5 Questions To Ask Your Business Insurance Adviser
Every business owner knows the importance of having the right business insurances in place to protect against natural disasters, liabilities, financial losses and lawsuits, etc. but its difficult to know which insurance policies are best for your needs. Often times, insurance policies that have been in place for a number of years, are no longer suitable. As insurance brokers, we see this far too often.
If your business insurances are coming up for renewal, here are five questions you should be asking:
1. What business insurance policies do I need?
Its a simple question that doesn’t always have a simple answer. As insurance advisers, we will get to know you and your business very well. To ensure you have the right insurances, we need to know the risks associated with your business activities and industry. We will help you identify the major risks to your business through our risk assessment process and then work through what policies you need. Without this professional advice, your business can be left under/over insured, or worse, have no cover at all.
2. Can my policies be tailored to my needs?
If you have sourced insurances yourself, there is a good chance you are paying for covers you don’t need. As insurance advisers we are able to find you a set of business insurance policies that match your exact needs. If there are exclusions or conditions on the policy, its our job to let you know when you take out the policy, not when you go to make a claim.
3. How much cover do I need?
The amount of cover you need depends on your situation, what you need cover for, and any legal requirements there may be. We can work through all of these requirements with you and recommend a set of policies that give you the peace of mind you need to run your business.
4. Is there anything my policy doesn’t cover?
Some insurance policies do have exclusions, depending on the insurance provider and policy. As your insurance adviser, we will discuss these exclusions and the potential impacts that they will have at claim time.
5. How can I reduce my premiums?
Insurance can be expensive, and without a full review with an insurance broker, the cost can really mount up on you over the years. Part of our job is to save you money wherever possible, without reducing the quality of your cover.
Part of our risk assessment process is to identify the risks associated to your business which can be reduced without using an insurance policy. This will help to reduce the risks your business faces without costing you money.
Talk to us about booking in your complimentary meeting where you can ask us these five questions about your business.
This article originally appeared on LARK Insurance | Blog and has been published here with permission.