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BUSINESS CLINIC BUSINESS INSURANCE
IT’S TIME TO CALL YOUR INSURANCE ADVISOR
by Jackie Hyde Managing director, Stanmore Insurance
We always knew our clients were entrepreneurial and innovative but during the pandemic we have seen a rate of transformation like never before.
By speaking with clients regularly, we’ve been kept up-to-date on changes and made the necessary adjustments to insurance portfolios.
The insurance market is now a challenging place, with increased premiums and insurers reducing what they are prepared to insure. Business owners therefore need to speak with their insurance advisors early as insurers are taking longer to process paperwork than ever before.
Don’t let insurance matters get in the way of business development plans, so speak to your insurance provider about.
Changes in your business activities
All insurance policies have a business description detailed within the documents explaining the activities of the business they insure. If you immediately. If it isn’t detailed within the description, then it isn’t covered.
Check when a qualified company completed a rebuilding valuation
We have a network of strategic partners who help us look after our clients. One partner conducts rebuild valuations. In the past three months, we have had nearly 50 property valuations conducted, 73 per cent of these properties had a level of underinsurance. We recommend clients have their property revalued every three years.
Seeking new funding to develop your business
is at the heart of our
business
To find out more call 01204 570370 or email
info@stanmoreinsurance.com
There has been a sharp increase in requests by lenders for onerous insurance requirements. The implications of these requests can result in increased premiums. Often insurers are unable to provide what is required. Businesses and their solicitors frequently leave speaking to insurers until the last moment, causing delays. If you are thinking about a new funding arrangement, seek guidance from your insurance broker early.
Many businesses still do not have protection against cyber crimes
Emerging and pertinent risks
Your broker should be making you aware of risks that are relevant to your business. Many businesses still do not have the protection for cyber attempted cyberattacks. With staff working from home, businesses feel more vulnerable to cyber-crime.
Management Liability
Management Liability is a comprehensive insurance that exists to cover allegations of wrongdoing, directed at the company, its managers, not have done anything wrong, defence costs can be considerable. Management Liability can be extended to include Employment Practice Liability and as HR legislation becomes more stringent, this type of protection offers additional peace of mind.
Stanmore Insurance Brokers Ltd 30 High Street, Little Lever, Bolton, Lancashire BL3 1NB
Authorised & Regulated by the Financial Conduct Authority - Incorporated in London 728419
Give your insurance provider a call to remind them about you and your business. If you want a second opinion or would like to discuss the touch, we would be delighted to help.
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