I have conducted a number of reviews of insurance programs over the years and it continues to dismay me just how many clients are actually not insured, even though they have paid premiums and they believe they are insured!
One of my favourites is from about 18 months ago.
Having been requested to conduct a review, I sat with a (now) client reviewing their insurance program – all of the usual policies you would expect for a consulting firm, Business Package, stand alone Liability, Professional Indemnity, Workers Compensation…. The now accepted normal cover of Management Liability was not to be found!
Old school, on a piece of paper, I wrote a list of what the client told me their services were, when we finished, I compared that to the list of professional services or business activities listed on their various policies, and had the unpleasant task of advising them that they were uninsured for most of their business activities! From memory it was approximately 95% uninsured!
The expected question followed, WHY aren’t I/we insured?! I then explained how the insuring clauses of various policies work, needless to say that they were somewhat shell shocked.
Being insured via your insurance brokers Professional Indemnity policy is a lot messier than having the right insurance coverage in the first place!
After all it’s you who pay your insurance broker to arrange the right insurance protection for your business exposures! It is a very costly exercise to sue them when they get it wrong and you’re in the middle of a nasty claim!
When was the last time you as a business owner/insured really reviewed your insurance program and the description of your business activities shown on your policies?
So, the question remains, Are You Actually Insured?
If you cannot say YES to this question, then contact us and let us review your policies and make sure that you are insured for what you think you are insured for!