While many business owners are looking to cut costs in order to stay afloat in the currently unsettling economic waters, insurance experts have cautioned them not to cut corners by eliminating commercial insurance cover.
Many business owners who have not had to make a professional indemnity insurance claim in many years often look at their monthly premium payments and begin to wonder if they can save a few quid. However experts say that cutting down on the amount of business insurance cover in an effort to reduce expenditure can come back to haunt a business owner worse than Marley’s ghost haunted old Ebenezer.
In the current litigation climate in the UK, experts caution that even the smallest of incidents can act as a catalyst to a public liability insurance claim. Some firms have been taken to court on issues as seemingly frivolous as workers leaving muddy bootprints on the carpet of a customer.
However as the entirety of the business insurance landscape grows steadily in complexity, an increasing number of business owners have had to go in search of specialised insurance firms and brokers, leaving their smaller-scale, local brokers in the dust.
For example, a business that operates a taxi company or a haulage firm that has a fleet of lorries will have relatively complex business insurance needs. In such a situation it makes good financial sense to pursue guidance from a firm that has expertise in the type of issues that such a business may encounter, or one that can field a specialised team of experts at a moment’s notice.
Many times such a specialist broker has the ability to bring potential issues to the business owner’s attention that would have otherwise been completely overlooked.