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The Importance of a Strong Insurance Programme

May 2021

With the ongoing effects of Coronavirus restrictions, many policyholders are looking at ways of reducing costs and saving on their business overheads, with insurance being one of the areas under pressure.

Some businesses are looking at reducing the limits of indemnity held and cutting back cover in order to achieve such savings, something we have seen particularly in the area of professional indemnity and director and officer risks. That said, it is not necessarily beneficial to make sacrifices in the level of cover which ultimately your business will depend upon in the event of a claim. Reducing now what was originally considered as adequate cover and indemnity limits under your policy, could leave your business exposed and liable for any shortfalls, which could be significant and potentially crippling. Often, increased limits of indemnity become more and more affordable the higher the limit which is purchased, therefore cutting the limits of indemnity for your business is one of the least economical methods of achieving savings relative to the cover which is being lost.

It is often true that a policy which is too cheap will be offering very limited coverage and will likely not be providing the breadth and appropriate covers in the event of a claim. After all, the reason a policy may be priced so much lower than alternatives could be that the insurer has been paying far fewer claims than its competitors, due to the narrower cover it offers, meaning the insurer can offer lower prices.

Daines Kapp Insurance Brokers aim to ensure that all clients hold comprehensive insurance cover at a competitive premium. We would be happy to provide you with an alternative quote for your business requirements and give you a second opinion on your existing insurance programme.

If you would like Daines Kapp Insurance Brokers Ltd to provide you with a free no obligation quotation for your business insurance please contact us and one of Commercial Team will be happy to help you.