PICTURE : TOM BANKS
Insurance advice - Erimus commercial director Paul Davison .
Invest in your insurances
A s we inch our way closer to the easing of Covid-19 restrictions , it feels like life is slowly returning to normal . However , I think we can all agree that our version of “ normal ” is still very different to life at the beginning of 2020 .
Businesses have spent the past 18 months adapting , innovating and overcoming the challenges that the pandemic and Brexit imposed upon them . Whether you have created a new online presence or moved to a remote working model , it is likely that your risk exposure has changed .
We urge all business leaders to use this time to take stock and reflect on the changes made to your business . If your insurance policy does not represent your new way of working , you could be vulnerable to significant uninsured losses .
Often insurance is viewed as a necessary evil , simply an expensive piece of paper , but it is so much more than that . Insurance is a safety net that allows you to take risks , confidently invest capital into new resources or skills , or scale up your business .
Insurance safeguards your assets , investments , people and reputation . It is one of the most important purchases your business makes .
There has been a prevailing attitude among buyers and distributors of insurance to prioritise price above all else . Price and affordability are important aspects of your insurance programme , but it should not be to the detriment of suitability .
For example , if you were looking to invest in the stock market , you would not look for the cheapest shares available . Instead , you would look for the best investment , performing due diligence to
Paul Davison , commercial director at Stocktonbased Erimus Insurance Brokers , asks some pertinent questions about your insurance
ensure longevity and return on investment . The same should be said for your insurance programme .
Most buyers of business insurance have multi-million-pound risk exposures , whether it comes from high-value assets such as buildings and machinery , a contractual responsibility , or potential liabilities for bodily harm .
The guidance of an experienced independent insurance broker will help you choose the best policy for your business . At Erimus Insurance Brokers , we look to provide a seamless approach to advice , based on your needs , rather than promoting a defined or restricted product suite . We achieve this by :
Step One : Conducting a full and thorough risk analysis of your business . Depending upon your business , this may involve site visits , questionnaires , and copies of your internal procedure documents .
Step Two : Create a clear and comprehensive risk presentation . We will use this document as our submission to insurers . By working closely with you , and utilising our experience of the insurance market , we are confident that we are making a fair presentation of your business to insurers receiving “ like for like ” terms from all quoting insurers .
Step Three : Review the terms received from insurers and assess whether the cover meets your needs . When we present the terms to you , we will highlight and discuss any onerous warranties or conditions .
Step Four : Provide an ongoing service proposition managing mid-term adjustments and delivering an effective claims function in the event of an incident . We have retained all our services in-house , so you are always speaking to a member of our team based here in the North-East . Throughout the lifecycle of your policy , you will have one of our experienced advisors on hand to provide advice and support .
For any insurance programme to meet your reasonable expectations , the broker should be delivering on the points noted above .
Erimus Insurance Brokers is the largest independent insurance broker with head quarters in the Tees Valley . We are committed to protecting the North-East business community . Our client base ranges from micro-SMEs to £ 250m-plus turnover companies in a range of sectors and professions .
If you are concerned about your current arrangements and would like to speak to a member of our team please visit our website erimusib . com or call us on 01642 240400 .
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