Blog - February 5, 2021
Blog
Right Insurer, Wrong Cover
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At RiskBox, we specialise in managing the Professional Indemnity cover of creative businesses. Our experience in the sector has meant we’re able to narrow down the most relevant insurers for your organisation – whether you’re a PR company, branding agency or photography studio. 

In fact, we even offer a free review for any creative business that’s concerned their current cover isn’t up to scratch. In this article, we’ll be explaining what it means to have the wrong cover despite being with the right insurer – and we’ll discuss how our solution can help.

 

What we mean by the ’right insurer’

Plenty of insurers are qualified to work with creative businesses. Most of these also quote competitively and are equipped to deliver a strong claims service. So how can there be a ‘right insurer’?

Because while they might be experts in your field, the finer details of your policy might neglect large aspects of your business activity. That’s the purpose of our review: to ascertain whether your policy actually protects you or is just acting as little more than a paper shield. 

Our review determines this by asking:

 

  • Is your policy excess fair?
  • Does it cover you for work with all of your clients, wherever they’re based?
  • Is the scope of cover as wide as possible, protecting your key activities?
  • Are there any endorsements or conditions that might be difficult to comply with?
  • Is the limit appropriate for your agency’s size, and is it on the best possible basis?

 

If the answer to any of these is ‘no’, it may be that you need to switch policies – even if you stick with your existing insurer.

 

What we mean by the ‘wrong cover’

The ‘wrong cover’ is when your protection doesn’t actually cover you. For example, we recently reviewed a Professional Indemnity policy for a marketing company, only to find a key element of protection missing. The premium was competitive, the excess low, and there were no onerous terms applied. But there was one small problem: they were insured on inappropriate wording. This meant a fundamental section of sector-specific cover was lacking: protection against accidental breach of contract.

Our reviews are designed to pick up on this kind of minor mistake and ensure you’re always protected. Insurance can be a minefield at the best of times, and the devil can be in the detail. That’s why partnering with a specialist broker can help you navigate through these variables, so you can rest easy knowing you’ve protected your business.

 

So, what’s the solution?

If we find a fault with your cover, it’s usually a simple fix. By engaging our services, we can instruct your insurer to transfer you to a more suitable policy. The premium may not even be affected, and the correct documentation can be produced in a matter of days. Just by asking for a review, you can expect better protection with minimal effort. Interested? Get in touch with a member of the RiskBox team.

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