The Risks of Not having the Right Insurance in Place
Many people ask us what they are risking if they do not obtain the right business insurance and the answer is simple: everything. A claim against your business could damage the integrity and reputation of the company, create business interruption and generate a huge financial loss.
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Overlooking insurance altogether
Insurance is often overlooked in the busy business environment. An underinsured business or a company without insurance could be totally destroyed if a claim was to arise against them. Even when times are tough and revenue is low businesses should not neglect their insurance needs. Without adequate cover companies, directors and senior management all place themselves at risk of claims being made against them. This in turn could cause serious financial problems including bankruptcy.
Understanding what is covered
Business owners should be aware of what is covered in each of the policies that insurance companies offer and what is excluded. By talking to a Broker they will be able to explain what the benefits of each policy are and why you should consider investing in each one. Brokers can provide advice tailored to your business needs.
Many policies will detail the arrangements between the insured and insurer and will include information regarding:
- What is insured
- The conditions under which a claim may be made
- The cost of insurance policy
- The terms of payment if a claim was honoured
Reviewing what is covered when your business grows
We recommend a periodic review of your insurance cover. By evaluating your businesses risks frequently you can ensure that your policy will adequately cover you in the event of a claim arising. Unpredictable situations occur daily and your insurance should therefore continually adapt and adjust to the circumstances of your business. It is not like car insurance with a one off payment that will cover you throughout the course of the year. If your business is extremely successful after you’ve invested in a policy you would place yourself at risk of claims which exceed the initial limit of indemnity. This in turn could place your business and your personal assets at risk. You can speak to one of our brokers directly, or get your cover online, anytime using our Multi-Quote & Buy platform for your convenience.
Review your cover
When your business grows it may affect what your policy covers. We therefore recommend a periodic review of your insurance cover. Make sure you frequently update your insurance policy in order to accommodate for unpredicted increases in business.
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