Here to help you
Keeping us up to date with all the relevant changes to your business is key to us being able to provide you with the best possible advice in the face of the unexpected – be it a bad debt, flooding, a major lawsuit or one of a dozen other perils.
All of these could damage or even destroy your business, and we need to be fully aware of your business’s position in order to avoid last minute panics. This will ensure that no final decisions are taken without you being fully aware of the effect on risks and premiums.
In any of the following examples one quick call to your broker could save money and prevent expensive mistakes.
Buying a business
As your broker we should be involved in the due diligence process to help detect any undisclosed liabilities, or particular areas of business that will prove hard to cover at a reasonable price. This is particularly true in the current market with premiums rising.
Selling a business
The impact of disposing of a business on your existing insurance programme could be unexpected and extreme. Cover may be necessary to protect against late-reported claims. Sometimes ‘hold
harmless’ agreements – indemnities or warranties against unforeseen past losses that suddenly surface – may leave liabilities that call for extra insurance.
Buying and building new premises, moving or extending existing premises
If you buy or build new premises insurers may consider them unsuitable for the purpose you intend. Consequently they may ask for costly improvements, such as fire doors and security equipment. Similarly in the case of new-builds, architects may not fully appreciate what insurers require and small changes to the plans in advance could substantially reduce premiums. By consulting us beforehand we will be able to advise you of these matters in advance.
New contracts, suppliers and customers
Any new contracts could affect your insurance programme by introducing new risks that require cover and management. Wherever possible, these should be assessed by us before any documents are signed.
New markets and launching new products
New contracts may impose extra liabilities as well as adding to the risks your business must consider. Similarly supplying goods or services to certain sectors may bring their own insurance problems; for example if you are considering exporting to a new country you should take into account the cost of insurance as it can vary widely from country to country.
In fact, if you are launching a new product or service that is radically different from your current offering it could have a wide-reaching fundamental impact on your insurance arrangements.
Police withdrawing support for burglary alarms
The police sometimes withdraw support for monitoring burglary alarm calls. It is vital that you inform us immediately if this happens to your business, as it is unlikely that your existing insurance cover would still be valid.
New plant and equipment
Introducing new plant or equipment may mean existing insurance will be inadequate thereby making special cover a necessity. Similarly a new process could mean an increase in premiums or breach a condition in your current policy.
New drivers or cars
As an extreme example, employing a young driver and giving them a Ferrari could make your entire motor fleet uninsurable. Although in practice very few businesses would take things to this level, it’s always wise to discuss changes in recruitment and vehicle policies in advance.