INSURANCE INDUSTRY NEWS FROM LFE Issue 10 - Spring 2012
L. F. E. Insurance Services
Business Insurance, insurance brokers, Property insurance
Protect your metal
etal theft is rising dramatically as many criminals realise how lucrative dabbling in the scrap metal industry can be. With cash offered for scrap metal often in a ‘no questions asked’ scenario, the temptation to steal metal items can be too great to resist. A rise in the export and demand of scrap metal has resulted in its value soaring, consequently leading to a reported increase in metal related crime of 150% in recent years at an estimated cost to the country of £360million a year.*
Whilst the government plans to crackdown on this escalating issue, any changes in legislation are unlikely to be instant so it is important to think about how your business would cope if thieves were to target you.
The implications to your business if it is targeted could be vast. Initially there is the financial cost incurred to replace the stolen item however it is the further chain of consequences that could have a direct impact on the day to day running of your business.
A travel agent in Worcestershire recently suffered flooding and water damage to their commercial property as a result of stolen sections of copper water piping. Situations such as this can in turn lead to serious business interruption, a huge amount of inconvenience and potential loss of earnings. One minor metal theft could have a devastating impact on your business if you do not have adequate insurance.
Here are a few useful tips to help you protect your metal:
• Remove easy access onto roofs e.g. water butts, waste bins, tall trees
• Store ladders in a secure place
• Keep all forms of access to your property/site locked
• Make it difficult for thieves to move stolen goods – remove wheelbarrows or wheelie bins
• Regularly check your roofs so that any theft of roofing materials is found as soon as possible
If you are concerned about your level of cover and would like to discuss your insurance arrangements please feel free to contact us. * http://www.bbc.co.uk/crimewatch/support/homesafety/metal_theft.shtml
65 years young
Whether it be far flung holidays in the sun, further education, or opening a business – the way your employees think about retirement may have changed significantly in recent years.
The old tradition of ‘Education, Employment, Retirement’ is becoming well and truly dated. In many instances retirement no longer sparks the end of the ‘life cycle’ but is in fact the start of a new beginning and an opportunity to pursue the things they have always dreamed of doing. Printed on 100% recycled chlorine free paper What do you think your employees have planned for their retirement?
Life expectancy is rising with the average man now living to age 80 and the average woman to age 82. This means that being in retirement for 30 years is becoming increasingly more commonplace.
As your employees’ expectations of retirement change, and the period of time they are retired increases, the need for them to have their own financial plan ready so that they are able to fulfil all of their retirement ambitions becomes extremely important. A State Pension alone may not be enough to see them through, which is why more and more people will need to use their own savings and investments to help them along the way.
Has your business got a plan in place which will help employees achieve the retirement they long for? In the current economic climate a little financial advice to assist your employees in their plans can be tremendously beneficial. Life begins at 65 – speak to us today to find out how you can help your employees make the most of their retirement.
Have you provided your Employer Reference Number?
The Employers Liability Tracing Office (ELTO) was set up to provide claimants and their representatives with quick and easy access to a database of Employers Liability (EL) policies and is designed to help find the insurer of their former employer where the claimant is suffering from a disease/injury caused at work.
In order to help establish a centralised database of EL insurance records it is important that you provide us with your Employer Reference Number (ERN) and the names of any subsidiaries covered under your EL policy so we can supply this information to your insurer.
If you have already provided your ERN thank you for your assistance, otherwise we look forward to hearing from you.
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