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2015 – a New Year and a New Start!

It makes good commercial sense to undertake a periodic review of your insurance arrangements to ensure that the right cover is in place and that you’re not paying too much and what better time to do it than in the New Year!

Here we focus on our Top 10 ‘New Year Insurance Resolutions’ for 2015:

1.Sums Insured


Check the adequacy of your Sums Insured. In our experience, under insurance and the application of “average” is the biggest cause of problematic insurance claims.

2.Business Interruption Cover


How long is your Indemnity Period? Businesses that rely on specialist machinery, plant and other infrastructure should consider longer indemnity periods than the standard 12 month option.

3.Directors & Officers Liability Insurance


Are your Directors, Officers and Management Team protected against legal costs and damages arising from claims originating from alleged poor management decisions?

4.Emerging Risks


Are you covered against emerging risks such as Cyber Liability, Environmental Impairment and Crime?

5.Terms & Conditions


Do you really understand the meaning of your terms, conditions, warranties and exclusions? Failure to adhere to a warranty could invalidate your insurance cover.

6.Health and Safety / Risk Management


Are your procedures up to date and fit for purpose? Being fully up to speed could significantly help you in the event of a liability claim and possibly protect you from a potential prosecution from the HSE.

7.Business Continuity Planning


How would your Business continue to trade after a major loss? Do you have a plan in place to assist you in continuing to trade in those first few days immediately after the incident?

8.Test the Market


Have you spoken to another broker such as KTIB to see what we could offer you in terms of an overall insurance and risk management proposition? We would also give you an impartial second opinion on your existing insurance program, highlighting the strengths and weaknesses of your coverage.

9.Make an Inventory


If you haven’t already, create an inventory. If you already have a working document, ensure that this is updated to include all of your machinery, equipment and general contents. In the event of a claim, this could be invaluable.

10.	Public/Products and Employers Liability


Check your limits of indemnity are suitable for your needs. Claims costs and awards are significantly increasing and in some circumstances, standard limits of indemnity are inadequate.

If you would like arrange a review of your insurance arrangements arrangements, please contact Ian Stone on 01603 218 231 or email ian.stone@ktib.co.uk

Published 8th January 2015

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