Tailoring business insurance can help avoid being underinsured, QBE says
There isn’t much point in having insurance if your policy isn’t tailored to your specific business need, QBE says.
Without taking proper consideration, businesses could go ahead with a mismatched policy, meaning they could end up paying too much for premiums or could find themselves underinsured.
QBE Insurance Head of Product Negotiated Lines Alex Green said: it’s crucial for business owners to fully understand their insurance policies. “If you are buying a new policy, it’s so important that it covers what you need and that you are aware of the contract and its exclusions.”
“Equally, when it comes to renewal time, it’s critical to ask the same questions because it’s likely your business will change over time. If you move your office, if you upgrade equipment, if you hire new employees – you need to update your insurer and potentially your policy,” Green said.
QBE advised speaking to an expert business broker who can help you find the best policies that meet your business needs.
QBE listed the following tips to consider before buying business insurance:
Does the policy cover your employees, any temporary staff and independent contractors?
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Without taking proper consideration, businesses could go ahead with a mismatched policy, meaning they could end up paying too much for premiums or could find themselves underinsured.
QBE Insurance Head of Product Negotiated Lines Alex Green said: it’s crucial for business owners to fully understand their insurance policies. “If you are buying a new policy, it’s so important that it covers what you need and that you are aware of the contract and its exclusions.”
“Equally, when it comes to renewal time, it’s critical to ask the same questions because it’s likely your business will change over time. If you move your office, if you upgrade equipment, if you hire new employees – you need to update your insurer and potentially your policy,” Green said.
QBE advised speaking to an expert business broker who can help you find the best policies that meet your business needs.
QBE listed the following tips to consider before buying business insurance:
Does the policy cover your employees, any temporary staff and independent contractors?
- Consider your excess costs. Would you opt for a higher premium for a lower excess? Or does it make more sense to pay a lower premium for a higher excess?
- Does the policy cover you for negligence if you make a mistake in running your business?
- If you operate a specialist business, have you chosen an insurer that has experience in insuring other companies in your sector?
- Are you covered for claims that may arise from work done overseas?
- Does your policy cover your legal expenses if you need to defend a lawsuit – even if your company hasn’t made a mistake?
- Are the monetary limits of coverage adequate for your needs?
- Does the policy cover you for all your risks?
- Are there any exclusions you need to be wary of?
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