Firms need to 'review business insurance regularly'
Published Date: 27/07/2012 14:09:26
Companies should regularly review their business insurance to make sure it is at the right level.
This is according to insurance expert Nick Kennedy, who observed firms need to make sure their policy is still relevant to the line of business individuals are currently in.
Writing in the Peterborough Telegraph, he observed there will always be changes in an organisation's requirements as it evolves.
"It is essential that you are accurately represented to your insurers as a failure to disclose a material fact could invalidate your policy in the event of a claim," Mr Kennedy remarked.
The expert went on to note firms should also make sure the sums they are insured for and the limits of indemnity they have are sufficient.
He added recent research discovered 50 per cent of UK commercial property may be under-insured, a situation that could see a lot of businesses ending up out of pocket.
Latest NewsMore Articles
Pets are 'part of the family' say owners
04/12/2013: Some 90 per cent of people who own pets say they think of them as members of the family - suggesting it's likely that many pet personal insurance holders feel this way. Read More
New anti drink-driving campaign launched
04/12/2013: A new THINK! anti drink-driving campaign has been launched, highlighting the way being convicted of this offence can harm people's job prospects. Read More
Some people still not getting the right winter sports cover
03/12/2013: Some 15 per cent of people who head on winter sports breaks fail to get the right sort of insurance cover for snowy activities like skiing, it seems. Read More
Brits reading papers while holidaying overseas
02/12/2013: Some 51 per cent of holidaymakers either read their favoured national daily paper when on a break overseas or try and find it on sale locally, it has emerged in a poll. Read More