Over the last 6 months I have discovered a disturbing fact. Of the new clients taken on by us, I have found that in 60% of cases, their previous insurance was either inadequate or had missing areas of protection.
Quite worrying for the business owners as this could have led to a claim not being paid, putting their business and future success at risk.
So how could this happen? There could be many reasons including inadequate time taken by their previous broker to understand their client’s requirements, or even a lack of understanding by the business owner over the type of insurance that was needed or available.
What are the most common mistakes?
- Not insuring improvements made or fixtures installed as a tenant.
- Not correctly forecasting potential loss of revenue or profits that might be suffered.
- Not having a correct business description.
- Not having security that meets the insurer’s requirements.
- Not having adequate sums insured .
However this happens, it’s important to correct the situation as soon as possible, so to discuss a NO OBLIGATION review of your business insurance, call 01527 306041 or email aphillips@apinsurance.co.uk
* Survey of new clients between July and December 2013