Do you fully understand your policy & policy wording?
Taking out business insurance without the right advice can lead to several issues that might put your business at risk. Here are some key points to consider:
Inadequate Coverage:
Without proper guidance, you might end up with insurance that doesn't fully cover your business needs. This could leave you vulnerable to significant financial losses if an incident occurs.
Legal Requirements:
Some types of business insurance are legally required, such as employers' liability insurance if you have employees. Failing to have the necessary coverage can result in legal penalties.
Financial Strain:
In the event of a claim, having insufficient coverage can mean that your insurance pay out won't cover the full extent of the damages or losses, leaving your business to cover the shortfall.
Complex Terms and Conditions:
Insurance policies often come with complex terms and conditions. Without expert advice, you might not fully understand what is and isn't covered, which can lead to unpleasant surprises when you need to make a claim.
Overpaying for Unnecessary Coverage:
Conversely, you might end up paying for coverage that your business doesn't need, which can be a waste of resources.
Don't leave it to chance, to avoid these pitfalls, it's advisable to consult with an insurance broker or expert who can help you assess your business's specific risks and recommend the appropriate coverage. This way, you can ensure that your business is adequately protected without overspending.
If you have any specific concerns or questions about business insurance, then speak to a specialist at LBH Insurance for independent advice. Call one of our specialist team on 01702 347889 or email enquiries@lbhinsurance.co.uk.
