A lot of people carry personal new year resolutions, but what about your company, what resolutions do you have for this?
Become a better manager, work harder with getting more out of your employees, investing more cautiously when it comes to spending budget.
All of those are great, but what about a thought for your company’s insurance? Insurance is that piece of paper which protects your company in the event of a disaster, so the question is, have you got all the right policies in place to protect your business?
Unfortunately, there is a culture nowadays to look online for insurance products … why, because it is quick, easy and cheap??
So, let’s think for a second about what happens to those cheap products you buy from retailers, i.e. toys, clothes, kettles etc …more than not they don’t last long, why, because they are made from cheap material.
There is nothing dissimilar here to when buying business insurance for your company? How can an individual who has scarcely any insurance knowledge purchase an insurance product online believing they are fully covered? The answer is they can’t which is where the catch is. Yes, it looks like you are being covered for most things, but like the toy or the garment, you don’t really know what makes up the policy with the small print and endorsements. So, what looks good and cheap,is actuallythere to trip you at point of claim. Hence the phrase economy policy … which basically means a policy which covers half of what it should.
We can then take this a step further. OK you have brought a business insurance policy for your company … but has that computer advised you about other insurances like cyber insurance and professional indemnity insurance which would further protect your business. Again, the answer here is no as a website does not have the capacity to discuss this sort of thing in detail with a prospect client.
So why should you seek Property Insurance advice from us?
A property developer looking for property developer’s insurance for instance would come to us and say they require cover for builds they are doing, whether this means by themselves or for works that a contractor is carrying out for them. The developer would come to us and ask us for a public liability insurance policy, as this is what they think would cover them. We explain, that public liability policy would only cover them for damage to third part property, so if they were doing a new build it would only cover them for injury to persons or damage to anything in the surrounding area.
What we ask is have they already started the build, does the existing structure need to be covered, have they thought about a building warranty, are there any restrictive covenants that need to be insured, do they have a contingent policy in place with the builder, alternatively do they have a contractors combined policy in place for the build, do they have professional indemnity for design and construct insurance, do they have cyber insurance.
Until this is fully explained to a property developer, they have no idea as to why they would need any of this added insurance protection with many of these covers not even being heard of before.
At construction insure we make sure we fire all of the right questions at you, pinning your ears back so we know exactly what you are doing, not only now but also in the future, so we can discuss all the potential insurance that you need and give you a comprehensive explanation as to why you will need them.
So, a new year’s resolution, cheap and quick is not the right way when it comes to protecting your business, make the resolution to spend time speaking to experts like Construction Insure who will make sure you get it right every time and help you understand the importance of each insurance policy you are buying.