Since the first lockdown began you’ve been working hard to protect your business and to adapt to the new circumstances we now find ourselves in.
What if all that effort was now put at risk because you were in breach of your insurance policies, leaving you without cover for major losses? Could your balance sheet stand the strain, or would you be forced to change your plans – or even close for good?
The Mactavish Health Check is quick, comprehensive and low cost. It will give you an overview of your insurance programme and help answer the questions that keep you awake at night:
- Do you have gaps in your coverage?
- Are your policies reliable and fit for purpose?
- Are you paying too much for your insurance?
- Could you have a valid claim for business interruption losses?
- Have changes to your business as a result of Covid-19 invalidated your coverage?
- Have you communicated all those changes to your insurer?
- Do you know how price rises and cover restrictions in the insurance market will affect your business?
We have conducted dozens of Health Checks this year and in every single instance we’ve identified major problems that left the policyholder exposed.
- In one instance a well-respected broker had simply ‘forgotten’ to place a Directors’ and Officers’ policy leaving the company’s executives and board members without crucial cover
- A firm in the hospitality industry had a been sold a policy (via a broker) that specifically excluded its core activity
- One client had been advised by their broker that they did not have a valid Covid-19 claim only for us to find that that was certainly not the case
- A business had its Directors and Officers Liability cover arranged in the wrong name to exclude cover for most of its operations
- A number of clients have seen major reductions to their insured limits, or even entire sections of cover removed from their policies, without any such changes being flagged to them (in some cases invalidating their active service contracts)
- An automotive manufacturing company had bought an Excess Liability policy via a broker that excluded goods manufactured or serviced, leaving the client uninsured in the event of their main loss scenario: a loss stemming from the failure of its vehicles
- A firm had been told by its broker that its Management Liability policy did not cover one of its key markets, as a result, they had not made an urgent loss notification to their insurer. As the company was unable to renew its policy on the same terms, this would have left an outstanding uninsured liability
Take control of your insurance programme
If your business depends on its insurance to protect it from catastrophic losses contact the Mactavish team today so that you can be certain you have the cover you need.