Sep 17 2015

How to avoid making business mistakes

James Morris owner of Marquee Hire a specialist marquee hire Surrey was interviewed for the Guardian, read what James has to say.

http://www.theguardian.com/simply-business-partner-zone/2015/aug/13/insurance-mistakes-your-business-making-how-to-avoid

Five insurance mistakes your business could be making, and how to avoid them

Do you need coverage for temporary staff and should you get a broker? Charlotte Simmonds answers your insurance dilemmas

Businessman

1. Do you understand “the extras”?

Certain kinds of insurance are mandatory. These include employers’ liability insurance, covering claims brought by staff who suffer illness or injury as a result of their work, and professional indemnity insurance, covering losses incurred by clients as a result of mistakes or bad advice (although currently this only applies to solicitors seeking admission to their professional body).

When purchasing coverage for the first time, most small businesses tend to get these basics right, says Mark Sharman, a claims manager at Simply Business (which specialises in insurance coverage for SMEs). He says the problem is that they forget “the extras” – those non-mandatory policies that could make a big difference if something goes wrong.

“We conducted some research among our customers in 2013 and found that around 75% say insurance documents are hard to read and insurance websites hard to navigate,” says Sharman. “That means a lot of people probably don’t know much beyond the basics.”

One example of this, says Sharman, is “business interruption insurance” – also known as business continuity insurance. This covers a business’ losses if it unexpectedly has to stop trading for a long period of time, such as if equipment is stolen or premises are damaged.

Kevin Pratt, an insurance expert for the financial products comparison website MoneySuperMarket, agrees that there are less familiar types of insurance to consider. He cites “key person insurance” and “income protection insurance” as two examples. “The former would pay out if an important member of your team was off ill or seriously injured for a lengthy period of time, and your business lost money or had to recruit a replacement. Income protection insurance will cover a sole trader if they become sick or injured and cannot work. These are both important for small businesses because people (yourself included) are such a valuable asset.”

2. Do you need coverage for temporary staff?

Employers are legally responsible for the safety of their staff, and the Employers’ Liability (Compulsory Insurance) Act 1969 requires they have coverage of at least £5m. But do you fully understand who might be classed as an employee? It’s not just full-time staff but freelancers, contractors, apprentices, volunteers or interns may require coverage too, says Sharman.

“Say you’re a builder and you bring in contractors for extra support on a job,” he explains. “Does your employers’ liability insurance need to extend to them? The answer to this question doesn’t depend on the amount of time they work for you, it’s about the nature of the relationship. What amount of control do you have over what they do? What are the terms and conditions of their contract? It may be that you need to cover them even for a few days’ work. HSE [Health and Safety Executive, an independent watchdog] has good guidelines about who needs to be classed as an employee.”

3. What coverage is your landlord providing, and do you need more?

If your business is based in a premises (such as an office or shop), then you should have insurance to cover your equipment and/or stock, as well as public liability insurance – which covers any injury to a member of the public.

With so many small businesses based in a co-working space or serviced office buildings, it is critical to understand what type of coverage is and is not provided by your landlord, otherwise you risk either not having enough coverage or – on the flip side – paying for coverage twice.

Pratt spent 20 years running his own company before joining MoneySuperMarket, and describes his experience: “When I rented, the landlord had insurance for common areas in the building and the stairwell, but anything I took into my office – such as computers – I had to insure myself.

“If you are renting, talk to the landlord and understand to what extent they cover,” he advises. “If the coverage stops at your front door, then you need to get your own. Likewise make sure that you’re not paying for certain types of insurance twice, because you might be covered for things like public liability under your landlord’s policy.”

4. Should you ditch the DIY approach and get a broker?

Entrepreneur James Morris is the founder and managing director of Trafalgar and JF Marquees, which delivers high profile marquee events in London and the south of England.

It all began in 2007 when Morris wanted to see if he could turn his student overdraft into a business. He drew up a budget on the back of a beer mat and bought his first marquee. From the outset, Morris understood that insurance would form the bulk of his budget and that getting the right coverage was going to be critical. He says trying to become an insurance expert yourself is a waste of time; instead, invest in finding the right broker.

“When you are growing you’ve got to work out what your time is worth, and where it’s best spent,” he says. “Why would I spend hours researching policies myself? It’s not worth trying to save a quid here and there because ultimately when something goes wrong I want to know I’ve got an expert who has handled it.”

However Sharman says: “Nowadays online brokers can generate dozens of quotes from dozens of insurers in minutes, so there’s no reason you can’t take a DIY approach. Our platform at Simply Business is built exclusively for small businesses and we specialise here, so chances we’ll be able to cover you even if your needs are niche”.

5. Are you factoring in growth?

Morris has been working with the same broker since he started out, and says it’s important to find an individual or a company that isn’t too niche. He advises looking for specialism but also broad knowledge and expertise, because (all going to plan) your business is likely to grow.

“If you are small you’ve got to be a giant-killer; you want to punch above your weight,” he says. “We therefore needed a broker who understood the whole events industry, not just marquees. I wanted to work with someone whose brain I could scan for tips and tricks.”

Sharman of Simply Business agrees that you should be “thinking about the future” when creating an insurance plan. “Consider how much work you are likely to be taking on in six months or a year’s time – this could impact on the amount of employer’s liability or public liability insurance you need. If you plan ahead then you save the hassle of having to play catch-up with your policy.”

Marquees are fabulous for all occasions especially winter marquees and wedding marquees as you can choose from Marquee Hire large selection. Winter marquee hire is a great option in cold weather as you can have heating to warm up the occasion.


May 23 2015

MF & TRAFALGAR MARQUEES AWARDED MUTA ACCREDITATION

Portman Square Garden Party

Marquee Hire are the answer if you have ever dreamt of having a white wedding but not sure how to go about it or where to start?Marquee Hire Surrey are the people to speak to, not only do they have the UK largest Marquees for hire they have a team of consultants who have many years in the field of party planning and will ensure you have the wedding of your dreams within the confines of any budget they will ensure the occasion is special and one to cherish forever.

Perhaps you would like a more intimate wedding and a unique range of décor? Marquee Hire have literally hundreds of different designs, dance floors, décor and will ensure that your wishes are granted. Perhaps you are wondering how much is marquee hire? Click here marquee hire prices and you will be directed to an online calculator, within a few seconds you will have pricing to hand or speak to them today about one of the many options available, their competitive prices and excellent service delivery.

Feel confident with a team who are accredited members of MUTA Accreditation. 

MF & TRAFALGAR MARQUEES AWARDED MUTA ACCREDITATIONLogo showing JF & Trafalgar Marquees MUTA accreditation

Whilst this is slightly old news, we thought we should update our lovely new website with some significant happenings earlier in the year.

Back in February, JF & Trafalgar Marquees were accepted to become an accredited member of our renowned industry body (MUTA). We were delighted at the news, and the move reaffirms our dedication to delivering marquee hire with, not only fantastic service but also with a proven health and safety track record.

Our Operations Director, Stephen Shiner comments that being part of MUTA “will not only build upon our commitment to fantastic client service, but also takes note of our already comprehensive Health and Safety measures”. Moving forward, this will allow our team access to the very latest industry insights and training, which will be evident in our enhanced offerings to our every growing client base.

It won’t be all tea and cakes, as being a member of MUTA is an on-going process to ensure our compliance with industry standards. A MUTA inspector will not only inspect our warehouse and offices but also inspect our sites, when we install a marquee in Surrey, Sussex or London and ensure that all at JF & Trafalgar Marquees are adhering to Health and Safety guidelines and along with other accreditation criteria.