On Friday 14th July Richard Hiscox, Managing Director of 1 Stop Insurance Consultants gave the 10 minute presentation. Richard has over 30 years experience of General Insurance broking.
He brought “colour” to insurance by explaining how detail in insurance is essential. It should not just be about price, the basis on which the direct companies advertise, but rather balancing this with policy cover and insurer service.
Buy a “black & white” policy focusing just on price and you could find that when you need it most the policy just does not deliver. He looked at the greater detail that should form part of your thinking and add “colour” to the picture.
By looking at more than price 1 Stop Insurance Insurance Consultants Ltd can pass more information across to their clients and ensure they are covered for the right things. Coverage is vital and if you don’t know what you are doing you can easily lose sight of what should be included and suffer as a result. Examples mentioned were:-
- On commercial buildings cover you should ask whether subsidence or in fact terrorism covers are present.
- Under Professional Indemnity you need to make sure you know about the importance of not having a break in cover (these policies are generally written on a claims made basis) and also what a Retroactive date is all about.
- The importance of claims service. How good are your insurers? How many complaints have been upheld against them?
- Understand the terminology of clauses, exclusions and cover or you could suffer. How much do they erode the effectiveness of your policy?
He ended by talking briefly about Cyber cover and the impact of the GDPR on businesses. With the rapid increase in Cyber crime what protection can you now get and how do you tell a good policy from a bad policy?
With organisations large and small suffering attacks how can you protect yourself and if it does all go wrong why Cyber cover can get you back up and running.
As always 1Stop insurance provides “Quality Insurance for Quality people”.