Insurance: Expectations vs reality


To some people, business insurance is a bit of a necessary evil, but if you don’t have it and things go pear-shaped, you’ll be hugely out of pocket. Getting your commercial insurance sorted doesn’t have to be a drain on your time and your finances, especially if you’ve got the right team on board. 


Expectation: It’s too expensive 

Reality: Getting the right amount of cover is cheaper than dealing with the consequences if something goes wrong. By working with an adviser, you can get the best cover for your situation and your budget – but you need to be realistic. 

You could only cover some of your assets, but it’s probably going to be more expensive to replace anything that’s not covered. Is it really worth saving a bit of money now to have to fork out more later?


Expectation: Getting cover sorted takes too much time

Reality: Getting cover in place is quick and easy with an insurance adviser. Advisers can apply their knowledge and expertise to identify the best policies that will suit your specific needs. Their job is to save you time by finding the perfect combination of coverage, cost and risk, and most importantly, help you avoid being underinsured.

An adviser can negotiate on your behalf to get the best policy terms, help you understand your policy and explain coverage and exclusions clearly. 


Expectation: I’m covered if I use my personal vehicle for work purposes

Reality: Unfortunately, no you’re probably not. If you use your vehicle for business purposes, personal car insurance may not protect you. 

It’s important to purchase business vehicle insurance, or clarify with your insurer what you’re covered for. If you have other people, such as employees, using your vehicle, make sure they’re named on your policy, too.


Expectation: My existing policy from years ago has got me covered

Reality: This might not be the case – your business has probably changed a lot since you last took out your policy and it may not be relevant for what you need now. 

The last thing you’d want is to try to make a claim on a policy that doesn’t cover you for your present situation. You may also end up paying more for things you no longer need, so it’s a good idea to update your policy regularly.


Expectation: My business insurance claims won’t get paid out anyway

Reality: An adviser will fight to get the best outcome for you and your business in the event you need to make a claim.

The claims process can be lengthy, but trust the experts to step in and advocate for you, saving you time and stress. You can have peace of mind knowing you have someone speaking on your behalf and assisting you throughout the entire process.


Want to deal with reality when it comes to business insurance? Get in touch with our friendly team of commercial financial advisers today.

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