Shop Around, Do Your Homework, Read The Small Print
If you’re looking for professional and business insurance you should be aware that not all products are the same. If, after two years of recession, your cash flow isn’t as healthy as it once was you may be considering, or even have gone through with downgrading to the minimum insurance that you possibly can. Now, provided nothing untoward happens then that’s fine but what happens if you’re barely insured and you lose a huge claim? If you’re the proprietor of a small business then it’s going to be up to you, personally, to pay if the policy you’ve discovered doesn’t cover you sufficiently.
I understand that insurers in Australia are already trying to decide whether the flooding which has inundated Canberra is slow rising water or a flash flood. Queensland has been in a drought for ten years so no-one really worried much about their flood damage insurance so those who opted for slow rising water are going to find themselves uncovered while those who bought in for flash floods will be paid.
While we in the UK are beginning to experience flooding more and more frequently due to the changing climate affecting weather patterns all over the globe acts of God and other natural disasters aren’t the only factors that should be read very carefully when it comes to checking the terms of your insurance.
If you are engaged in haulage and require van insurance or have takeaway for which you have restaurant insurance you will always find that the cover offered by different firms is either good, bad or indifferent yet without reading the small print and checking all of the clauses of each and every policy it’s often very difficult to tell who is actually providing the best deal.
Price, when used as a measure against other financial products can usually be quite reliable but when it comes to insurance it’s a less reliable indicator; a pricey product may have so many clauses and get outs that you’re barely covered at all while a real bargain may be just the cover you’re looking for. Unfortunately, if you don’t do your home work it’s not until you need your insurance that you find little details like that out.
Modi is an SEO consultant promoting business insurance. You can connect with him on Twitter @macmodi