Sometimes we think we wouldn’t be believed if we revealed how many of our clients were underinsured when they came to us! Put another way, if we were paid £10 for every time this was the case, we reckon we could be retiring to the sun sometime soon! Back in 2012 a national survey showed a staggering 80% of companies were underinsured – unbelievable! Commercial insurance is pretty straightforward if you ask us -- that’s why we can take care of it so well for you. But time and time again bosses have not grasped all they should about what they need or sadly, they may have had poor advice from their current broker. A later survey, from 2014, concluded some 62% of respondents were underinsured due to lacking in business interruption insurance – many responded they didn’t even know if this was included in the insurance they had paid for. Just wow. Can you imagine such a lack of scrutiny in other areas of your business? Would anyone take such a laid back attitude to credit control or sales? Inevitably then and unfortunately, you may only actually find out your company is underinsured when something terrible happens – so you really don’t want to leave this to chance. What do we mean ‘something terrible’? Well how about the following for starters – all predicaments that can be adequately covered with the right insurance:
Yes it really is that simple – can you afford not to have a policy in place against these catastrophes? Don’t get complacent – and don’t let your broker neglect your developing needs. Overlooking updating your insurance – or choosing to ignore growth in the hope of saving money -- could mean you are only insured for the initial market value. That means you would only be partially covered in the event of a disaster. Short-term savings could never truly make up for payments needed towards your insurance if the worst happened. And what if you had to close for a while as damage was repaired – it really doesn’t bear thinking about. Put this right by: Speaking to Falcon to review your policies to make sure they are as they should be. Sure, you could crunch the numbers yourself, but if you haven’t been able to get on top of this up to now, trust us, let us respectfully suggest you may just need our help.