According to AXA Business Insurance 53% of businesses requiring Employers’ Liability cover failed to buy it; 43% have no protection against accidents/damage they may be responsible for; and 52% of businesses who provide advice failed to buy professional indemnity cover.
In the fast paced world of today we require everything to be instant. We have instant coffee, instant messaging and now the demand for instant insurance is becoming increasingly more desired. And who can blame us? In the modern world we live in, surely it isn’t too much to ask for a quick fix for something we actually hope we never have to use?
The truth is no two insurance policies are the same. So how do you know if you’re covered? If the unexpected does happen, how can you be reassured that your business is in safe hands?
Before purchasing your policy, or if you’re concerned about being underinsured or missing a key element of cover, consider the following:
1. Speak with a specialist for your industry to make sure all of your activities are covered. A good broker can make you aware of the important areas that need insuring. If you are not sure then it’s a good idea to speak to your broker.
2. Identify competitive rates by making sure your broker is doing regular market reviews. A lot of brokers may have agreements in place with insurers, whereby they offer increased levels of cover for your specific industry activities.
3. When purchasing insurance, compare cover levels with your current policy in order to highlight any gaps in the cover.
4. Check you are insured correctly and identify exclusions. Make sure your policy doesn’t exclude anything your business might be doing and always check that the business description adequately covers your activities. Check any conditions, warranties or exclusions that may apply to ensure you can comply and that you are covered correctly. If you are unsure, check with your broker.
5. Big savings are great, but if an alternative quote offers a substantial premium saving, ask yourself why. And ensure the cover is like-for-like. Carefully check the terms and conditions to ensure you are able to comply.
Although insurance can be confusing, ensuring your business is covered can make life a lot easier in the event of a claim.
Make sure you are fully insured by regularly reviewing your policy, checking it is up to date and making sure you are adequately protected.
TTA’s associate insurance partner, Jelf Small Business, offers members quotes for all your insurance needs. Plus, members can receive £50 cash back from Tile Association subscription for sole traders and single member limited companies when purchasing public liability insurance. Call our team today on 01905 887 516 or visit http://www.jelfsmallbusiness.co.uk/tta/ for more information.