Fire risk – October’s Hot Topic

So, what’s hot this month in the world of insurance?

As we look to October, we hand over to Kaye, our waste, recycling and demolition expert, to find out.

Although a niche area, this industry comes with significant risk; here Kaye speaks about fire, the complications that come with operating within these industries and why having the right cover in place is so important.

So, if you operate within waste, recycling or demolition, our October hot topic is a must for you.

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1. What’s the biggest risk for clients in the waste, recycling and demolition market right now?

There are definitely lots of hot topics, but if I had to pick a couple, I would say fire is one of the biggest risk factors, along with employee claims for injury.

Plastics, paper and wood, naming just a few of the materials, are all combustible; not forgetting lithium batteries. Spontaneous combustion or fires started by faults can lead to major fires and significant disruption.

From a personal injury perspective, there are several risks, not just the machine-related accidents but those linked to the materials handles, whether that’s chemicals, dangerous objects or general slips and trip risks.

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2. What is a common misconception clients have about insurance in the waste, recycling and demolition industries?

The biggest challenge we have is how specific insurance coverage is in these areas.

There is nothing general about these policies, and you definitely cannot get a standard type of insurance that gives you the right coverage.

The other factor that many people may not realise is the limited number of insurers that operate in this market. Occasionally, we also find that companies will engage with several brokers, believing that this will help them find the best deal. Using multiple brokers within such a restricted market (or any market in fact) often makes placing cover even harder.

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3. What is the one piece of advice you’d give to someone in waste or demolition?

I cannot emphasise enough how important it is to make sure you have adequate insurance in place.

Claims in these industries are substantial, as are the risks.

So, ask yourself, what are my risks, and if the worst happens, could I withstand a loss? Not many people could afford to get back on track, unless they have relevant covers in place.

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4. Are there any upcoming regulations or even issues you’ve got your eye on?

These are complex industries with strict governance, so we try to keep on top of changes as much as we can.

We also encourage our clients to contact us when they spot updates, too. As an example, a client may collect a skip, which unwittingly has forbidden items placed within. This could be because the consumer isn’t aware.

Good risk management and practices are key, and we like to support the clients in this process, so we keep our eye on everything.

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5. What’s the most surprising thing you’ve learned since working in this sector?

Two things really surprised me about waste disposal: firstly, the processes undertaken and the kind of things that waste companies dispose of.

Secondly, I didn’t realise it even required NDA’s to be signed in some cases. You don’t expect that when you think of ‘rubbish’.

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About Prosura

Prosura is a business and lifestyle insurance broker that simplifies the complexities of insurance.

Prosura is more than just an insurance broker. Firstly, they are an experienced team. Secondly, they combine the highest levels of customer service and advice with finding the right, cost effective policy. Ultimately, they protect your most valuable assets.

Operating locally and throughout the UK, Prosura supports businesses of all sizes and sectors including manufacturing, distribution, property, and leisure and hospitality.

Most importantly, Prosura tailors its offering to meet both business and personal needs. In addition, to provide further value for its customers, Prosura also includes its free ‘lawyer in a box’, a digital legal service for customers.

The Prosura team is based in Wakefield.

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