by Dave Bates, FUW Insurance Services Ltd Business Development Manager
THE aim of insu rance ‐ be it car, home, farm, bu siness or travel insu rance ‐ is to mitigate risk and protect you and you r assets from any u nforeseencircu mstances. There are thou sands of providers onthe market; the qu estionis: are you receiving the cover you need?
If you r policy is u p for renewal soon, it pays (qu ite literally) to set some time asid e to review you r cu rrent insu rance. Evenif you don’t realise it, you r circu mstances are changing all the time and ju st one small change cou ld have a hu ge impact oncost.
Not only canreviewing you r insu rance save you money, bu t it will also help you to determine whether you are receiving the right level of cover for you r needs. If you au tomatically renew you r policy withou t second thou ght, you might not be adequ ately covered and therefore will be exposed to a nu mber of potential risks.
Carrying ou t a review of you r insu rance d oesn’t ju st involve logging online to compare qu otes ‐ there are a nu mber of other factors you need to bear inmind, su ch as:
• How oftendo you review you r insu rance? Ideally, a review shou ld be carried ou t a cou ple of months before each renewal as this will give you time to assess you r needs and ensu re you are getting the best deal.
• How mu ch have you r circu mstances changed since you r last renewal? As mentioned, one change cou ld make a hu ge d ifference to the cost of you r premiu m.
For bu siness insu rance, it’s worth considering the following:
• Does you r cu rrent policy inclu d e cover for long‐term employee absenteeism as a resu lt of stress? Stress is one of the mainreasons for employees taking sick days; if you ’re concerned abou t the effects it cou ld have onyou r bu siness, thenyou might want to take ou t a policy which covers employee rehabilitation.
• The nu mber of companies experiencing data breaches continu es to grow. It’s therefore vital you r policy provid es ad equ ate cover for electronic bu siness interru ption.
• Have you properly assessed you r level of risk and exposu re to the pu blic? Doing this will allow you to determine what level of pu blic liability you need.
• How abou t you r bu siness’ financial liability? There are many risks you cou ld be su sceptible to that won’t be covered ona standard policy, su ch as flooding. Evenif you ’re confident that you r bu siness is not directly at risk, what abou t you r su ppliers?
If you ’re reviewing you r home insu rance policy, bear these factors inmind:
• Similar to bu siness insu rance, flooding is not typically inclu ded ona standard home insu rance policy. Bu t, with floods affecting many parts of the UK this winter and with more wet weather to come, it’s something you shou ld consider protecting you rself against.
• Have you made changes to you r home? If you ’ve extended, for example, the extensionmay not be covered onyou r cu rrent policy.
• Have you recently bou ght expensive items? If so, they’ll need to be accou nted for onyou r contents insu rance if you want to protect them.
Lastly, if you r car insu rance is du e for renewal, answer the following:
• Have you changed you r job since the last renewal? Occu pationaffects premiu ms and you r
insu rer shou ld be notified, regardless of whether or not you drive to work.
• Are all d rivers listed onyou r policy, or are th ere any d rivers th at you need to remove? • Have you recently cu stomised you r vehicle?
Setting time aside to review you r insu rance policy a cou ple of months before its u p will help to ensu re you ’re getting the right cover for the right price. Contact you r local FUWIS office today for a review, contact details below.