Mark Jones, Saleves and Development Director at ambinsurance Services Limited gives an expert insight into business insurance for owners and why it is so important.
“Business insurance, often viewed as an obligatory expense, is a crucial element of resilience when approached with clarity. This guide unveils the essentials, emphasising why understanding your coverage is vital for protection.
The role of transparency
Insurance is built on trust, with policies tailored to your business’s unique risks. Complete disclosure – on past claims, operations, and potential risks – is not just advisable but legally required. Withholding information to reduce premiums can lead to denied claims, making accuracy essential.
Coverage beyond property value
Coverage shouldn’t be based solely on a property’s market value. Rebuilding after a disaster often involves costly extras, like demolition and skilled labour, impacting total reinstatement costs. Chartered surveyors provide accurate estimates, helping avoid gaps in coverage.
Business interruption: Planning for downtime
Often misunderstood, business interruption insurance does more than cover lost revenue. It ensures financial continuity for expenses like wages and bills. For complex operations, an extended indemnity period may be crucial to recovery after incidents that exceed standard coverage durations.
Tailored policies for growing businesses
Pre-packaged policies may fall short for evolving companies. Tailored plans, using insurance-specific gross profit measures, ensure more accurate coverage. A specialist can clarify policy terms, aligning coverage with business needs.
Staying compliant
Overlooking policy details – endorsements, warranties, and conditions – can lead to nullified claims. Regular reviews with a broker keep your policy aligned with business changes, making insurance a strategic tool to protect today’s assets and tomorrow’s growth.”
