FAQ (Frequently Asked Questions)
How can I make sure that
my policy adequately covers my business and the appropriate
assets?
One way to make sure you protect all your assets is
to create a list of any business assets you would want
to cover and check your policy for their inclusion.
Make sure you have included cover for all your tools,
fixtures and fittings, equipment, stock and any other
important items. Our specialist insurance broker can
advise you on suitable levels of cover if you are in
any doubt.
How will my claim history affect me?
Typically before an insurance company will provide you
with a quote, they will look at all your previous claims
including ones that were not paid. If the insurer notices
several claims in the last few years they are likely
to increase your premium. This will of course affect
the cost, because the company will need to make sure
they cover themselves if you have a history of making
many claims. Of course, should you have no claims, you
are normally entitled to a no claims discount, which
can be quite substantial in some cases.
How do I file a claim?
Usually the process of filing for a claim is quick and
simple but when a disaster occurs it's easy to become
confused. Here are some useful do's and dont's when
it comes to filing a claim:
- DO notify our specialist insurance broker as soon
as possible
- DO tell the police immediately if you have suffered
a theft or malicious damage.
- DO take all possible action to prevent further loss
or damage and thereby minimise or reduce the loss.
- DO NOT admit liability or offer to pay compensation
to anyone. Pass all correspondence to our specialist
insurance broker, unanswered immediately.
- DO tell our specialist insurance broker immediately
if you receive a solicitors letter, summons, notice
of prosecution or similar communication and DO NOT
acknowledge it.
- DO take any immediate action possible to prevent
it happening again.
How can I help speed up the claim process?
Be prepared to provide any information that is requested
by the insurance company or adjuster. The best way to
prepare is to be proactive and document vital information
before a problem comes to pass. For example, you may
want to keep duplicate records of key purchases offsite.
How do I adjust my insurance policy to
reflect a new asset I just purchased?
When you purchase a business asset, you should contact
your insurance broker and determine how you can include
it in your current cover. Your broker should be able
to cover the extra item immediately. New documents will
be issued as soon as possible and the extra cover will
then be included as part of your policy when you come
to renewal. It is always wise to inform your insurance
company of any new purchases, as this may affect your
policy and also reflect on the amount that is covered.
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Business
Insurance Guide
