With the recent announcement by the government on the 21st September reopening of pubs in Ireland which do not serve food, now is an important time to look at your pub insurance requirements if you are an owner. The coronavirus pandemic has cause unprecedented upheaval in all areas of life and the pub industry is no exception. Pubs and restaurants have been having difficulty with insurance companies paying out for loses made during the pandemic when establishments were forced to close by government order. Some test cases are due in court in the coming months and it will be interesting to see the outcome and if Ireland’s 1,000 or so pubs can claim for income losses as a result of the pandemic.
Lloyds insurance brokers have been following developments and are in a position to advise on the best A – Rated policies to protect your premises in these difficult times.
Why insure your pub?
Pubs are public buildings within which the safety of your customers is paramount. Pubs are also businesses with an income which needs to be protected. A good pub insurance policy should include the following:
- Perils cover on building, stock and furnishings
- Employers liability
- Public and products liability
- Consequential loss cover (loss of earnings cover)
- Business interruption
- Glass and money.
Why use a Broker?
Using a good insurance broker will take the hassle from the process of finding the best policy for your business that covers everything you need it to cover. We at Lloyds research and compare the best value policies on the current market to ensure the following:
- Adequate cover for your staff and customers
- Best value for money policies
- Up to date advice to cover coronavirus related issues
- We advice on risk management
- We handle claims for you
- Fast turnaround.
Insurance Broker Vs Insuring Directly:
Below are listed some benefits of using an insurance broker such as Lloyds over insuring directly with an insurance company, bank or building society:
An insurance broker is not biased towards any particular provider so can pick the best option for their client whereas the client takes full responsibility for coverage decisions and any mistakes made if they insure directly.
It is easier for a client to build an ongoing relationship and loyalty with a broker as they spend time getting to know clients and how to serve them best over a long period. Larger insurance companies cannot offer the same level of personal attention. With larger insurance companies, clients may talk to a different call centre operator each time they need advice/help.
Brokers manage the process and stress of making a claim on the clients behalf whereas with an insurance company, the client must manage the process themselves, often in a crisis situation. Clients are often left confused and upset at claim conflicts that may arise.
Perhaps the biggest benefit of using an insurance broker is the fact that they search for the best prices, value and benefits for clients. Brokers take the hassle out of searching around for the best policies, saving the client the time and money doing it themselves.
Brokers have full and easier access to the entire insurance market when choosing the best option for a client. An insurance company can only offer their own product.
A broker will offer detailed reasons why they recommend one product over another and are at hand to offer professional advice at every step. An insurance institution can only offer advice on their own product.
The insurance industry is famously jargon filled and often direct insurance provider policies are difficult if not impossible to understand. Larger insurance companies may not take the time to explain the intricacies of a policy to a client. Insurance brokers have made a point of speaking in laymen’s terms when dealing with clients and letting them know in plain English what the best options and actions are.
Market Service Standards
Brokers will be used to dealing with multiple different insurance companies and will be used to the service standards of each so can better ensure the best company to go with in terms of service, price and benefits to the client. Once a client chooses their own insurance company, you are at the mercy of that provider and their level of service.
Broker Commission Explained:
A broker’s commission or remuneration is a fee paid to brokers for the placement of business with a particular insurance institution. In return for this fee the broker provides the following:
- Proposing the risk
- Assisting the insurer with any information required in relation to risk
- Incepting the policy and handling all policy documentation for the consumer on behalf of the insurer
- Notifying the consumer of policy renewal dates
- Collecting the fee/premium from the consumer on behalf of the insurer
- Handling premiums and managing a dedicated premium account for onwards transmission to insurers
- Ensuring broker staff are qualified to give advice on the insurer’s behalf
- Bear compliance and administration costs in relation to transacting business on an insurer’s behalf
- Assimilate costs of implementing IT and security requirements of insurers to ensure online products are safely transacted for the consumer.
Lloyds Insurances Remuneration details.
Why Brokers Fees?
The consumer/client pays the broker a fee for the following benefits:
- Researching the current insurance marketplace to provide the best advice on available policies and covers
- Recommending the best product based on the consumer’s needs and budget
- Explaining terms, conditions and warranties of a chosen policy to the consumer in plain English
- Handling alterations to existing policies and following through with insurers to make sure changes are fully implemented
- Assisting the consumer with claim handling and ensuring a satisfactory outcome for them
- Providing consumers with replacement or duplicate documentation when required
- Assisting with any complaints a consumer may have with a policy or service
- Complying with the cost of significant regulatory directives from the Central Bank.
For more information see Brokersireland.ie/why-use-a-broker/
An interview for “That’s Farming” with Mervyn Lloyd, managing director of Lloyds Insurances.
The activities, work practices and lifestyles of farmers have changed considerably, over the past 40 years, and keeping pace with these changes means a shift in their insurance needs.
This has been the primary focus of Lloyds Insurances since its inception in 1982. Now considered one of the primary players in the liability insurance sector in Ireland, Lloyds has a dedicated team of professionals who aim to help the farmer find his/her way through the often-confusing range of cover and premiums on offer.
“We believe that farming is not just a business but an important rural lifestyle which is worth preserving and protecting.” explains Mervyn.
“As brokers, Lloyds Insurances will compare the market on your behalf to get you a competitive quote which is uniquely tailored to your individual needs.”
“Protection is key, as is minimising your risk exposure to unforeseen events. We recognize the challenges facing farmers today and because of our rural focus, we are ideally based to provide solutions to your insurance needs.”
“We understand the need to continue to operate effectively when something unexpected happens.” he added.
Our policies include a range of covers including:
- Public liability;
- Employers liability;
- Farm dwelling;
- Tractors and machinery;
- All risks for equipment etc.
The need for adequate cover
“With the growing interest in all things rural, farm walks etc, it is very important that the farmer is adequately covered in the event that someone entering his or her lands has an accident or sustains an injury.”
“Once adequately covered, this should not lead to financial loss for any farmer.”
By the same token, farmers need protection from claims from employees – be they full-time, part-time, or casual.
The need for adequate cover must also be emphasized and in this respect, it is vitally important to avoid underinsurance, Mervyn adds.
“Very often your farm is not just your business, but also your home. Bear in mind that your home, outbuildings, farm buildings etc. should be properly covered for their replacement costs, in the unfortunate event of a total loss.”
“Again, this is where Lloyds Insurances can help, our years of experience means we are uniquely placed to advise on this potentially confusing area.”
“We will provide you with the information you need so that you can make a proper assessment of the value of your dwelling house, farm machinery or outbuildings etc. relevant to your circumstances.”
“We can help you decide what level of cover you need to protect your property. From damage caused by fire, flood, storm, theft, and more.”
“We can also help you assess the level of cover you require for contents including personal items. Here too it is very important that you are not in a situation where you are underinsured.”
A comprehensive farm insurance policy provided by Lloyds Insurances will also cover your livestock. The range of benefits include protection for your animals in case of fire, lightning, explosion, storm, electrocution, collapse of slats and livestock on-foot and in-transit.
If you are a pedigree breeder, cover can be provided for death or infertility.
“Most farmers will recognize the convenience of having vehicles, especially jeeps included in a single package giving a single renewal date.”
The long-established insurance specialist can offer third-party, fire and theft and comprehensive cover and can include cover for the jeep at a much-reduced price when it is included with the farm policy.
“Our comprehensive policies can also include loss of basic income, loss of milk, forestry cover, theft of tools, theft of diesel and all risks cover for specialist equipment.”
“One of the reasons you should consider choosing Lloyds Insurances for your farm policy, is that as an insurance broker we give you choice.”
“We examine all the options to provide you with a variety of cover and premiums to choose from.”
“We are regulated by the Central Bank of Ireland, thereby ensuring you can depend on our high-level of experience and professionalism. We work in the best interests of Irish farmers.” Lloyd concluded.