All companies need to have adequate insurance to protect themselves, the company assets and their customers. But how can you be sure your business would survive in the event of a catastrophe and that the cover you have in place would enable you to continue trading until things get back to normal? Dan Reynolds, Director at Reason Global explains how we make sure our customers have the right level of cover in place.
“As with all insurance it’s important to ask the right questions and to make sure the customer answers them fully and honestly, there’s no such thing as a ‘one size fits all’ insurance policy,” said Dan. “In the case of Material Damage and Business Interruption Insurance we need to know what measures are in place to protect the building and its contents. Things such as intruder alarms, CCTV, fire alarms, etc. all need to be recorded and it’s important that they are kept in working order and maintained. Less obvious questions could include how refuse is stored and how often it is collected from the site. A pile of cardboard boxes next to a warehouse for example is a potential fire risk and could attract vandals. It’s all part of building a ‘risk profile’ so the insurers can assess the likelihood of a claim and calculate a fair premium.”