The Value of Advice
Looking for insurance or arranging a renewal is not an exciting prospect, we know. More often than not, we just want a low price and for it to be organised quickly so we can forget about it. But getting the cheapest price is not always what is best for your business.
As businesses and individuals, we frequently come across the need for insurance in our personal and professional lives. Our first insurance purchase was probably car or contents insurance – where cost was the driving factor, the interaction was quick and, more than likely, direct with the insurer. This early experience forms the foundation for our expected future relationships with insurance, regardless of what we are looking to cover.
Over the years the insurance industry has responded to this expectation and commoditised its offerings, so it can continue to appeal to its customers and is able to compete with its competitors. In order to meet customer price expectations, this has resulted in lower levels of customer service (you rarely speak to the same person twice), the scope of the protection available and the level of advice given – if any advice is given at all.
The key factor is advice
The key factor here, particularly for commercial insurance, is advice. Purchasing insurance to protect your business and your livelihood should not be done without careful consideration. The value of a comprehensive insurance policy is based largely on an assessment of the risks you are facing, and may face in the future, coupled with advice and guidance from a knowledgeable broker or insurer. There are many factors at play that can influence the scope of cover required. A broker will ensure that you look at all risks and assess their impact on your business, so a robust solution can be arranged, which you know you can rely on at a time of crisis.
Purchasing commercial insurance without advice is like investing in something that you don’t fully understand. An experienced broker, who understands your industry will know the specific wordings and extensions that should be included in your policy and will advise on the best ones to fully protect your business. Do you understand the difference between a Civil Liability policy and a Negligence policy? Your broker can explain the jargon fully, so you know exactly what you are covered for.
Don't leave your business exposed to risk
Many businesses look to renew their insurance based on the price of their previous policy, but this can leave gaps in cover. Any changes that may have affected you or your business will not be taken into account, and then there’s always the possibility that the original cover wasn’t fit for the job in the first place.
We’ve seen first-hand, wrong levels of cover based on incorrect information, and incorrect clauses and terms, leaving businesses open to risk. Working with an experienced broker and getting the right advice on what is relevant for your business and what will provide the best protection, will ensure that you end up with a solution that you know you can rely on, should the unexpected happen.
Find a reliable and knowledgeable broker
The sign of a good broker is one that will review your cover, and if it’s already perfect for your business, will tell you so. Building a relationship with your broker will ensure that you can ask them for advice on your commercial risks at any time and they will be pleased to assist.
We work with our clients to review all exposure to risk, both internal and external, and provide honest advice on what we think will work best for your specific needs. We create robust insurance programmes from handpicked A rated insurers so that industry specific wording is included where necessary. And if we believe you already have the best cover in place, we’ll let you know.
To talk to us about your commercial insurance and your risk exposure, you can call us on 01480 272727 or drop us an email at email@example.com
Find out more about how we work with our clients here.