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Business Insurance Case Studies

Case 1

I’m so glad I had insurance . . . without it, I would have been ruined

Our client never expected that 16 years of hard work and dedication would be undone in a single night. But that is what happened when a fire ripped through her hairdressers shop, destroying everything.

It was a Friday night and we were at home preparing for the weekend. We got a phone call from the woman who runs a shop a few doors away from ours. She told us to get over there as fast as we could, the police and the fire brigade were already there – and our shop was on fire.

When I got there half an hour later, it really was like the blitz. It was just devastating. People from the pub next door were out on the street watching.

The fire, caused by an electrical fault, had gutted the shop’s interior. Our client lost all her stock, wiping out thousands of pounds of assets and leaving her out of business for six months.

Only the day before, the shop had been crammed with customers. The fire hit at a time when she was expecting her busiest season.

I just thought, what am I going to do for a salary and feared that the disaster would spell the end of my business?

But there was light at the end of the tunnel . . . insurance. Now, back in her shop and trading, our client says she would have gone bust but for her insurance policy from 1 Stop Insurance.

If I hadn’t been adequately insured, I would have gone under. I’d have lost everything.

Insurance was one of the first things I planned. I didn’t know the ins and outs of my policy, but I’m so glad it included the business interruption cover suggested by 1 Stop Insurance. You have to realise that it can take three to five months, or even more, to get it all back and you need to think ahead, even though you just think it won’t ever happen to you.

The fire had damaged everything from the gas pipes to the store fittings as well. But our clients policy covered replacement of everything as new and she had a steady income while the shop was out of business.

This whole experience has really restored my faith in human kind. Everyone has been so nice. From the moment I called 1 Stop Insurance, they took everything out of my hands, they liaised with each department or person needed to bring the shop back.

Case study 2

The builder’s tale

Our client is a builder based in London who works as a sole trader – all he needs to do business is his skill, his mobile phone and his van full of tools. Business has been slow over the past year and, although he recognises the value of insurance cover, he needs to be very careful that he gets exactly the right cover.

Cashflow is tight right now, so I need to know I haven’t paid for any unnecessary insurance cover, I know I need to make sure I’m safe at work, but I really wasn’t sure what cover I needed.

The building trade has specific risks and, as well as the standard cover, we advised our client to investigate Public Liability insurance, which would cover him for any accidental injury he might cause to others or physical damage to their property.

This cover also protects our client against any consequential damage – say sparks fly from his drill bit and it causes a fire in a customer’s home.

Finally, because our client uses his van for both business and personal use, we advised him to take a close look at his motor insurance cover. He found that he needed to extend his existing motor policy to Class 1 cover and we arranged new cover here to properly meet his needs at a very competitive cost.

Without the help of 1 Stop Insurance I would have been all at sea in trying to arrange the right cover. They took the time to explain my cover in terms I could understand.