problems with locks, electrical failures and other similar issues.

You can use this website to find out more about Direct Line business insurance, including exactly what is and isn't covered and get a landlord insurance quote in minutes.