With this, Luxton lists some of the policies print businesses should consider. These include a commercial combined package, directors’ and officers’ liability, personal accident and business travel insurance, fleet insurance, cyber insurance, engineering and inspection insurance, property owners’ insurance, and an excess layer policy. “At Howden, we offer a print specific commercial combined policy, with extensions and covers designed specifically for the print industry,” Luxton says, adding: “Whether that’s printer breakdown, operator error, or bookbinders’ public liability, every part of a printer’s story is covered, offering solid protection to you, your team, your stock, and premises.” While it is a lot to take in, printers can be rest assured that there are plenty of specialists in the financing and insurance sector to work with to ensure the best deal for your business. A visit to The Print Show this year to check out your options may also be beneficial. available, and to utilise independent information, such as that provided by the British Business Bank to establish what’s available,” he comments. “There are investment funds available to support business growth in some areas of the UK, and the government has recently launched the Growth Guarantee Scheme (GGS), through the British Business Bank, working with accredited lenders, like Compass, to create further access to finance for UK smaller businesses to invest and grow.” GGS is a government-backed loan scheme that enables lenders to provide finance where they may not otherwise have done so, or to extend better-than-standard terms on business financing options. The scheme supports access to a wide range of business finance products for UK businesses. Products under the scheme offered by Compass include term loans of £25,001 to £2m for business groups, across terms of up to six years; asset finance for investments in new and used machinery; or other assets where the finance is secured primarily against the asset itself. It also includes ABL, which is comprised of two or more types of finance being knitted together to achieve the overall funding package required; and invoice finance to enable applicants to access 85% to 90% of the value of their unpaid invoices the moment they are raised. “We are delighted that the GGS includes the addition of asset-based lending and invoice finance to the supported facilities,” Nelson says, adding: “ABL typically provides significantly higher levels of working capital than conventional methods of funding, such as bank loans and overdrafts.” Tying in with this subject is insurance and ensuring you have the right systems in place to protect you and your business. Howden Group works with print companies across the UK, assisting them with their insurance needs. The company will exhibit at The Print Show this year to speak with businesses visiting the show. “One of the key reasons for considering insurance for a print business is to manage and contain risks,” explains marketing executive Emma Luxton, continuing: “Insurance provides a mechanism to protect owners and their business from financial loss due to unforeseen events. This can be achieved by simply offsetting risk liability in exchange for paying a premium to an insurer, who will accept the future unknown cost of an insured risk in line with the terms of the agreed policy. “As insurance brokers that hold a strong knowledge and understanding of multiple areas of the print industry and the processes involved, Howden can assess a business’ specific risks, review our approved panel of insurers, and tailor a bespoke insurance package to protect a business’ investments and provide peace of mind.” Luxton explains that a printer must ensure the company it is purchasing insurance from understands its business and the methods used in achieving any given task. She gives the example of how many underwriters will hear about UV curing in a production line and refuse cover due to fire risk, expecting large blacklight bulbs to be in close proximity to flammable materials. “We understand that UV curing is now very much an LED process where the perils of fire are greatly reduced and we can explain this to the insurance underwriters on our panel, who welcome the opportunity to provide cover,” Luxton says. ▲ Howden Group offers insurance tailored to print businesses 68 email: news@printmonthly.co.uk September / October 2024 - Issue 350 FINANCING AND FUNDING Protecting Assets Recently the BPIF Q3 Printing Outlook highlighted the fact that drupa has encouraged investments in automation and innovation Factoid UK businesses have benefitted from asset-based lending 35,000
RkJQdWJsaXNoZXIy MjM0NDIxOA==