With Christmas fast approaching, the last thing on many people’s minds …. is insurance. But if you’re spending time preparing your business for Christmas promotions and celebrations, have you also spared a moment to think about checking over your insurances?
At a time of year when stock levels are often at their highest ready for the seasonal rush to spend, it is especially important to make sure that you are fully insured for all your goods. Equally, in winter, when the weather is at its least predictable have you thought about how snow, wind or floods could really affect you? Not only the immediate physical damage but also the damage to your pocket that any interruption in business would bring?
If the answer is “No!” you are not alone. One of our most successful clients, Counter Interiors, found themselves in just this situation. As a local family run business who stock a wide range of award winning kitchens, they offer a bespoke top quality service from their impressively presented showroom. It had not occurred to them to review their insurance until, through a chance conversation, they began to realise what they were covered for might not be adequate.
After taking time to sit down with them and discuss their business and exact circumstances, it became apparent that there were large gaps in their insurance. Sure, they had been paying their premiums regularly to their existing insurer, but it had not occurred to them to check exactly what they were covered for. Turned out that, as a kitchen showroom, it was particularly important to have insurance covering the fitting of their kitchens as well as an enhanced goods in transit policy to cover the high value of the top quality products they were supplying. And in actual fact they had neither.
Luke Counter, owner of the business, was understandably concerned.
“I had just assumed that we were fully covered for every eventuality. In fact it turns out we weren’t. There were some large gaps in our insurance, and even some areas where we just were not covered at all. The glaring omission was not being covered whilst fitting our top end kitchens on clients’ premises. We had a standard retail shop package which was simply not adequate.
We pride ourselves on our bespoke kitchens. It hadn’t occurred to me that insurance could also be bespoke. What we needed was a tailor made policy. And that is what we have now”.
So have you checked over what you are covered for? Is full installation included? Are your delivery vans fully insured to the correct value? If a customer slips in your showroom? A member of staff trips over? Your glass frontage gets smashed? Bad weather or burst pipes cause flooding? Santa gets stuck in your chimney?
As you lock up your business premises tonight, spend a moment thinking about all you have achieved with your business and remember the hard work to get there. Don’t risk losing it. Make a New Year’s Resolution to check out any gaps you have in your insurance. Then go and enjoy a mince pie and tipple of your choice, knowing that all is calm, all is bright for an inspirational and fully insured New Year!
If you need help with any issues raised in this article, or would like an Insurance Review, just call us on 01347 825588 or drop us an email at firstname.lastname@example.org. We’re always happy to help.
Photos courtesey of Luke Counter