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Pool&SpaIndustry FEB 2012 SPN
INSURANCE SHIELDS YOUR SPECIALIST
BUSINESS IN A RECESSION
Keith Bull from specialist brokers Nsure Ltd looks at the importance of ensuring that your business is protected from the financial drain of insurance claims when many businesses are struggling to survive
A
s the recession bites many businesses will be looking at their costs and undoubtedly insurance will be in the spotlight. Cutting insurance cover to the bone can seem to be financially attractive in the overall costing scrutiny but when money is tight the last thing you need is an unexpected and uninsured hit on your cash flow. With businesses strained by the economic downturn it is crucial that they purchase the right cover for the stability of their future trading. It is too easy to eliminate insurance cover that may be considered as ‘non-essential items’ such as Business Interruption when, in fact, this cover is a vital part of a businesses protection. Even when most businesses will have Business Interruption cover it is often the case that the cover is inadequate because of a lack of understanding of the need to assess the indemnity period correctly, sum insured or scope of cover required. Business Interruption covers can be complicated but taking time fully
to assess the risks faced by your business and then taking the right advice could make the difference as to whether your business survives a major incident.
During any recession insurers are likely to be tightening their belts and scrutinising claims and policy wordings. This demonstrates the vital support that insurance brokers give clients during a claim. In complex commercial cases claim payments may be revised upwards simply because the insurance broker is providing further information that was not initially available to the insurer.
Unfortunately fraud thrives in a recession and insurers will be more vigilant about potential fraud but this should not have any effect on genuine claims. Many clients do not have the experience or knowledge to negotiate claims payments themselves. Insurance brokers know how to evidence and support negotiations through their understanding of policy wordings, relevant case law and their relationship with the insurer. At Nsure we offer a free Insurance Health Check where the risks faced by your business are identified and checked against your current insurance protection. Understanding both your business and industry are key when it comes to arranging insurance protection. The better you understand your customers, the more responsive you can be to their needs. It is understandable that all businesses will be reviewing their costs and ensuring that they are getting value for money from their insurance cover but before you consider cutting insurance you should consider the risks carefully and get the best advice or any monetary saving could turn out to be a false economy.
Nsure have over 20 years’ experience of dealing with clients in the wet leisure sector and in the last five years have developed Poolsure, a bespoke insurance scheme with key additional covers designed to protect against risks faced by the wet leisure industry.
POOLSURE INSURANCE UPDATE FROM NSURE
Keith Bull, from SPATA members Nsure, has confirmed some changes to their Poolsure insurance scheme. The scheme provides specialist insurance for the Swimming Pool, Hot Tub, Spa and Allied Trades Industry. Effective from January 2012 they have changed their insurer to QBE (one of the world’s leading International Insurers and the Official Insurance Partner of England Rugby) and the good news is that they will still be providing members with the same cover and expertise. The main benefits for members of this new arrangement are the retention of a competitive premium (10% discount for SPATA or BISHTA members) and a new option to make interest free instalments available, if required. If members are in the process of renewing any of their insurance policies, such as Liability, Office Equipment/Stock or Professional Indemnity, they should contact Nsure.
For more information or to arrange an Insurance Health Check please contact Keith Bull at Nsure. spn
i FOR FURTHER INFORMATION
F NSURE ( 01903 608116 :
keith.bull@nsure.co.uk
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