Liam Wyatt

Business Finance Club May 2018 – Insurance demystified- What cover do I have vs what cover should I have?

At last, the perfect weather has arrived and in the perfect sunny setting of our regular venue at The Green House Hotel, Bournemouth, I held my May event with a full house around the table with plenty of networking taking place.

Liam Wyatt Head of Commercial Development from Lansdowne Woodward Ltd was my guest speaker this month. Liam says that after 16 years in the insurance industry it still amazes him how many companies are paying too much for insurance cover that they don’t necessarily need, whilst not being covered for some of their largest exposures; every company is different so generic ‘package’ insurance policies often provide cover that is irrelevant whilst missing on the largest exposures.

He went onto explain that insurance is a risk transfer mechanism, outside of Employers Liability most companies do not HAVE to hold any other insurances. Liam broke down the types of insurance available into layman’s terms and helped us to decide whether we were comfortable to retain the risk ourselves or transfer it to an insurer.

Key learnings from the day

  • Other than Employers Liability and Motor insurance you are not legally required to insure. Sometimes you will be contractually required to hold certain insurances, however it is important to remember that Insurance is a risk transfer mechanism- use a broker to help decide on what risk you are prepared to retain and which to insure
  • If you use sub-contractors you most likely need to hold Employers Liability insurance- speak to your broker to ensure you are covered correctly as you risk steep fines and/or imprisonment!
  • Beware of underinsurance for your buildings and contents. The ‘average rule’ will proportionally reduce claim payments
  • Ensure that the correct Insured name and business description is on your documents- this is a legal contract and only the named insured companies activities and positions are covered.
  • Beware of exclusions, conditions and endorsements on your policy. All-risks cover does not cover all-risks!!!!
  • Use an experienced, qualified broker to advise you on what cover you require and what you must do to comply with your policies
  • If you are a director of a Limited company you should seriously consider ‘Directors & Officers’ insurance. Your personal assets are at risk!
  • Cyber-crime is on the increase! It is not a question of IF you will be attacked, it is WHEN and HOW! Cyber insurance is available to protect you and your clients

About our speaker

Liam Wyatt has been working in the insurance industry for over 16 years in a variety of roles from direct insurance sales, to fraud prevention with the Police to broking. He is now the Head of Commercial Development at Lansdowne Woodward Insurance Brokers based in Ferndown. Lansdowne Woodward is one of England’s largest management-owned insurance brokers with an ethos of putting their clients first.

Liam has a Charter Insurance Institute (CII) Diploma in Insurance and is currently working towards his Advanced Diploma. When meeting new clients his aim is to help them understand their exposures and form a bespoke insurance programme to ensure that their business is correctly protected, without over paying. He has a depth of knowledge in a variety of sectors including: Real Estate, Professional Services, Manufacturing, Technology, Care, Charity, Leisure, Education and Motor.

Outside of work Liam is kept busy playing and coaching Bournemouth basketball club and chasing after his 2 year old son!

Register your interest for the next Business Finance Club event

I asked for attendee feedback and to score the value of the event to them. I’m very happy to say the result was a score of 93%. Thank you for your positivity, I’m so glad people find Business Finance Club truly valuable to running their business better.

At the next Business Finance Club on Tuesday 12th June 2018 Ian Rodd, MD of Ward Goodman, will be taking the chair and discussing “Business models of the future” – ways of adapting to challenge in order to create and capture value in a changing world. It’s not about spreadsheet modelling so don’t worry if maths and numbers are not your thing. We will discuss how your business can remain relevant, through taking practical steps and introducing simple strategies. The group will review and challenge existing business models and be introduced to emerging ways of doing business.

I look forward in seeing you at the next event, to secure your place please register your interest here for ‘Business models of the future’