Insurance is a process that all organisations should invest time in. It’s quite likely your initial policy doesn’t adequately protect you for the way your business operates today. So, senior managers should routinely review how you’ve grown since taking out cover, what vulnerabilities that may have exposed you to, and what you want to achieve next.
In doing so, brokers like us can then tailor your protection so that it grows with you. This isn’t always possible when your insurance is left in the hands of more junior members of the team. They may lack the insight into your inner workings, and their sole task is often to get the lowest premium available. But insurance isn’t like paying an electricity bill, and only those running the business will appreciate that.
Here, Director Michael Henderson sets the record straight on purchasing cover, and explains why you should take it seriously.
Buy cheap, buy twice
I still play football, and that means I need to buy a pair of football boots every so often. But I’d never buy the cheapest in the store. Because, as I’m sure you’d agree, they tend not to fit properly, are made of inferior material, and are generally less comfortable to play in.
The worse the boots, the poorer my performance. Think blisters, or shin splints, caused by inadequate protection. Insurance is no different. There are always cheaper policies available, but they’re priced that way for a reason.
It might be because they don’t cover everything your business does, or maybe they won’t release your funds until you’ve jumped through a series of hoops. These kinds of contracts often have multiple exclusions buried deep within the wording that can cause problems if you need to make a claim.
Allocate the right person
It pays to have a senior member of the team handling your insurance. After all, would a new starter have enough knowledge of your organisation to ensure you don’t get caught out by a hidden clause?
Just like a layman wouldn’t recognise the football boots that last, only those who live and breathe your business will be able to identify what exposures you have and keep you covered.
What’s more, they’ll recognise that you’ll face new vulnerabilities as you grow. Having the foresight to predict changes in your business – whether that’s additional employees, an office relocation, or even a new product – will save you money in the long run.
Get the right cover
If you’re ready to invest the time and resources to protect your organisation, we can help. We’ll conduct a review of your current cover and pinpoint where you’ve outgrown your policy – all at no cost to you. We can then design bespoke protection that works for your business in the present, while being adaptable for your plans ahead.
So, what are you waiting for? Speak to a member of the RiskBox team today, and together we can create a package that will grow alongside your business.
Agencies - June 27, 2022
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