Understanding insurance

Understanding insurance

Insurance is a word that is often met with a sigh by business owners, especially those in the CV industry. However, this does not need to be the case. CVW sits down with Alistair Evans, Account Director at Jelf, to find out why.

Q. What are the most common insurance misconceptions held by commercial vehicle repair professionals?

Alistair Evans (AE): The simplest answer is that many companies in the commercial vehicle sector assume they are covered for ‘everything’ already. However, we often find that even the smallest and often the most crucial aspects of their cover for dayto- day business activities are out of date, or that they are missing significant covers for their larger operations.

Considering that a significant number of companies have diversified their offering in order to survive and compete in the industry, a review of existing insurance arrangements should be made a priority to ensure that they reflect the current operating environment and address the ever-evolving risks within it.

Q. What are the dangers of these misconceptions?

AE: Companies may be at risk of unpaid claims if their insurance arrangements are not regularly reviewed and updated to cover new developments, both internal and external to the business. For example, all motor traders, regardless of their size, should have engineering equipment breakdown cover, and engineering inspection covers should extend to include sudden and unforeseen damage cover for explosion risks from compressors. Finally, and crucially, Cyber and Crime policies and Management Liability are often overlooked despite them being vital protection for many companies’ greatest vulnerabilities.

Q. With such a vast amount of information about insurance out there, it can prove overwhelming and confusing. How can Jelf help those looking for advice?

AE: We understand that there’s a lot of jargon and confusing information out there, and that’s why we like to work on a more consultative basis. It pays to get that face-toface time to truly understand a company’s needs in order to provide the most suitable solutions. We always put the customer at the centre of what we do and see things from their perspective. Our range of services help to protect customers and mitigate risk, so they can do what they do best; run their business.

Q. Besides insurance advice, how else does Jelf support those businesses in need?

AE: Jelf’s expertise is not limited to purely insurance matters. We provide professional guidance on Employment Law, Health & Safety and offer comprehensive Risk Management services. We can also facilitate a whole range of Employee Benefits solutions and Auto Enrolment advice. Experience has shown that all these combined can add real value to commercial vehicle businesses and keep them resilient in the face of competition and emerging threats.

For more information, click here. Alternatively, contact Jelf on 03450400001 or email Alistair at alistair.evans@Jelf.com

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