What keeps us up at night as insurance brokers? Hands down it’s when our family, friends or clients are underinsured or worse, uninsured. Often price is the biggest reason cited as the reason someone is underinsured or uninsured, but equally there is a lack or understanding, or perhaps many people have never properly had underinsurance explained to them and may not understand the significant implications it could have on their business or family.
Traditionally, professional indemnity was thought to really only apply to professionals giving advice such as medical professionals, lawyers and financial advisers. These days, we understand this protection can be relevant to any professional that provides advice or a service to their customers.
There can be a lot of confusing terms, jargon and language when it comes to the fine print of insurance. And none more than claims made and occurrence based claims!
And if you don't have a good understanding of the difference between the two, it could have a crucial impact on your insurance solution.
Following on our social media post a couple weeks ago, there has been further intensity and media headlines around the insurance 'crisis' for the building and construction industry.
Tis the season to be prepared for house fire risks. As we briefly mentioned in our autumn insurance reviews blog, there are over 1,000 house fires each year (mostly in winter), so it really pays to spend the time to review your risk management and insurance.