Submitted by Terry Osborne of Osborne Insurance Services Ltd
Insurance is one thing that most people forget, but it can be the one
thing that keeps you in business following a claim
* No one loves insurance until a claim arises
* Sums Insured – These should represent the full replacement costs –
Buildings Insurance should include a sum for demolition, architects fees and
full re-build costs, under insurance will cause
concern as policies are subject to the “Average Clause”, ie if you insure
for £250,000 and in fact you should have insured for £500,000 and you have a
small or large claim, only 50% of the
total amount of the claim will be paid as you were only insuring 50% of the
sum insured
* Ensure that you read your documents, including any clauses, exclusions and
warranties, as if some are not adhered to your policy could be invalid
* Package Policies are the best way to ensure that you have all the cover
your require, however a Taylor Made package is always best and ensures that
you are not over or under insuring as the
policy is made for you.
* Ensure that all facts are disclosed, ie previous claims, financial
problems, ie CCJ’s or bankruptcy. Quotations can still be given, however
non-disclosure could invalidate the policy
* Picking your insurer can be a tough decision, do you pick the cheapest or
go in the middle? Provided you have checked the sums insured, cover
provided, warranties, endorsements and
exclusions the price should not have a bearing on the cover
* Picking a Broker rather than a Direct Insurer should give you added piece
of mind as the Offices are generally smaller, ensuring that you are dealt
with as an individual rather than just a number
* Your Employers Liability Insurance Certificate should be displayed at all
times is a prominent position
Just a few key points for consideration. Should you require anything further
from us or wish to discuss any points please do not hesitate to contact us.
