Cheap insurance deal or no deal?


The media sector views third party liability as the third biggest threat to their business after reputational damage and failure to innovate, according to Aon’s Global Risk Survey. But in today’s claim driven world, are you taking enough notice of what insurance you’re buying to help protect your business?
Rebecca Dalgetty, team leader of Aon InFocus:Entertainment and Media insurance discusses how to choose your business insurance to ensure you’re correctly covered, however competitive the premium.
You get what you pay for
Your annual business insurance premium is determined by the type of cover required but takes into account factors such as the type of work you’re involved in, what claims or convictions you’ve had, your health and safety records and how many people are employed in your business. Premiums often vary in price so it’s essential you compare your insurance quotes against like for like cover, to ensure you’re not sacrificing the correct level of cover for the sake of price.
One common issue that often crops up when comparing cover is the sums insured required for business property. Insurers and brokers with dedicated authority will work out policies differently, so some may provide you with the exact cover for the value of your kit while others may provide you with a ‘one size fits all’ cover, meaning your kit has to fit within a certain value. Rebecca comments: “When looking at the value of your kit, you need to decide if you want tailored cover for your equipment or whether a ‘one size fits all’ cover will suit your needs. You need to bear in mind that a ‘one size fits all’ policy isn’t always as flexible as tailored cover, particularly if the type of environment you work in changes and is not covered under this type of policy.’
Most importantly, you need to have the correct value of your equipment and property insured so you don’t risk being underinsured resulting in a reduced claim payout should a loss occur.
Always check your policy
If you’re looking for a quote or simply renewing an existing policy, always ensure you disclose all material facts that could affect your insurance. If you’re not sure what would be considered a material fact, ask your insurance broker, who can confirm whether it will affect your policy. Once you receive your quotation, check through all the information thoroughly to ensure you’ve got the cover you need. As well as checking you have the correct level of cover for your business property, you’ll also need to check that you have adequate employers’ liability cover and that any employee, volunteer or person working under your supervision is listed under your policy. If an employee wasn’t placed on your cover, not only could your broker reject the claim, you could also be prosecuted for not having the correct employers’ liability cover, a requirement compulsory by law.
And what about price?
Don’t just look at the price tag when comparing insurance quotes, check the cover is exactly what your business needs as you may find the level of cover quoted could leave you underinsured or simply not protected. The quotes should be clearly laid out in a quotation schedule of cover, not simply put in an email or confirmed over the phone, so you understand and know what you’re buying. In addition, look out for any added extras within the policy such as business interruption, as it’s not always for your benefit if you don’t need it, even if it looks good on paper.
Rebecca adds: “We often come across new clients who want instant quotes for a complex business policy. In all honesty, taking the time to assess the clients needs and provide them with a clear and understandable outline of their cover may take a little longer than other brokers, but it helps the client make an informed decision when buying their business insurance.”
Be vigilant
When choosing an insurer, be sure to understand what you ‘are’ and ‘are not’ covered for and read the small print! Remember, it’s too late to check that your policy is suitable once a claim has occurred. If in doubt, call your insurance provider and ask them about your policy or contact Aon InFocus:Entertainment and Media on 0845 070 0387.
Telephone calls may be monitored or recorded. Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only. Aon Limited, 8 Devonshire Square, London EC2M 4PL. Registered in London no. 210725. A member of British Insurance Brokers’ Association. FP ref: 4126-E&M-1107
Read the small print!
Read the small print!

Tags: aon | insurance | media | iss014 | N/A
Contributing Author N/A

Read this article in the tv-bay digital magazine
Article Copyright tv-bay limited. All trademarks recognised.
Reproduction of the content strictly prohibited without written consent.

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