In this episode of The UK Flooring Podcast, Tom is joined by David Edmondson from JMG Insurance Brokers for a practical conversation about insurance for flooring contractors, retailers and business owners.
Many businesses arrange insurance because they know they need it, then assume everything is covered without checking the exclusions, conditions or limits hidden within the policy. David explains why choosing insurance solely on price, allowing policies to renew without a proper review and failing to tell your broker when the business changes can leave you exposed when you need to make a claim.
Tom and David discuss the cover flooring businesses should consider for tools, vans, stock in transit, ongoing contracts, employees and subcontractors. They also look at the growing risk of cybercrime, why even small flooring businesses can be targeted and what insurers expect businesses to have in place.
The conversation includes real examples of rejected claims, stolen tools, major fires and workplace incidents. They even tackle the question every business owner has probably asked at some point: can you insure against stupidity?
What You’ll Learn in This Episode
• Why having an insurance policy does not necessarily mean you are properly covered.
• The exclusions, clauses and conditions business owners often overlook.
• Why the cheapest insurance policy can become the most expensive when a claim is refused.
• The difference between labour-only and bona fide subcontractors.
• Why changes to your staff, vehicles, tools and turnover should be discussed with your broker.
• What to check when insuring expensive flooring tools and machinery.
• How single-item limits can reduce the amount paid following a theft.
• Why overnight storage conditions can cause claims for tools stolen from vans to be rejected.
• How goods and stock in transit insurance can protect flooring materials while they are being transported.
• Why flooring retailers and contractors should take cyber insurance seriously.
• The security measures insurers may expect, including multifactor authentication, updated software and secure internet connections.
• How management liability and directors’ and officers’ insurance can protect business owners.
• What contract works insurance covers when materials or completed work are damaged before a project is handed over.
• The essential cover a one-person flooring business should consider.
• Why having an experienced broker can make a major difference when managing a claim.
Memorable Quote
“Would you rather pay for a piece of paper that covers you in the event of a claim, or pay a little bit less for something that doesn’t respond when you need it?”
Speaker Information
David Edmondson has worked in the insurance industry for around 20 years and works with JMG Insurance Brokers in Lancashire. He helps businesses understand their risks, review their existing policies and arrange appropriate commercial insurance cover.
Where to Find David and JMG Insurance Brokers
David Edmondson:
https://www.jmginsurance.co.uk/our-people/david-edmondson/
JMG Insurance Brokers Lancashire:
https://www.jmginsurance.co.uk/businesses/lancashire/
Telephone: 01254 460160
Email: lancashire@jmginsurance.co.uk
JMG Insurance Brokers:
https://www.jmginsurance.co.uk/
This episode is intended for general information only. Insurance requirements vary between businesses, so you should speak to a qualified insurance professional about your individual circumstances.
Where to Find The UK Flooring Podcast
Website:
https://theukflooringpodcast.co.uk/
YouTube:
https://www.youtube.com/@cockerillco6141
Spotify:
https://open.spotify.com/show/59DLhGPVKNtVoS656EYtxq
Apple Podcasts:
https://podcasts.apple.com/gb/podcast/the-uk-flooring-podcast/id1606720642
Instagram:
https://www.instagram.com/theukflooringpodcast/
Facebook:
https://www.facebook.com/theukflooringpodcast
Produced by Cockerill & Co.
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