Public Liabilty Insurance

[Vendition Ltd]

Hi guys,

Just a heads up that I have managed to get public liability insurance from a company called BG Insurance for £65 including VAT. They also got me insured with AXA insurance so it is a decent company.

My last quote from Heartland Insurance was far too high so I went shopping. They have confirmed that this insurance covers us while we are away from the vending machines aswell

I told them to expect a lot of calls as I know a lot of people are paying through the roof with Heartland or other insurers so here are the contact details

BG Insurance
commercial@bginsurance.co.uk
Laura Revell
01892501501

Cheers

Ross

[Snackmore]

Bugger renewed mine last week for £150 with Heartland

[Heartland1]

Hi Guys / Girls

I appreciate you taking the time to get alternative quotes and the like - competition is always healthy.

We are aware of many Insurers out there like AXA who provide cheaper quotes.
Yes the quote may provide cover for a sole trader but the fundamental issue is the cover is not providing the right cover for a vending operator. We have double checked this with the Underwriters at AXA.

The cover lists your occupation as a "Vending Machine Servicers" - Not operators, which as you know is the crux of your business.

The underwriter also confirmed it only applies to people servicing someone else's machines and not operating their own.

Lastly it does not offer you cover when you are not on site - as quoted by the AXA underwriter.

After speaking with the underwriters at AXA, this simply does not offer the right cover for "operators" and if there is a claim then AXA will not provide you with the Limit of Indemnity you purchased, so whilst we accept our policy is a higher premium then this. The cover provided through ourselves actually covers you and isn't a waste of your money, nor will it leave you with a hefty solicitors fee having to defend yourself in the event of any claim.

As a Professional Vending Specialist - We want to make sure that our vendors are adequately covered and so we will always provide the correct advise but in the end the decision is yours.

Thanks

Alexander @ Heartland.

[Snackmore]

Hi Alex

Thanks for the clarity I have to say I buy my insurance on trust because all the small print is too confusing!

i DO HAVE A QUESTION THOUGH, WHEN i RENEWED MY POLICY COST ROUGHLY £90 WITH A BROKERS FEE OF £50???

Oops not shouting honest. Why is the fee so high for such a cheap policy? Is it to get a bit back for the bung you have to give to NIVO?

Thanks

[Heartland1]

Hi Steve

Sorry I've only just had the chance to get back to you.

As it stands we have quite an extraordinary book of business with Covea.
This allows us to negotiate highly competitive premiums for our Vendors. In short - cheaper premiums then other markets providing the specific cover required for a Vendor.

From an accounting perspective this does have a negative impact on our accounts at Heartland - Brokers usually rely on commission to supplement additional administration charges and to reflect any service throughout. A typical policy could take 2-3 hours per "annual policy" to service just from issuing a quotation to inception and sending out renewal documents.

Our professional fee quoted on renewal terms is to reflect this and also our ability to provide advice and professional advice throughout the policy. Whether this is vending related or not. We are Commercial Insurance Professionals and always believe in helping out our clients but as you can imagine and I am sure you can understand, we do have our overheads to cover.

I'd also like to reiterate that the cover is specific to vendors and if you do have any further questions then please let me know.

Thanks again

Alexander

[Vendition Ltd]

I spoke with BG insurance today and emailed her the link to this thread and received the following response

Hi Ross,

So sorry to come back to you so late, but I have spoken to Catherine Thompson at Axa and she has advised me that you are 100% covered for everything you could need in regards to public liability whilst you are with the machines and whilst you are away. Would you still like me to confirm something in writing?

Thanks

Laura Revell
Home and Commercial Advisor


I have it confirmed in writing that my policy covers me for all public liability that I need for my business and whilst I am away from the machines

Save yourself £100 chaps and give Laura a call at BG insurance!

Regards

Ross

[Heartland1]

Good Morning Everyone.

Further to the recent post, I spoke again with a member of the AXA team via online chat direct for a timely response.

Below is my transcript

Customer: Hi There, under your Public & Product Liability Tradesman cover -
Lindsay: Good morning, my name is Lindsay. How can I help you today?
Customer: Does this Cover "Vending Operators" - People who go to and from site filling and emptying machines. Does this cover extend to Work Away - Whilst they are not on the premises 24/7 cover?
Lindsay: Can I have your name please?
Customer: Certainly - It's Alexander
Lindsay: Do you currently have a policy with us, if so can I have your policy number please?
Customer: I do not have a policy but inquiring about a policy
Lindsay: No problem, can you bare with me a moment and I can check this for you
Customer: If it is of course the Tradesman policy, or whether it may be another policy that covers "Vending Operators" whilst on site and away for PL/PL
Lindsay: Thank you for your patience.
Lindsay: I have referred with an underwriter and that is not something we can not provide cover for, unfortunately.
Lindsay: Unfortunately that is not something we can cover, can we suggest that you try our partner One Insurance Solution. They have access to a wide range of insurance products and should be able to help you. You can call them on 02380 249 998
Customer: Thank you for your assistance.
Lindsay: Thank you for using Live chat today, I would very much appreciate that you take a few moments to fill out the short questionnaire that may appear when you close this window.

I invite everyone here to speak to AXA personally and discuss this matter via Online Chat with one of their professional colleagues.

http://www.axa.co.uk/insurance/business ... on/trades/

As always - The decision to place Insurance lies with whomever you choose. Companies and Sole Traders often distinguish the cover as an unwanted overhead and in some circumstances go for a "cheap" option. Our Insurance Expertise in Vending spans over 15 years and we know that the cover we promote provides the correct protection through various liability claims over the 15 year period. If you do take out cover which is "promoted" as being sufficient and then turns out it wasn't actually covered in the first instance the only option you have is to defend yourself at your cost.

As you know we became the Inaugural Chartered Broker and as part of our professional advice I must let fellow vendors know that if you purchase a policy that is promoted as correct cover for your company you and you have this "in writing" by a Broker that it will cover you against said claims - and then it turns out that the Insurer specifically declare that the cover does not extend to your claim you can then of course raise legal proceedings against the brokerage for false/incorrect advise.

It is also worth mentioning that the enactment of the Insurance Act 2015 coming in effect August 2016 it provides you as an insured a greater level of power against Brokers for incorrect advise.

Cheers

Alexander

[Snackmore]

Hi Alexander

Bloody mindfield me thinks, its a shame they don't talk in plain English we would all then know where we stand. I went with Simply Business for the first year and might as well chucked £85 down the drain.

The problem is I have never met anyone yet that has had to claim (a good problem of course) so I guess we do not find out for sure until help is really needed. I for one would be very angry if it turned out my supplier had sold me something that wasn't 'right' for me.

This is why I feel reassured with Heartland, a NIVO approved company who specialise in the arena.

Still think the £50 fee is a mickey take though

[PGBrew]

Hi Steve,

You can't get top quality service......and not pay for it......The £50 payment is worth it. Just thinking about it for too long will cost you more in lost opportunities elsewhere!

Pete

[PGBrew]

I have it confirmed in writing that my policy covers me for all public liability that I need for my business and whilst I am away from the machines

Save yourself £100 chaps and give Laura a call at BG

Hi Ross, 'you are covered while you are away from the machine' But it's the machine that needs to be covered whilst you are away from it?

Pete