Businesses may unknowingly leave themselves at risk by making simple but costly insurance mistakes. Michelle Howells, our Lydney Account Executive, shares her top five mistakes businesses commonly make with general insurance.

1. 1. Underestimating the implications of underinsurance – this can lead to financial disaster. RebuildCostASSESSMENT.com’s latest annual infographic has revealed that 76% of UK buildings are underinsured, and properties found to be underinsured are, on average, still only covered for 63% of the amount they should be.
   2. Not being fully truthful, or updating changes within the business such as number of employees, turnover etc. This may be unintentional, but it can lead to problems and disappointment if a claim arises or even see their policy voided.
   3. Thinking something isn’t relevant when it could well be. Run it past your Broker, they’ll be the judge of that!
   4. Wanting the cover they require to fit the premium they want to pay – it doesn’t work like that. You are being offered the best premium for the cover you require.
   5. Being unhappy with their Broker but not looking elsewhere. If you don’t feel you are receiving the service you deserve, renewal time is the best time to make some enquiries and find a Broker who will work with you to ensure your journey is the best it can be.

From underestimating cover levels to staying with a broker that isn’t delivering, these simple oversights can turn into bigger issues if a claim arises.If you’d like some guidance around strategic risk management, get in touch with our team today.

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