Is it time to review your insurance?
“Change is the law of life. And those who look to the past or present are certain to miss the future.” – John F Kennedy
You can’t beat a good quote from a famous person to prove a point, but in the case of insurance, it really does ring true. Insurance is not renowned as a fast-moving advanced business sector, after all it’s been around for years, but in reality it is and failure to review your insurances could have dire consequences.
Over the past few years, new threats have arisen for business, cyber-crime being just one example of this. It’s therefore imperative to make sure your cover is up to date for current risks. Even if insurance doesn’t move at the speed of dotcoms and new technologies, your company could, and it’s important your insurance covers keep pace with your company. This is never more important than with franchises. Franchises start from an initial idea, be it product or service, and can change from a small one-man band operation into a multi-national corporation.
Take one of the well-known delivery franchises. When they first started, deliveries were made on foot and bicycle, now, these companies own fleets of cars, vans, lorries and even aircrafts. As you could imagine, over time, the insurance requirements of this company has changed drastically. Increases in staff, turnover, diversification, or moving into new territories can all have a major impact on your insurance needs.
Read the small print
More worryingly, as a business owner, failure to review your insurances can invalidate a claim. If your business activities and risk (e.g. number of employees, turnover etc.) have changed over time and your insurance has not been changed to reflect this, you may find yourself in a sticky position when it comes to making a claim. It’s therefore vital you let your broker know about these changes so the policy can be updated to reflect them. Failure to do so could lead to future claims being reduced or not being paid at all.
You don’t know what you don’t know
Recognising the changes within your business is clearly a major factor when it comes to ensuring your insurances are as relevant as possible, but what about those risks you weren’t even aware of?
We live in a litigious society and the unfortunate reality is that there are people who will claim for all types of spurious situations. Being able to recognise the potential risks, mitigate them and insure against makes commercial sense.
If you arrange your insurance through the internet you may find you are limited, in terms of cover, to just those that you considered relevant. A broker will provide you will a personal service, taking the time to understand your business and ensuring you are fully insured.
What can we do to help
At the Alan Boswell Group we can provide independent insurance advice to protect you as franchisor and your franchisees. Not being tied to any insurance company means we can give you impartial advice on what covers you do and don’t need.
Being specialists in franchises, we understand the variety of business models within the industry as well as the risks associated with franchising.
As a top 20 independent insurance broker we have specialists in a number of sectors that complements our franchise experience. We already deal with franchises large and small within the UK and are well–positioned to review your current provisions. We pride ourselves on the service we are able to offer and the advice we give.
We can offer a free health check of your current insurance arrangements by one of our experienced account executives. Following this you will receive a report detailing our proposals and recommendations unique to your franchise operation.
1 – Insurance Age Top 100 Independent Brokers 2014