John Bourke of NTI/Thompson insurances passes on his insurance prowess to Hardware Journal readers.
In all my years working in the Insurance business, I have never come across a policyholder who was happy to report a claim. However, when that claim is reported, and it is settled quickly and
fairly, policyholders tend to be pleased that they have bought a level of cover that saw them get back to business without fuss.
Minor property claims can cause serious disruption to a business, but a severe fire, flood or even a break-in can have a very negative impact. An insurance policy provides monetary protection, and
the aim is to get the business back up and running as quickly as possible. Having said that, loss prevention measures implemented by a policyholder can reduce the severity of a loss, and can often
mean that while a claim is being adjusted and settled, a business can continue to trade, albeit on a restricted basis. Methods of reducing property damage, risk and consequential loss are;
There are a number of misconceptions about key areas of insurance cover i.e. property damage and consequential loss, also known as business interruption. When seeking cover, you should note;
Understanding your exposures as a business person or in a personal capacity is vital when deciding what insurance cover you need and should definitely have. It is a worthwhile exercise to review your cover every year, be aware of the exposures your business has, ensure your sums insured are adequate and discuss the cover you have, or don’t have, with your broker or insurer at least once per year. Liability claims can also be prevented, and I will delve in to this difficult topic in my next contribution.
This Business Support article featured in the November/December 2018 edition of The Hardware Journal.