Paul Davison, commercial director at Stockton-based Erimus Insurance Brokers, asks some pertinent questions about your insurance…
As we inch our way closer to the easing of Covid-19 restrictions, it feels like life is slowly returning to normal. However, I think we can all agree that our version of “normal” is still very different to life at the beginning of 2020.
Businesses have spent the past 18 months adapting, innovating and overcoming the challenges that the pandemic and Brexit imposed upon them. Whether you have created a new online presence or moved to a remote working model, it is likely that your risk exposure has changed.
We urge all business leaders to use this time to take stock and reflect on the changes made to your business. If your insurance policy does not represent your new way of working, you could be vulnerable to significant uninsured losses.
Often insurance is viewed as a necessary evil, simply an expensive piece of paper, but it is so much more than that. Insurance is a safety net that allows you to take risks, confidently invest capital into new resources or skills, or scale up your business.
Insurance safeguards your assets, investments, people and reputation. It is one of the most important purchases your business makes.
There has been a prevailing attitude among buyers and distributors of insurance to prioritise price above all else. Price and affordability are important aspects of your insurance programme, but it should not be to the detriment of suitability.
For example, if you were looking to invest in the stock market, you would not look for the cheapest shares available. Instead, you would look for the best investment, performing due diligence to ensure longevity and return on investment. The same should be said for your insurance programme.
Most buyers of business insurance have multi-million-pound risk exposures, whether it comes from high-value assets such as buildings and machinery, a contractual responsibility, or potential liabilities for bodily harm.
The guidance of an experienced independent insurance broker will help you choose the best policy for your business. At Erimus Insurance Brokers, we look to provide a seamless approach to advice, based on your needs, rather than promoting a defined or restricted product suite. We achieve this by:
Step One: Conducting a full and thorough risk analysis of your business. Depending upon your business, this may involve site visits, questionnaires, and copies of your internal procedure documents.
Step Two: Create a clear and comprehensive risk presentation. We will use this document as our submission to insurers. By working closely with you, and utilising our experience of the insurance market, we are confident that we are making a fair presentation of your business to insurers receiving “like for like” terms from all quoting insurers.
Step Three: Review the terms received from insurers and assess whether the cover meets your needs. When we present the terms to you, we will highlight and discuss any onerous warranties or conditions.
Step Four: Provide an ongoing service proposition managing mid-term adjustments and delivering an effective claims function in the event of an incident. We have retained all our services in-house, so you are always speaking to a member of our team based here in the North-East. Throughout the lifecycle of your policy, you will have one of our experienced advisors on hand to provide advice and support.
For any insurance programme to meet your reasonable expectations, the broker should be delivering on the points noted above.
Erimus Insurance Brokers is the largest independent insurance broker with head quarters in the Tees Valley. We are committed to protecting the North-East business community. Our client base ranges from micro-SMEs to £250m-plus turnover companies in a range of sectors and professions.
If you are concerned about your current arrangements and would like to speak to a member of our team please visit our website erimusib.com or call us on 01642 240400.