Insurance Renewals - Cover your Claims and Cut your Costs

April 26, 2015 by Andy Crow

Insurance Renewals - Cover your Claims and Cut your Costs

For many small businesses, looking for the best and cheapest insurance policies to suit your business has unintentionally become slap-dash task.

Correct insurance is a vital component in the functioning of every firm, so it is essential that the small print is read and the company knows where they are covered and for what they can claim.

Recent research by British Insurance Brokers’ Association showed that 29% of business owners have never read their insurance policy in full. This lack of knowledge about their insurance seems to suggest that many firms are covered in some aspects that are irrelevant to them, consequently paying premiums on areas that are unnecessary.

This means that money that could be invested in the company is being needlessly wasted.

The unfamiliarity with insurance policies suggests that businesses may not be covered against the public, clients, employees or the new cyber threat.

As small businesses are consistently vulnerable to cash flow problems, unexpected claims against them could have serious effects not only on the cash flow, but the overall functionality of the business.

By having a Business Adviser they will do the ‘dirty work’ for you. They will make an in-depth analysis of the current insurance policies, along with the business as a whole. This allows them to investigate the current policy with the specific firm, and furthermore identify any adjustments that could be made in order to reduce costs.

They will approach the broker in order to find new, more relevant policies for your company, saving time and money in the process.

So, why not take some advice?
Chorus Business Advisers can help you in all aspects of your business and help you make the right choices. Please call 0845 8671263 or email info@chorusadvisers.co.uk for more info.