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Time Poor - what are the risks?

Published: 12/10/2016

Insurance is, to say the least, not the sexiest of subjects; buying the house of your dreams, a super car or growing your business are all exciting and in some cases time consuming exercises, but then thinking about the insurance – that can be a real drag.

Luckily, these days, expensive houses and cars do not always come with hefty insurance premiums – the competitive market and ‘soft’ insurance cycle means that premiums are at all-time lows. A recent example of a client who purchased a Rolls Royce Ghost valued at £335,000, resulted in a premium of £3200.00.

In the commercial business Insurance world, this issue is even more prevalent, again premiums are on the decline and therefore the amount of cover a business can purchase for relatively low output can be deceptively disparate. So, for Flint as professional insurance brokers – the important question is - how do we get customers to award something that turns out to be a comparatively small part of their business spend the required time and effort that such an important decision needs? And especially when the potential exposures to the business are so huge?

Just consider the small businesses who buy public and employers liability covers with policy limits up to £10m, where premiums can be as low as £100.00. If your focus allows the spend to dictate the time given to the process of obtaining the right policy cover, whilst ignoring the potential costs to the business from a large claim (anywhere up to a policy limit), then you are putting your business at risk.

At equal risk, are the individuals who purchase a policy by clicking buttons on an aggregator and end up with an inadequate cover for their home, vehicle or other possessions – maybe costing only a couple of hundred pounds, but this policy provides cover for, in lots of cases, their single biggest asset; their home or an expensive car.

Necessary evil or important protection?

We believe that insurance is designed to help you sleep at night, so (ask any insomniac) it requires the correct amount of your time and attention. Having received calls from clients who have experienced large losses to their home, vehicle or business, we know only too well the comfort that comes from knowing that correct levels of cover are in place.

We have also handled those same calls from people who have not given the process the time required; provided inaccurate information; not listened to policy conditions; set up policies incorrectly; or purchased a policy simply because it was the cheapest. The realisation that you opted for a policy in order to save a small amount of premium, when your whole building is burning to the ground has the effect of focusing your mind.

Enjoy the protection.

Claims do happen and they can come from the places you least expect sometimes, so when prioritising your workload, please give insurance the right amount of quality time.

Talking to a professional insurance broker should be the same as any other professional service you buy to support your business. Except in the long run it will probably save you an inordinate amount of time and money. However even we need to fully understand your risks in order to provide the correct advice; so don’t cut back on cover or opt for the lowest cost option without understanding the true value of what you are purchasing.

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