In general, the more comprehensive and thorough a policy is, the more protected your business will be. Despite the security that an extensive policy can provide, only 38 per cent of SMEs ranked a policy’s scope as being the top influencer when choosing a new policy, according to recent industry research. Instead, a majority of the surveyed SMEs ranked the cost of a policy as the most important factor. Whilst the cost of a policy is an important consideration, focusing solely on cost could expose your business to potential risks—such as under-insurance and unnecessary add-ons.
These potential risks are far more common if your business chooses to rely on a price comparison website to help you pick a new policy. In general, these sites offer pre-packaged policies that do not provide you with significant input on how they could be tailored to meet your business’ specific needs. That means if you choose to use one of these sites, your business is forfeiting its ability to develop a comprehensive policy that adequately addresses your business’ concerns. What’s more, is that if your business were to experience a risk not covered or inadequately covered by one of these boilerplate policies, it could end up costing your business more than what you may have saved by choosing the cheaper policy.
The most effective strategy to ensure that your business is adequately covered for any potential risk is to contact Bennett Christmas Insurance Brokers Ltd today. By meeting with Bennett Christmas Insurance Brokers Ltd, your business can construct a bespoke policy that provides comprehensive cover for your business’ specific needs. In addition, we can help identify potential gaps in your cover and offer guidance on how to shore up those gaps.