40 . Glasgow Business April 2015


HEAD FOR COVER It’s time to dust off and check that old policy – the world of insurance is changing


I


t’s the one thing you buy that you hope will never be used – insurance. It’s the safety net that, if you are lucky, you’ll


never need to tumble into. But you still need it, because


unfortunate things do happen, and if you’re tendering for public sector contracts, your business


will be required to carry enough cover in line with the risks that go along with your particular services. You’ll also need to stay on top


of your coverage to make sure it is right for your business, because, like other sectors, the world of insurance doesn’t stand still. A


number of recent developments may affect your business’ approach to insurance.


RATES AND COVERAGE


Te good news for premises- based businesses is that they shouldn’t expect to see rates increase any time soon, according


to Gary Kidd, Director of Boyd Insurance. He added: “Increasingly insurers are also willing to offer agreements which will help ensure rating stability for three years.” However, for others, the


situation may be less rosy. “Certain trade sectors, most


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