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The Needham Group acquire Corporate Insurance Solutions

Post author By loweyali
Post date 1 December 2022
Categories In Business, Personal
No Comments on The Needham Group acquire Corporate Insurance Solutions

Corporate Insurance Solutions are based in Lutterworth, and most of their clients are in the local and surrounding Leicestershire area. They are a commercial insurance broker with clients across all business sectors, with a niche specialism in the entertainment and leisure sector.

Corporate Insurance Solutions have been trading for 31 years and the company directors Paul Dockerty and Helen Dockerty – a well-respected husband and wife leadership team – will remain fully entrenched in The Needham Group within the Commercial Executive broking team.

All staff and the current office in Lutterworth remain in place as part of their “community broking” ethos.

This is Needham’s seventh acquisition since Neal Lowe acquired the business in 2000 and follows the successful integration of Inspire Insurance Services and their customers in November 2020 and most recently, the acquisition of Baldersons Insurance Services in April 2022.

Using a combination of organic growth and further acquisitions, The Needham Group’s ambitious turnover target is £20m+ GWP by 2025 with the business currently circa 85% commercial lines and 15% personal lines.

Neal Lowe, Managing Director of The Needham Group, comments:

Neal Lowe, Managing Director, The Needham Group

“I am really pleased to have got this deal over the line before the end of 2022, and we warmly welcome all staff and customers of Corporate Insurance Solutions to the Needham family.

We’re pleased to have them on board, it’s a fantastic acquisition and a perfect fit for us.

We’d like to reassure everyone it really is business as usual for all staff and valued customers moving forward and I’m personally delighted that Paul and Helen Dockerty remain fully within the business bringing their vast expertise and enthusiasm with them.

A final thanks to Ataraxia, who own a stake in the Needham Group, for their acquisition support in 2022, including advice, funding, contracts and due diligence.”

Paul Dockerty, Director of Corporate Insurance Solutions, comments:

“From the moment we met Neal and his team, we were convinced that joining the Needham Group was the right thing for our business to help us grow and develop further, and our ambitions and business goals are closely aligned. We look forward to a successful partnership.”

Professional Indemnity Insurance. What does your Business need?

Post author By loweyali
Post date 23 November 2022
Categories In Business, Indemnity
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Here are some of the main reasons you will need PI insurance:

It’s a legal requirement of your profession (ie: Solicitors Act 1974).
It’s a regulatory requirement, and many professional bodies require their members to have PI insurance before they can practise
It is contractually required by your customer.
It provides extra protection again potential legal costs and expenses.

PI insurance will offer your organisation protection from service errors, contact performance disputes or other professional liability issues. These policies can include legal defence costs, damages and compensation due to professional negligence, which can be substantial.

Your PI policy will have both a claim limit and an annual limit, based on the insured exposure. The claim limit is the maximum amount that will be paid for any single event, and the annual limit is the maximum paid within one year. Common extensions include continuation of cover, liability for loss of documents and court attendance and staffing disputes. Exclusions on the other hand will include liability for non-financial losses and intentional, dishonest or fraudulent acts by the professional.

There are so many different forms of professional liability insurance and lots of factors to consider when you purchase it for your professional needs, which is why we never offer a standard policy. We’re an experienced broker who will be able to build your policy to suit your exact business needs. Call us today to discuss yours.

024 7632 6213.

Professional Indemnity Insurance in a Down Economy

Post author By loweyali
Post date 31 October 2022
Categories In Business, Indemnity
No Comments on Professional Indemnity Insurance in a Down Economy

Research shows that claims against PI policies are more common during an economic downturn, so the need for cover for professionals becomes even greater.

PI cover (sometimes also called errors and omissions insurance) protects professionals against negligence claims made by a client or third-party – and typically we see architects, home inspectors, solicitors, estate agents and accountants amongst our customers. Professional indemnity came into cover the gap that public indemnity policies didn’t cover – as these typically only covered bodily injury or property damage etc.

In a down economy it is crucial to have insurance in place to cover all eventualities and we talk about some considerations that will determine what you need:

Is your current policy broad enough to capture all of the current and future work of the policy holder? Does it cover all of your organisations professional tasks and services? If you’re unsure, we can talk you through what will and what won’t be covered by your current policy.

What happens if there is a sale or merger or a change in position at your organisation? So much can change – and quickly – during a down economy. Think about what changes could happen to your organisation and what this could mean for your cover.

Is there a list of exclusions? This could differ from policy to policy so it’s important you read your small print. Again, we can talk you through everything you need to know about your policy and more importantly, help you understand it.

Is there an extended reporting period within your policy to include claims which would otherwise fall outside of the policy period. If your policy doesn’t have one – should you consider one?

If you feel you need a more bespoke policy, our experts can talk you through including additional cover for things such as disciplinary proceedings or reduced retentions – which could be so important to your business.

Has there ever been any past tasks or activities at your business which could result in a future claim? Have you had previous claims made against you? Discussing these issues with us really will help us to ensure your cover is at the level you need.

To discuss your Professional Indemnity Insurance policy with us – and for complete peace of mind, get in touch today: 024 7632 6213.

Professional Indemnity Insurance – Run-Off Cover?

Post author By loweyali
Post date 3 October 2022
Categories In Business, Indemnity
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We all make mistakes, we’re all human – but don’t let that one mistake ruin your career, which is potentially what could happen if you operate your business without Professional Indemnity Insurance – also called PI.

Our PI policies help protect professionals from any errors made while doing their jobs, from a simple accounting mistake to constructing and structurally unsound building. We cover everyone from Accountants to Architects and everyone in-between.

When you hold a PI policy you will be protected from claims files by customers following mistakes, however this type of policy only provides cover while you’re an active professional – what happens with a PI claim is made against you once you’ve retired – or have ceased trading?

This is where PI run-off cover becomes invaluable!

Run-off cover will protect you against claims relating to errors allegedly made in the past, and depending on the circumstances and profession, you could be liable for claims resulting from your alleged inadequate professional advice, services, or designs for up to 15 years after you stop trading. Without run-off cover you would be liable for your own legal costs and expenses – is this something you want to be potentially paying out of your retirement pot? Probably not!

Run-off cover is intended to supplement our PI policies, but it is distinct and may operate differently, therefore it’s important to understand how it works in order to protect your business, reputation and future financial stability.

How does run-off cover work?

Run-off cover works on a claims made basis the same as PI insurance. These policies cover claims made during the policy period, regardless of when the alleged incident took place and will cover claims made ONLY during the policy period.

Claims occurring policies will cover incidents that occurred during the policy period regardless of the date of the claim – meaning a claim can be made years after the initial PI cover has finished. This type of cover will cover you once you’ve retired or wound up your business.

Who needs Run-off cover?

We advise anyone who provides any type of professional service that offers advice, makes educated recommendations, develops design solutions, or represents the needs of others, takes out run-off cover. This will provide you with an extra level of protections against potential legal costs and expenses – even when you retire, merge with another firm, or dissolve a partnership.

How long do I need a policy in place for?

As a rule, we recommend an average of 6 years after you cease trading – but many factors need to be considered as every business is different. Some of our policies run up to 15 years so we recommend you call our commercial lines experts to discuss your policy in more detail.

Call us today to discuss your policy needs – 024 7632 6213 or email enquiries@needhaminsurance.co.uk

Student Contents – Check you are covered!

Post author By loweyali
Post date 28 September 2022
Categories In Home, Personal
No Comments on Student Contents – Check you are covered!

It’s that time of year when students are off to university and maybe this year it’s your child’s turn to set off on their big adventure, live away from home for the first time and make their own way in the world. Along with all the excitement and preparations there’s bound to be some nerves and tears too! A few weeks down the line and these will all be forgotten, but there’s one thing you mustn’t forget, and that’s insurance. Yes, we know it’s not the most interesting subject in the world but it’s vital your child doesn’t lose out on hundreds if not thousands of pounds should something happen to their belongings.

What to check for?

The first thing to find out is whether your own home insurance policy covers your child’s things away from the home. If not, then you should consider taking out a contents policy for your child. In addition, their student accommodation insurance may cover their belongings inside the building so that’s another thing to check out.

Having checked all of this, if you need to insure your child’s things then student contents cover is what you are looking for. This covers belongings inside the student accommodation, however, there are certain exceptions which you need to look out for, such as accidental damage which isn’t usually covered but can be added on.

Policy Documents

Finally, it’s quite usual for students to spend the night away from their accommodation, or take laptops and other things into uni with them. A normal policy won’t cover any losses away from the home so adding this cover too will give your peace of mind should anything happen.

All in all, there’s quite a few options to consider and things to check before finding the right policy for your child and their beloved belongings.

If you need any advice, please do not hesitate to call us on 02476 354569

Needham Insurance have been shortlisted for Commercial Insurance Broker of the Year

Post author By loweyali
Post date 10 July 2022
Categories In Business, Personal
No Comments on Needham Insurance have been shortlisted for Commercial Insurance Broker of the Year

Needham Insurance is delighted to announce that it has been shortlisted for the Insuranceage award for Commercial Lines Broker of the year.

This award is open to FCA registered brokers for whom over 50% of their business is commercial lines.

The judges will be looking for a broker that has excelled in the tough economic environment. This could manifest itself in levels of on-going customer service, growth, profitability, introduction of a particular initiative or the addressing of a particular market need.

The judges will look at the overall performance of the broker but will expect evidence in support of any claims made in regards to the performance of the business.

The winner will automatically be entered into the Insurance Broker of the Year category. Open exclusively to FCA-regulated general insurance brokers or independent intermediaries operating in the UK general insurance market.

The awards will be announced during celebration evening on Friday 16^th September 2022.

Neal Lowe, Managing Director at Needham Insurance said, “This is awesome news for us and a reflection on the tremendous work that the team have been doing during these difficult times.”

To view the full shortlist, click here

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How to save on your car insurance?

Post author By loweyali
Post date 25 June 2022
Categories In Car, Personal
No Comments on How to save on your car insurance?

Our experts at Needham insurance have put together some tips that you can use to save on your insurance.

Avoid auto renewal – experts have shown that people can save up to £120 per year by comparing policies with different providers. Our expert team can do this for you, to always save you money on your renewal. We will even show you how this compares with your current policy.
Drive your car less often – by driving less miles a year, your premium will be less, as you are not driving as much, therefore your likelihood of having a collision is reduced. Be warned, don’t go too low as the insurance company may raise your insurance premiums as you don’t drive your car very often and are therefore at a greater risk. Try getting an accurate mileage by using your last 2 MOT reports.
Pay your insurance annually – We are all feeling the pinch at the moment but paying monthly for your car insurance is like taking out a loan. Try using a credit card with 0% on purchases if paying in one lump sum is proving difficult. Even setting up a savings account, and putting away £30 each month, could help with this.
Increasing your voluntary excess – we often thing to ourselves, what if, can I afford to pay access when claiming, nevertheless, choosing a higher voluntary excess when you take out your insurance, will reduce the price of your insurance.
Get the right policy for you – Think about how you will be using your car and get the correct policy. If you only use your car for shopping, then you do not need a policy that includes commuting. If you use your car for business use then ensure you have this on your policy as without it could invalidate any claims made.
Downsize or change your car – The kind of car you drive could have an impact on your insurance price. The factors that affect your policy price are:
- How much the car is worth
- What insurance group it belongs to.
- Whether the car is a luxury or performance car
- The engine size
Obey the law – Having motoring convictions and points on your licence make you a bigger risk to insurers. If you have more serious convictions, such as drink driving or driving without insurance, you are likely to see your options for cover harder, more restricted, and more expensive. Of course, with all policies, you must declare these as if you don’t you risk invalidating your insurance.
Build up your no claims bonus – By avoiding claims and building up your no claims bonus will save you considerable money as the more years no claims you have, the lower risk you are to an insurer.
Only pay for what you need – Some policies will have all add-ons included and these can be more expensive, by considering what you need, means that you can get a policy that includes these add-ons. In some cases these add-ons could be part of a separate policy. Add ons to consider could include:
- Breakdown cover
- Legal expenses cover
- Coutesy car
- Personal accident cover
- Windscreen cover
Consider a telematics policy – If you are new or young driver, you may consider a telematics (black box) policy. This way you can have a policy that is tailored to how you drive and how often you drive. Be aware that there could be restrictions about when and how far you drive, but your insurance provider will make you aware of these when you take out the policy.

If you have any questions or queries about the above call and speak to one of our experienced staff on 02476 354569

Am I at risk of a cyber attack and more importantly am I covered?

Post author By loweyali
Post date 17 June 2022
Categories In Business, cyber
No Comments on Am I at risk of a cyber attack and more importantly am I covered?

Am I at risk of a cyber attack and more importantly am I covered?

With more and more business using the ‘digital world’ to run their business, it is now becoming important for businesses to understand the risks of being online. The biggest issue regarding cyber-attacks is we never know when they may affect business, how they will affect your business and the financial implications they may have on your business.

It is a myth that cyber-criminals do not target small businesses and therefore it is important to understand what a cyber-attack is, the types of attacks that could occur and the measures you could take to safeguard your business.

Cyber-attacks amongst small business are increasing each year. The latest figures from GOV.UK show that 46% of UK business and charities reported a Cyber-attack during the year. 32% of these businesses reported that they experienced an attack at least once a week. The cost of these attacks can vary but on average cost business £3,200.

With the ongoing issue that cyber-attacks are varying in nature, it is ever more difficult for businesses to be prepared for these breaches. Since 2017 there was a 14% rise in phishing attacks and a 17% fall in viruses or other malware.

The negative impacts that these cyber-attacks had on these businesses varied, but 1 in 5 experiences losing money or data, with a staggering 2 in 5 reporting the attack negatively impacted on their business through wider business disruption or staff time being diverted.

Possible attacks on your business

Malware

Malware is malicious software that infects your computer, such as viruses, Trojan horses, spyware, adware and ransomware. This malicious software can alter or delete files as well as reformat your hard drive. Moreover, sensitive data being stolen, sending emails on your behalf and even taking over your computer altogether.

Phishing

Phishing is a method cyber-criminal use to produce fake emails, text messages and websites created to like they are from your business and look authentic. They are produced to attempt to steal personal and financial information.

Denial of Service attack

A Denial of Service (DDoS) attack is when a malicious user contacts a website or user over and over again; thus, increasing the volume of traffic to a website or server causing it to slow down for legitimate users or sometimes where the website or server shuts down completely.

SQL injection

Structured Query Language is the language used to communicate with a database. SQL injection takes advantage of this database vulnerability by allowing cyber-criminals to embed harmful code or access data within the database.

Data interception or theft

This is the most common breach of your data and is mostly caused by a company’s employees. This is where a cyber-criminal will intercept conversations, transactions and the transfer of data from the company.

A significant majority of businesses realised they were less prepared than they had hoped. In many cases, that lack of preparation will not have been around companies’ digital defences, but upon their employees. Cyber insurance will cover you for any unfortunate attack on the business to ensure you return to ‘business as usual’ as quick as possible.

It is important that small businesses prioritize the need for effective actions they can take to significantly reduce the likelihood of a cyber-attack and businesses should seek further information or advice on the best way forward to prevent such a thing from happening.

Businesses need a 24-hour response system that allows rapid action, including notification of those affected after an attack, as well as cleansing the system of malware. Often referred to as business continuity, resilience is about the long-term protection of revenue, and includes communication to clients about resumption of business, rapid restart planning, and pre-planning to find alternative routes to market in the event of a complete shutdown.

Your cover will ensure you are prepared to tackle any cyber-attack, should it happen and, ensure you receive the support you need and don’t bear the financial burden to put it right.

If you have any questions or queries about the above call and speak to one of our experienced staff.
02476 354569

Needham Insurance

Expert Insights

About Us

Based in the Heart of the Midlands, we are proud to be an Independant Insurance Broker dealing with clients’ insurance needs locally and nationally

Mitigating Event Planning Risks: Expert Tips from Your Corporate Event Insurance Broker

Safeguard Your Success: The Indispensable Role of Corporate Event Insurance.

Strengthening Your Defence: Training Staff to Identify and Combat Phishing Attacks

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Needham Insurance Services acquire Baldersons Insurance

Post author By loweyali
Post date 20 April 2022
Categories In Business, Personal
No Comments on Needham Insurance Services acquire Baldersons Insurance

Needham Insurance Services acquire Baldersons Insurance

Needham Insurance Services are delighted to announce their latest acquisition - Baldersons Insurance based in Sheffield - taking total GWP to £8m.

Baldersons senior management team and staff all remain as part of the business, in the current premises in Sheffield. The Baldersons brand, established in 1972, will also continue ensuring continuity for all staff and customers.

This is Needham’s sixth acquisition since Neal acquired the business in 2000 and follows the successful integration of Inspire Insurance Services and their customers in November 2020.

Using a combination of organic growth and further acquisitions, Needham’s ambitious turnover target is £20m+ GWP by 2025 with the business currently circa 80% commercial lines and 20% personal lines.

Neal Lowe, Managing Director of Needham Insurance, comments:

Neal Lowe, Managing Director, Needham Insurance

“I am really pleased to have got this deal over the line in the first half of 2022, and we warmly welcome all staff and customers of Baldersons Insurance to the Needham family. We’re delighted to have them on board, it’s a fantastic acquisition and a perfect fit for us. We’d like to reassure everyone it really is business as usual for all staff and valued customers moving forward.”

This definitely isn’t where Neal now takes a step back though – he’s on the acquisition trail again and is keen to purchase likeminded brokers and hopes to announce further acquisitions before the end of 2022!

Neal continues: “By 2025 we would like to have 7 or 8 branches, all with the same ethos of being local experts, fully independent and community-based brokers. Our target brokers are £2-3m GWP whereby we can help grow these organically via marketing and with access to additional schemes.

We fully welcome owners staying on post-deal to help with integration and to also look after their own long-standing customers. This model has worked well for us historically as we’re not about consolidation, quite the opposite. We are community insurance brokers hoping to boost the local economy.”

This isn’t the only good news for the Nuneaton based broker however.

“At virtually the same time as the deal completing, I took a call from Action Coaches saying we had been nominated for “Most attractive business growth” which was pleasing to hear that independent growth experts working across multiple sectors are recognising what we are working hard to achieve.”

Visit Baldersons Website