Things To Watch Out For

• Excess - An Excess is the first part of every claim that you are responsible for. Usually you can reduce the cost of your insurance by increasing the Excess amount.
  
• Amounts Insured - It is your responsibility, and vitally important, to supply accurate information to the insurance company as to the value of your assets. In some circumstances, incorrectly valuing the amount to be insured could affect your claim. If you cover your assets for more than they are worth (over-insure), you will pay a higher premium than necessary. If you cover your assets for less then they are worth (under-insure), you will not receive enough compensation to cover your losses. Our specialist insurance broker will be happy to discuss this with you. In some cases an insurer may wish to survey your premises before agreeing to cover the insurance requested.
  
• Pre-set Conditions And Exclusions - Understanding how you are covered, is as important as understanding how much you are covered for. You should be aware of any pre-set conditions and exemptions that may exist with the cover. For example some cover is dependent on you having an alarm fitted or securing your equipment in a particular way. Full details of conditions can be found in the policy wording and are shown on your quote schedule. Our specialist insurance broker will be happy to discuss these with you if you have any questions.
  
• Know Your Insurance Company - As part of your decision making process you should look beyond the numbers (cost of cover and amount you are covered for) and examine the potential insurance provider. It might be better to pay a little higher premium but deal with an insurer who has extensive knowledge about your industry or business insurance. You might want to also check the insurers financial history and claims process before you decide to take their policy. Also ask your friends and family who they are with, as you will find once someone has a good insurer, they tend to stick with them for many years.

Friday, November 21, 2008