- Do I need insurance?
Insurance is one way of protecting yourself, your family and/or your business against certain risks of unexpected financial losses. It does not remove the risk, but it can partially compensate for losses incurred. Through the payment of premiums, you transfer the cost of a major loss from you to an insurance company. Insurance operates on the principle of shared risk. A group of people or businesses pay in specified premiums to a common pool. Funds from the pool are used to cover individual losses.
- What does a broker do?
The broker's task is to help you identify the risks that you may be exposed to. Brokers can then advise on what risks should be insured against, and search the insurance market to obtain the insurance protection to meet your needs, at a competitive price. The broker then arranges the insurance policy, and documentation, and can also help you with information when required, especially if you have a claim, and will remind you when policies are due for renewal. As your circumstances change, we will review your policies ensuring that the cover is appropriate.
- What is risk management?
Risk management is all about taking precautions to reduce the risk of loss - this might include fitting smoke alarms or sprinkler systems, or extra security on windows and doors. In commercial premises, it might involve safer working practices within the factory or more staff training in safety, or even practice fire drills and evacuation procedures. There are financial risk management techniques as well for larger businesses, which are all designed to lower insurance risk exposures and costs. We can help you with this.
- Can you help me if I have a claim?
Yes, we can and will. An integral part of our service is to log claims on your behalf with your insurer, and continually monitor progress towards settlement. If required we can assist with the completion of all the necessary documentation and coordinating the loss adjuster, the insurance company and the contractors necessary to make any repairs.
- What is an Excess?
An excess is the amount that the insurers ask you to pay towards a claim, e.g. £50, £250 or more. By asking you to contribute to small claims, insurers can reduce the cost of insurance overall.
- Can I insure anything against any risk?
No, there are legal rules about what you can insure – you must have a financial interest in the property for example, so you can’t insure your friend’s car or a relative’s shop. And not every risk or peril is insurable. Common exclusions are wear and tear, temperature changes and war risks. Please contact us if you have specific queries.