#business interruption

In insurance policies, the coverage often looks substantial and convincing. The documents are complete, the premiums are paid on time, and financially the company feels it has protection.

However, when a fire actually occurs, the resulting losses cannot always be resolved simply by an insurance claim. Buildings and assets may be worth something, but what about downtime, disappointed customers, lost data, or compromised business confidence?

This is where prevention becomes even more important. Well-maintained fire protection systems, such as fire alarms, sprinklers, hydrants, and fire pumps, can help detect and control risks early on before losses become significant.

This afternoon on Substack, Elkofire invites us to look at risk management from a more realistic perspective. Because in business, preventing a fire is always better than calculating the cost of losses after it's too late.

Every small business in the UK wants to save money, especially when cyber threats feel like something that happens to bigger companies. But when a policy looks cheap on day one, the real bill can show up fast after just one claim.

A cyber policy can look appealing at renewal, yet one phishing email or ransomware attack can quickly turn a small saving into a much bigger bill. For UK SMEs, the issue is rarely the premium alone; it is the cover that only looks complete until a claim exposes what is missing.

Hidden costs of cheap cyber policies for UK small firms often show up after an incident through excesses, exclusions, sub-limits, unpaid recovery work and higher renewal prices. A cheap cyber policy can look good on price, but the real cost often appears after a claim: excesses, exclusions, sub-limits, unpaid recovery work, and premium increases at renewal.

Cheap cover can cost more after one claim

The cheapest policy is not the cheapest outcome if it leaves gaps on the day of loss. A small firm may save a few hundred pounds at renewal, then face unpaid recovery work, a deductible, and a higher premium the next year.

A useful way to think about it is this: the premium is the ticket price, but the claim is the journey. If the train does not go where you need, the cheap ticket becomes expensive fast.

The legal and practical risk is not the sticker price, but the bill after an incident. That bill often includes staff time, system downtime, outside help and a renewal uplift after the insurer reviews the case.

Premium is not the total cost

A premium is the amount paid to keep the policy active. It is only one part of the cost.

And that’s where the “bargain” suddenly starts looking a lot more expensive…

Protecting Your Black Country Assets: The Dudley Business Guide to Commercial Property Insurance For commercial landlords, business owners, and industrial operators across the historic industrial heartlands of the Black Country, physical premises represent more than just bricks and mortar. Whether you are running a heavy-duty metal pressing workshop in Netherton, operating a high-capacity…

The business world is constantly evolving, and companies that fail to adapt risk being left behind. Whether it’s economic shifts, technological advancements, or unexpected disruptions, futureproofing your business is essential for long-term success. But what does it take to stay ahead of the curve? In this article, we’ll explore key strategies to protect and strengthen your business, including…

Spring is the perfect time for deep cleaning, decluttering, and refreshing homes and businesses. As a professional cleaner, this season brings a surge in demand for your services – but with that comes the need to build and maintain trust with your clients.  Whether you run a small domestic cleaning service or manage a larger commercial cleaning business, trust is the foundation of client…