Issue #84 - The Insurance Issue 🔒
Why you might need help with your business insurance | 5 common business insurance mistakes to avoid | What is cyber insurance? | The Star of Greenwich - a community hub pub | Words | Tunes | More
🦾 GO
Are we going to be uninsurable soon? 🌍
Welcome to Issue #84 of The Backbone - the fortnightly newsletter from Bionic.
We all take out some form of insurance at some point. Car or bike insurance when you get your first wheels, home insurance when you get your first place, or business insurance when you start your own venture.
We may not like it, but we all need insurance to protect against the risks to each of those things.
And insurers work in the same way - they’re also looking to protect themselves against risk in an inherently risky industry.
Why are young drivers’ car insurance premiums so high? It’s all down to risk. Young drivers are less experienced and judged to be a bigger accident risk. This means that, on average, they're more likely to have an accident and need to claim on their insurance, making them a higher risk to cover.
The same applies if your home is in a flood-risk area, or if your business is considered relatively high-risk (think scaffolding, construction, working with hazardous materials, etc.)
In 2023, storms and heavy rain pushed up weather-related home insurance claims in the UK by more than a third last year to a record £573 million, according to this from The Guardian.
These increased costs are inevitably passed on to customers. Figures from the Association of British Insurers (ABI) show that the average premium paid for a combined buildings and contents policy was up 4% on the previous quarter.
But what if the risk is just too big for insurers? Or what if premiums become too expensive for customers?
Flooding is one area where the government works with insurers to make insurance more affordable to homeowners in at-risk areas. But this Flood Re scheme doesn’t cover commercial properties. If your business premises are in an area at risk from flood, the BIBA Commercial Property Scheme might offer some help with your premiums.
If you are refused insurance, it’s worth asking your insurer to recommend another insurer who might be able to help. It’s also worth trying a broker who can compare from a range of insurers to find one that meets your needs. You can find out more in our guide - What happens if you're refused business insurance?
And if you’re looking to take out business insurance, you might find it’s more tricky than sorting your home insurance. We explain more in the first of our new coaching guides, which you can watch below or on the Bionic YouTube channel.
🗯 COMMUNITY
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Small business owners are the superheroes of the high street. But small business owners rarely get their voices heard. Now there’s a place where they can chat, share advice and help each other through the lows and highs of running a business. To get involved, scan or click the QR code above or click the button below to sign up.
🗞 READ
Avoid these 5 common business insurance mistakes 🙈
Do you know which business insurance policies are a legal requirement and which are not? Are you aware of the value of business interruption insurance for small businesses? These are just some of the questions you should ask yourself when arranging insurance for your small business.
To avoid a business insurance horror story, learn the 5 common mistakes when selecting business insurance and educate yourself on how it works with our quick guide.
What is cyber insurance? 👾
If your business uses any type of connected devices, such as laptops, payment devices, and even smartphones, it’s at risk from hackers and cyber attacks.
According to a 2023 survey from Cyber Security Breaches, 32% of businesses in the UK have experienced cyber attacks or security breaches.
Something that can help battle this problem is cyber insurance. But what exactly is it? We’ll walk you through everything you need to know about cyber insurance and how it could save your business in the long run.
🗣 SHOUTOUT
#SmallBusinessStory - The Star of Greenwich 🌟
We’re celebrating Britain’s pubs in May. This week we caught up with James Gadsby Peet, who runs The Star of Greenwich pub. We discovered how this little boozer doubles as a charity space and where James hopes to take the concept in the future.
Bionic: What is your biggest achievement?
James Gadsby Peet: We have some great nights in the pub because we’ve got so many different parts of the local community coming together. We're seeing those kinds of conversations happen and relationships build. I think it's hugely important for the neighbourhood. It helps make it a more enjoyable place to live and helps people find out about events they wouldn't necessarily hear about.
B: What has been your biggest struggle?
JGP: I think there are so many barriers for any small organisation getting off the ground, especially for us when most of our staff are volunteers. That in itself is a particular challenge; ‘how do you fit it all between your day job, family life and everything else?’ It’s great when it works, but there are plenty of hurdles to overcome when it doesn't, whether it's local regulations, taxes, or systemic stuff.
B: How have you been coping with the energy crisis?
JGP: In terms of energy use, we've installed some new kit via Heineken, as they supply our beer. This kit means we can turn the cooling settings in the cellar on and off as opposed to just leaving it on constantly. Those kind of technology solutions are really handy.
B: What’s the best thing about running your business
JGP: We get to put on some really cool, fun events, marathon weekend in London was our first birthday party, and on marathon day the whole community is there; literally hundreds of people, kids and families. Everyone comes and the route runs down the road next to us. That sense of community, especially in London, doesn't happen very often. It's a lot of fun to be a part of and a real privilege to be a part of it.
B: What’s next for The Star of Greenwich?
JGP: We’re in the process of a big funding bid to try and purchase the whole property as at the moment we're only able to use half of it, that obviously really limits the sustainability of everything. If we're able to use the whole building, it will allow us to put a whole bunch of things upstairs, like an Airbnb flat to help with income. Then we'll put in some spaces for community working and charity office spaces.
Read more from James over at the Bionic website. Or check out the full interview on YouTube or by watching the video below.
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📊 BUSINESS
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🔊 LISTEN
Playlist 🎵
We’ve gone back to the Spotify Daylists for this week’s playlist. Dan, our Senior Customer Experience Manager, hit us with his Dopamine Collaboration Thursday Morning - MGMT, KAYTRANADA, The Kooks, Vampire Weekend, Thundercat, Gerry Rafferty, Fleetwood Mac, and everything in between,
Podcast 🎙
Another one from Camilla, our Senior CRM Manager, this week. My Therapist Ghosted Me sees hosts give honest but completely unqualified advice on all manner of things, including how often to wash, dating app profiles, smells, scams, and loads more.
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🚫 STOP
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