Is your business adequately insured?

Do you treat the annual renewal of your business insurance policies as an essential task that requires expertise and effort – or do you see it as a time consuming and necessary evil?

If you fall into the latter category, it may be that your approach involves a cursory glance at renewal quotes from the existing provider, which you then accept if there has been no significant increase in the premium.

But are you qualified to make that judgement on your business risk?  And are you sure that your existing insurance policies provide all the cover you need for your business?     

Many business decision makers fall into the trap of basing insurance decisions solely on price, which is a dangerous practice.  Insurance policies are no different to any other products or service in that you get what you pay for.  The cheapest policy you can find is not necessarily going to be the one that best suits your needs, or provides the level of cover your business requires. 

Also, if the insurance market goes “soft”, as has been the case in some sectors recently, previously agreed premiums should actually fall - but they don’t always do so!

So what can you do to ensure you are properly covered?  One way is to carry out a detailed audit of your insurance requirements. 

An insurance audit carried out by an accredited insurance expert is a good way to identify possible shortfalls, or areas where there is potential for improvement in cover at no additional cost.  In some cases, it may even highlight instances where unnecessary cover is in place, giving you an opportunity to save money.

Some of the problems that can be identified through an audit are:

• Outdated descriptions of activities leading to inadequate cover
• Incorrect or no cover for new business activities
• Old policy wording carried forward to current policies that does not offer the widest range of cover now available
• Brokers receiving too much commission

If it’s some time since you reviewed your business insurance cover, then contact us here at Spiral.  Through our approved insurance broker BiB, we can offer a free and impartial review of your existing insurance portfolio, without any obligation.

The aim of the audit will be to highlight underinsurance, double covers and gaps in cover.  If required, BiB will be happy to obtain quotations for areas identified as requiring new or revised cover. 

More importantly, it’s an opportunity to have an independent expert scrutinise your insurance policies for validity and correctness.  Whatever the outcome, you will have the reassurance of knowing what you need to do to ensure that you and your business are adequately covered against day to day business risks.

Almost all risks to you and your business can be insured, so don’t get caught out – contact us at Spiral and ask for a free insurance audit.