1 An introduction to insurance 8 ways to save you money and reduce your risk

2 Agenda Tennyson Insurance Research 8 ways to save you money and reduce your risk How you might go about it Q & A

3 Tennyson Insurance A commercial insurance company Founded 2008 Seeking to innovate & take a fresh approach Work across the UK from base in Chichester Sector specialists Small and mid-sized UK charities Work with Zurich as underwriters Expert and solid Keep it simple, build expertise

4 Research Who did we speak to? customers Hundreds more Insurance Health Checks Organisations with incomes ranging from £1,000 to £30,000,000 p.a. What did we find? Approx 35% had optimal, or close to, policies 65% could make significant improvements in cover or value for money In these a clear pattern emerged – 8 ways to save money and reduce risk Why can 2/3 policies be improved? Perceived as unimportant? Too much jargon? Interested to know your views

5 Eight ways to save you money and reduce your risk 1. Who is new to their role? Has cover been reviewed in the last 3 years? Tempted to assume that everything is correct and up to date? Our experience suggest that it may not be And premium rates may have changed significantly 2. Who has Public Liability Cover? The vast majority do But some don’t (or perhaps have Professional Indemnity cover ‘instead’) It’s a necessity 3. Who has updated their ‘sums insured’ in the last 3 years? Index linking is common But, has nothing changed or been purchased in that time? Paying too much, or having too little cover, is common

6 Eight ways to save you money and reduce your risk 4. Who has Business Interruption cover? Quite common, protects income in the event of a crisis But most policies do not cover grant funding or donations, typically only trading Do you have a significant trading income? If not, scrap this cover (or reduce it) and save money 5. Who is based in an office? Contents cover will pay for new equipment in the event of flood, fire etc But who will pay if you have to move into temporary accommodation? Consider ‘Business Interruption – Additional Expenses’ 6. Who has Professional Indemnity cover? Do you charge for your advice? Or give financial advice? If not, you may not need it – certain policies will cover you under Public Liability

7 Eight ways to save you money and reduce your risk 7. Who has, or is under pressure to get, Trustee Indemnity Insurance? Lots of fear, but little clarity in the market The detail can be complex but the risk is small What causes most fear – a huge liability claim – should be covered by Public Liability Pay attention to finances, be conscientious and you have little to fear Consider a CTN policy? 8. Would you claim in the event of losing £100, £250, or even a laptop? If not, and many wouldn’t, review the excesses in your policy Raising could save significant money

8 How you might go about it Invest a little bit of your time Easy to for it to be lost amongst all your other tasks Worth 1 day per year of your undivided attention Contact potential suppliers They should ask about your organisation, what you do and your income profile The conversation should be conducted in plain English And the output should include a lot of common sense (Although the policy wording itself is necessarily detailed) Review, refine and purchase Perhaps ‘sense check’ with a colleague Purchase, and enjoy the feeling of a job well done

9 Questions

10 7. Who has, or is under pressure to get, Trustee Indemnity Insurance? Lots of fear, but little clarity, in the market The detail can be complex but the risk is small What causes most fear – a huge liability claim – should be covered by Public Liability Pay attention to finances, be conscientious and you have little to fear Consider a CTN policy? 8. Would you claim in the event of losing £100, £250, or even a laptop? If not, and many wouldn’t, review the excesses in your policy Raising could save significant money