As a trusted partner to our clients we often need to have that difficult discussion and asking them whether they have sufficient insurance cover in conducting their business. Not surprisingly, in many cases they have multiple policies covering different items and more concerning have not looked at their level of cover for years although their business has evolved or changed.
Insurance unfortunately is not a set and forget item, each at minimum a business should review their cover and ensure it is still relevant. Best practice has shown that every time there is a material change to your business, you should consider the impact of that change on existing policies.
Insurance is certainly a necessary cover which helps your business operate at times when you need support the most. From insuring assets and motor vehicles to data insurance there is a policy to help you sleep at night – knowing if something was to occur you are covered.
Do you know the benefit of having an insurance broker? We work closely with our clients and insurance brokers to ensure they are covered with the right policies. An insurance broker can help you review and identify policies which cover your business correctly and get you a great deal and, in many occasions, combine policies to obtain a discount.
Looking after your bookkeeping and accounting gives us the insight in your business and allows us to work with the client and brokers to ensure the right information is captured when reviewing policies and business activities.
Recently we had the opportunity to review some of our client’s insurance needs along with the help of an insurance broker and have found that;
- A client was under-insured as their insurance did not cover the business being undertaken, they had pivoted their business during these COVID-19 times and as a result the activities undertaken were not covered by existing policies
- A client was under-insured as their business had grown and exceeded the cover provided by their insurance policy
- A client which operated five vehicles saved 30% by combining their motor vehicle insurance under the one policy.
At Omnia we have partnered with some of the best insurance brokers to help our clients obtain the right cover at the best price possible. We are here to help so if you haven’t reviewed your insurance policies in a while let us know and lets see if you are covered and getting the best deal out there. Contact us now!