How we can help you in a small way to weather the storm?
The impact of the recession on insurance was dealt with in detail in the last issue. Trading for most businesses is still very difficult and below is a résumé of some of the insurance issues which may be relevant to your business.
The insurance market is still highly competitive and whilst large reductions are less common, we would still expect premiums to remain at a similar level to last year for most clients. There will be exceptions to this for certain clients in particular trade sectors or who may have had claims in the past year.
Insurers are more vigilant on claims as they are concerned about an increase in fraud during the recession. This can effect claims service from them.
If your business activity is expected to continue at a reduced level, let us know prior to the renewal of your insurances. This could impact on the premiums we can negotiate for you.
Make sure that you continue to be vigilant about health and safety, security, general housekeeping, waste disposal and fire protection issues. In hard times, a claim which is not covered can be crippling for a business and even if covered could impact adversely on premiums for years to come.
Discuss with us first before cancelling any cover. Once again, an unforeseen loss with no insurance protection can be disastrous for a struggling business, Indeed there is a case for extra protection especially for employment claims, litigation against directors and officers and bad debts.
We are able to arrange for premium instalment finance for most clients. This can help cash flow or reduce your overdraft. If you pay annually at the moment talk to us about available options.
We are here to play our small part in helping you get through these difficult times and are more than happy to discuss any of the above issues.
