Insurance Q&A Shirley Smalle from insurance broker TH March answers your show-related Q&As Q: If I plan to exhibit, do I need to inform my insurance company? A: It’s always a good idea to inform your insurance company, as there can be insurance implications and various problems that might occur arising from misunderstandings over the level of cover provided under standard insurance policies. For exhibitors, there’s the risk associated with attendance at the trade fair itself, and you need to make sure you have the following covered: • Stock and trade stands, fixtures and fittings: Does your policy extend to cover attendance at trade exhibitions? If so, is the extension sufficient to cover the values at risk? Commercial policies are traditionally subject to an under insurance condition, which means that if you insure for 50 per cent of the value taken to the exhibition any claim you make will be reduced by 50 per cent. • Public Liability: Notify your insurers that you plan to attend trade exhibitions, as there may be exclusions within your policy. • Exhibition event organisers can demand a minimum level of cover. Whilst this can be purchased separately, it is often cheaper to increase the limit under the annual cover rather than take out small extensions to cover the individual exhibitions attended. • Loss of Profits: Does your policy provide cover for loss of profits arising from problems at the event? Most policies will not and do require specific extension. This cover is not widely available, but some insurers will give cover. For example, a fire on your stand that causes damage to property that leads to a loss of profit arising from the event can be insured. Again, you will need to have told your insurers that you are attending events. Q: When dispatching goods sold at my show stand or from my premises, what should I be aware of and what needs to be included in my insurance policy? A: The extent of your insurance can include all shipments of goods within the UK, whether by your own or hired vehicles, haulage contractors and post and delivery services. It is important to be aware that many carriers restrict their liability for loss or damage to the goods they carry. This could leave you seriously out of pocket in the event of a claim. However, arranging your own insurance protection can solve this problem. Overseas shipments (imports and exports) can also be insured from place of origin to destination. Insurance is usually offered by freight forwarders and monetary limits may apply in all or part depending on methods of transport. Often there is more than one – i.e., road, air and sea. FURTHER INFORMATION TH March is a chartered firm of insurance brokers. Established in 1887, the company has offices in London, Birmingham, Manchester, Glasgow and Sevenoaks, as well as its National Administration Centre in Yelverton near Plymouth. To find out more, call +44 (0)1822 855 555 email giftware@ thmarch.co.uk , or visit the website thmarch.co.uk Q: What is business interruption cover – should I have it? As an example, imagine you’ve been flooded. Clearly, your business insurance policy will cover flood damage to your premises and stock. If you also have business interruption cover, additional costs such as hiring temporary premises will be met. This means you’ll be able to continue trading during the consequent repair and clean-up period, enabling you to maintain both cash flow and customers. Business Interruption Insurance will also replace the gross profit for your business for the period that the business is interrupted by an insured risk (such as a flood). This covers the recovery of customer’s phase. Business interruption cover will cushion you from the blow and may even be the vital factor that saves your business. Many who don’t have such cover will go out of business within 12 months of a major incident. If you are heading to IJL 2018 please visit the GA’s own appointed Insurance Broker, TH March, at stand J10. The team will be happy to talk through your insurance-related queries.