SMEs Guide to Business Insurance: Your prayers, answered!
Before the event: “A necessary Evil: A Waste of Money: I can’t be doing with it.”
After the event: “I never expected it to happen to me!”
Nothing in life, except perhaps the knock of the taxman, causes the hackles to rise more than the agony of buying business insurance. The cost is an annoyance, at best, and very difficult to measure in terms of value for money, and so it typically gets the lowest of priorities in business life. That is until you need to make a claim! Then all that matters is that the business insurance pays up promptly; because very few SME’s have any spare cash for unexpected events.
Cash is King, especially when you do not have it; and never is that more valid than when your business has suffered a loss by fire, flood or accident. It can cause your business and personal life to be interrupted to such an extent that it can threaten your entire future. You need money urgently, and the insurance company takes its time to “investigate”! Can it get any worse?
Yes, there then may follow a dispute about whether they will pay your business insurance claim, how much and when. By this time the customers have deserted you, the staff are leaving because they are not being paid and the VAT is due in a month; but there is no money to pay it, or your overheads.
If this reads like your worst nightmare, it is because it is meant to. This should keep you awake at night. It is not an uncommon scenario, and it can be made worse by being Underinsured, in Breach of a Condition or Warranty or unable to navigate the labyrinth of complex and unintelligible insurance jargon, rules, regulations and conditions when buying business insurance.
Help is at Hand
A handy guide to the essentials of business insurance for the SME
Flaxmans have produced a free booklet written primarily for small and medium-sized businesses that often have no access to advice or guidance on even the least complex of insurance affairs. This booklet is an essential standby for when you buy business insurance or need to make a claim.
It contains explanations of terms and jargon in ordinary everyday language together with guidance as to what to look for and what to avoid in business insurance buying and clams. An insurance disaster only needs to strike once in a lifetime to bring a business to its knees.
Are you an SME? To get your copy of the SME’s guide to the Truths about Insurance just email firstname.lastname@example.org.
Are you a Broker? To gain access to this and a number of other industry related documents become a member of the Brokers Support Portal completely free of charge.
Flaxmans, the UK’s leading insurance dispute and claims advocates deal with the after-shock traumas of hundreds of SMEs whose insurance policy has let them down when they need it most.
Michael Wilson a senior consultant at Flaxmans and veteran of the insurance industry says: “We very often feel for our clients; because what has happened should never have happened, but in the real world of business and risk if it can happen it is just a matter of when; and how bad. Who would have predicted the 9/11 catastrophe or Grenfell House or Whaley Bridge? It does not have to be on national news for the event to be enough to bring down a business; it happens every day to someone.”
A UK wide initiative by the Insurance industry to regain the trust of the insuring public is under way and Flaxmans have prepared a guide for SMEs that makes essential reading because it simply goes to the heart of the problem everyone has with insurance; understanding how it works.