Review and Reward

In difficult economic times we are all looking at ways of saving money. Insurance costs, which are often neglected during times of plenty, can be a good place to start, but you need to be careful about how you tackle this – you don't want to throw the baby out with the bathwater and find you have no cover in the event of a claim! It is however prudent for a business to review their insurance portfolio on a regular basis, providing that the review process is carefully considered.

1. The first place to start is to reread your insurance proposal forms. These will tell you what you have told insurers – and on which facts your policy cover is based. It is not uncommon for factors such as numbers of employees or turnover to fluctuate substantially during the course of a business's life. If you have a policy where the turnover or workforce that you have declared is higher than your current situation then you may be paying too much for your cover. If it is much lower you might find that you have no cover in the event of a claim.
   
2. Check that you are still doing what you told insurers you are doing. It is surprising how many businesses who undertake this process realise that what they originally insured for is no longer the process that they require cover for. You might also find that the percentage of your time is being used differently to when you took the cover out – perhaps a particular product or service has proved more popular as your business has grown or is more relevant to the current market place than previously. If your business has changed then you should talk to your insurers – this could mean a price increase or a price decrease, but it is better to be covered than not!
   
3. Consider what areas of the world you are now working in. Does this still fit what you have told your insurers – if you are now concentrating your business in the UK only then premiums may decrease, but if the internet has made you into a net exporter of products then you might need to change the geographical limits on your policy to fit.
   
4. Has your premium gone up every year for no good reason? It is surprising how many people simply renew with the same insurer each year even though the price has gone up a bit. Remember those one or two percents can add up over time, particularly as over the last 5 years insurance costs have been falling rather than rising.
   
5. Talk to an expert, not a call centre. PI Expert is on hand to help customers understand their insurance requirements. Our customers get straight through to a human being who talks their language and is ready to help customers understand their insurance cover and in order to the right cover at the best available price.