Sounds simple, so why are insurance contracts so complex?
Buying insurance is in practice; the selection of a Business Partner.
You agree to pass a percentage of profits to your partner
in return for their financial assistance, should certain losses or events occur.
Care needs to be taken when selectinG A
Suitable Business Partner
Just as in our personal lives, finding the right partner isn't always easy. Sometimes its love at first sight however, for most of us it may take a little longer. As experienced brokers, we provide guidance on insurance companies in areas like
- Do they have a reputation of paying promptly, or dragging matters out?
- Is the contract well designed for your specific circumstances?
Exposures - What losses or events would put our business and/or profits at risk?
The list is potentially extensive.
- Property damage.
- No sales - no cashflow.
- Damage to adjacent property or business.
- Lost sales, wages, profits for as long as it takes to reinstate?
- Health and Safety.
- Suppliers and Customers losses incurred.
This is just a few of the financial risks faced by modern businesses and families.
Level of financial support required – Most business are financially fragile in the developed world.
Claims take on average 13 weeks to be investigated and payments approved. Then once the support starts to arrive, plans can start to be made, repairs to damage started and eventually restore sales and cashflows. The impacts may take years to overcome.
Fact: For businesses, less than 50% survive a large loss.
Fact: For businesses with no cash flow insurance, less than 10% survive.
We are advised that many previously successful people find the hardest thing to cope with is the loss of self-worth and standing in the community that follows.
So there one more Simple Question.
What help do you really need?
Of course, the answers are potentially very complex. As your broker, we will review your business operations, exposures, and in conjunction with you, develop plans to ensure you survive the selected Insurable events.
Free Review for your Business operations or Personal exposures.
We are confident that you will see the differences we bring to both the design and in many cases the costs paid, that we offer a no obligation review.
Step one is to set up a meeting over a coffee. Establish what your desired outcomes are. Are both parties comfortable to move forward and review in greater detail.
Partners need to have some areas of commonality.
Please drop us an email, or give me a call and we can arrange a meeting.