Top 10 Mistakes Businesses Make When Buying Insurance

Securing the right insurance for your business is a critical decision, yet many companies fall into common traps that can lead to inadequate coverage or unnecessary expenses. Here are the Top 10 mistakes businesses should avoid:  

1. Buying online

Purchasing insurance is a legal contract between your business and your insurer based upon the information you have declared to them. Getting it wrong or not providing full disclosure could invalidate your insurance policy at a time of a claim. Use an independent  broker who has decades of experience in helping you navigate the complex area of disclosures and getting this right.  

2. Overlooking policy exclusions

Failing to review exclusions in detail can leave your business exposed in critical areas and prove disastrous when it comes to a claim. Always check what is and isn’t covered.  

3. Underestimating the value of assets

Incorrectly valuing your business assets or property can result in being underinsured or facing disputes when filing claims. Underinsurance, particularly of business premises, is a rising problem in the UK at the moment.  

4. Ignoring claims services

An insurer’s claims process is a vital part of your coverage. Ensure the provider has a strong reputation for efficient and fair claims handling, giving you peace of mind should you have to make a claim.  

5. Failing to review policies regularly

Businesses evolve, and so do insurance needs. Not updating your coverage/estimated turnover/wages or the work that you do could leave your insurance exposed and invalidated at the time of a loss. Always make sure you’re on top of policies and approaching renewal dates.  

6.Focusing solely on price

It’s extremely tempting to do this, but while saving money is important, prioritising cost over comprehensive coverage can result in significant risks for your business. Remember, you really do get what you pay for when it comes to insurance!

7. Relying on assumptions

Assuming certain risks are covered without checking the policy fine print can lead to costly surprises. Always confirm your understanding with your provider and make sure you dot every ‘I’ and cross every ‘T’!  

8. Not reading reviews or consulting the website

Skipping customer reviews or ignoring a provider’s website can mean missing valuable insights into their service quality, coverage options and claims reputation.  

9. Going direct to an insurer

While it might seem simpler, going directly to an insurance provider limits your options and prevents you from accessing tailored advice or comparing multiple carriers.  

10. Neglecting to seek professional advice

Insurance policies are complex, and a professional advisor can help you navigate the intricacies to ensure your business is fully protected and receiving the best value.  

An independent broker can help you avoid ALL of the above mistakes!

This is what we can do for you at Ascend Broking Group to make sure you find the right insurance policies for your business and its specific requirements and risks:

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• With unbiased guidance, we source from the entire insurance market and work with multiple top-tier insurers to find the best coverage and value tailored to your business.
• Our advisors ensure you fully understand exclusions and coverage, so there are no surprises.
• We help you assess the true value of your assets to ensure appropriate coverage.
• Our dedicated claims team advocates for you, ensuring a smooth and efficient claims process.
• Our approach emphasises both affordability and comprehensive protection, giving you peace of mind.

 

Let us take the strain of sourcing the right insurance provision for your business! With Ascend Broking Group, you gain more than an insurance provider - you gain a trusted partner committed to protecting your business, now and into the future.

Contact us now on 01245 449060 or email info@ascendbroking.co.uk to see how we can help YOU!