Insurance often gets a bad rap, but it’s important to recognise the vital role it plays in our lives. While it can be frustrating and complex, insurance is designed to help protect us from significant financial loss. When it works as intended, it can be a lifeline, helping people rebuild their lives after disasters and supporting businesses in times of need.
Simply put, insurance isn’t a scam or a ‘necessary evil’; it’s about managing risk and providing security. The real issue arises when insurance doesn’t work as expected, leaving businesses vulnerable. That’s where the focus should be – on ensuring that your insurance fulfils its promise to protect and support when it’s needed most.
On this National Insurance Awareness Day, we’re offering essential advice to help safeguard your business against unexpected challenges. Taking a moment to review your insurance plans today could save you a headache tomorrow.
Review your insurance arrangements
We understand that insurance might not be the most captivating subject, but it’s crucial for your business. Often, companies only think about their insurance policies at renewal time and even then, it might not receive the attention it deserves.
As your business evolves, so should your insurance coverage. Changes in staffing, revenue growth and diversification of business activities can all impact your insurance needs. Being underinsured can lead to significant issues if a claim arises. This National Insurance Awareness Day, take a moment to review your policy documents and ensure your schedule and statement of fact are accurate.
Check the small print
While it may seem tedious, reviewing your policy’s terms and conditions is essential. This practice ensures you fully understand your coverage, helping to safeguard your business from exclusions and preventing unexpected issues during claims.
Get help from a commercial insurance broker
Regularly reviewing your insurance with a professional broker is a smart move. They can help pinpoint coverage gaps or areas where you might be underinsured. Additionally, they can identify overlapping policies, so that you don’t pay for unnecessary coverage. At QMT Commercial, we provide complimentary consultations and audits to help you optimise your business insurance.
Do some housekeeping
While making claims might seem out of your hands, there are proactive steps you can take to prevent them or lessen their impact. Start by implementing comprehensive health and safety policies and ensuring they are well-communicated to your team. Simple measures, like increasing awareness of fire risks and trip hazards, can make a significant difference.
For those with a fleet policy, it’s crucial to establish strong driving standards and provide thorough training. Clearly outline procedures for reporting claims or motoring convictions. If your policy includes an ‘any licensed driver’ clause, regularly review your drivers’ DVLA records. This ensures any motoring convictions are properly documented, as serious offenses might not be covered – a situation best avoided before a claim arises.
Consider your data and cyber security
In 2024, a UK Government survey found that more than 40% of businesses experienced some form of cyber security breach or attack in the past year. High-profile incidents, such as the M&S breach, highlight the severe impact these attacks can have, even on companies with substantial cyber security investments. No business is exempt from this digital threat. Now is the time to consider a cyber insurance policy to help safeguard your business against the significant financial and reputational harm these breaches can inflict.
National Insurance Awareness Day is the perfect opportunity to organise your insurance plans. It’s truly not worth putting it off until tomorrow as you never know when life will throw you a curveball.
At QMT Commercial, we recognise the complexities of business insurance, especially with the multitude of options available. You can rely on our knowledgeable team to assist you in finding your next insurance deal. We evaluate coverage options based on your specific needs and budget, providing recommendations for the most suitable products. If you need our support, get in touch for a free consultation.
