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Heritage Insurance Business Panel Q&A: 10

In his 10th article from the Guernsey Press' Business Panel series, Stuart Butler, Client Relationship Director, looks at ways of ensuring that the insurance cover available for small businesses is fit for purpose.

Question 10:

As the owner of a small business, how can I ensure that the insurance cover I have is effective if I actually need it?

Stuart Butler replies:

That’s a very good question and was recently considered by the UK’s Financial Conduct Authority as ‘good customer outcomes’ are seen as critical in maintaining the health of the small business sector.

The FCA expects customers to be at the heart of how firms run their businesses and for insurers to handle claims promptly and clearly communicate the reasons for any delays in the process.

In turn, however, this highlights the need for businesses to be very aware of the risks they face and the cover they need and, for most, obtaining specialist advice from an experienced broker or other professional is vital.

Brokers are aware of insurance companies’ claims offerings and settlement histories plus they can tailor cover to your requirements – not something available through direct sale or online.

The FCA also found that in a significant number of cases the sums insured were inadequate to cover the loss incurred, stressing the importance for businesses or their advisers to accurately assess exactly how much cover they need in the event of major disruption.

Considering cover over cost is also important as you do really only get what you pay for.

And when getting back to business after a fire or serious flood is your top priority, your broker also acts as a go-between and mediator during the claims process, helping to navigate you through often alien territory and adding a level of knowledge and reassurance that’s otherwise unavailable and helping to ensure the ‘good customer outcome’ that we all want.

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