It's time to call your insurance advisor

We always knew our clients were entrepreneurial and innovative but during the pandemic we have seen a rate of transformation like never before.

By speaking with clients regularly, we’ve been kept up-to-date on changes and made the necessary adjustments to insurance portfolios.

The insurance market is now a challenging place, with increased premiums and insurers reducing what they are prepared to insure.

Business owners therefore need to speak with their insurance advisors early as insurers are taking longer to process paperwork than ever before.

Don’t let insurance matters get in the way of business development plans, so speak to your insurance provider about.

Changes in your business activities

All insurance policies have a business description detailed within the documents explaining the activities of the business they insure. If you have diversified or expanded your operation you must update your insurers immediately. If it isn’t detailed within the description, then it isn’t covered.

Many businesses still do not have protection against cyber crimes

Check when a qualified company completed a rebuilding valuation

We have a network of strategic partners who help us look after our clients.

One partner conducts rebuild valuations. In the past three months, we have had nearly 50 property valuations conducted, 73 per cent of these properties had a level of underinsurance. We recommend clients have their property revalued every three years.

Seeking new funding to develop your business

There has been a sharp increase in requests by lenders for onerous insurance requirements. The implications of these requests can result in increased premiums. Often insurers are unable to provide what is required.

Businesses and their solicitors frequently leave speaking to insurers until the last moment, causing delays. If you are thinking about a new funding arrangement, seek guidance from your insurance broker early.

Emerging and pertinent risks

Your broker should be making you aware of risks that are relevant to your business. Many businesses still do not have the protection for cyber and financial crime. In 2020, 80 per cent of firms saw an increase in attempted cyberattacks. With staff working from home, businesses feel more vulnerable to cyber-crime.

Management Liability

Management Liability is a comprehensive insurance that exists to cover allegations of wrongdoing, directed at the company, its managers, directors and officers. Claims are increasing and although you may not have done anything wrong, defence costs can be considerable.

Management Liability can be extended to include Employment Practice Liability and as HR legislation becomes more stringent, this type of protection offers additional peace of mind.

Give your insurance provider a call to remind them about you and your business. If you want a second opinion or would like to discuss the specifics of your business and insurance, please don’t hesitate to get in touch, we would be delighted to help

  • To read this feature in full and access further Lancashire business news, advice and analysis subscribe to Lancashire Business View magazine or join the LBV Hub from just £2.50 per month. Click here to subscribe now.