Whether you run an established business or are in the planning stages of a new business venture, the one inevitable cost is liability insurance. It is very important to have full details of the covers available to you and to be fully aware of the dos and don'ts involved in the decision making process. Here are some tips that you may find useful in making the important decisions about the policy you need to protect your business.
Use this as an initial guide to help you make our insurance arrangements, but do not solely rely on the advice given, consult a professional to assist you in making the liability insurance arrangements successfully. If you have any questions, contact us at Leisure Insurance brokers.
The Liability Insurance Dos:
1) Do find an who has the specialist knowledge of your industry.
2) Do make sure that your liability insurance provides you with sufficient cover for the risks involved.
3) Do ensure that you have meet your legal requirements in covering employees with Employers Liability insurance.
4) Do check that the insurance company providing the policy has a solid financial history.
5) Consider other risks your business may require cover for such as:-
Professional liability insurance
-Directors and officers liability insurance.
The Liability insurance don'ts:
1) Don't compromise on the level of cover and underinsure to get a reduced premium. Your financial protection will be compromised in the event of a claim.
2) Don't ignore the exclusions and conditions contained in the policy wording, these are extremely important to the way in which you carry out your business day to day.
3) Don't assume that all eventualities are covered under a single policy, make sure that you familiarise yourself with what the policy actually covers.
4) Don't take risk management for granted, continually look for ways to reduce the likelihood of a loss.
5) Don't conceal any material facts about the risks involved in your business activities from your insurance broker. A failure to divulge the pertinent information could be costly in the event of a claim.