Insurance is not getting it right with SME insurance and claims handling
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The Financial Conduct Authority seems to know no limits of where its remit ends, and I think we can say on too much it is singularly unfit for purpose. At least that is what the Davis Report concluded as did a recent Treasury Select Committee report.
Saying that it sometimes does hit on things that others have left alone. One notable area was the damage customers faced on their Payment Protection Insurance. Unfortunately it does seem to otherwise state the obvious or worse look to close the gate well after any possible horse has bolted.
It however recently highlighted that General insurers are failing SME Customers who are often left under insured and confused by claims services; and if the FCA is having a go at Insurers, then it’s also having a go at Brokers.
It’s not really rocket science checking that all you have is insured, but many know the more you declare the more you need to pay for. Voluntarily lapses of memory to keep the premiums down seem useful but are also dangerous if a claim comes up.
But you have to see Insurance as the only option available -for all its warts- that does offer the protection you need for your companies.
You need to look at your business as the investment it is, and protect it where possible; and that does in a lot of instances mean looking at things from the outside in. Over time you will have gained more staff, equipment and new business and the only one in control is you so it’s really important you don’t get palmed off by someone who just want to say yes and take your money with little information. If you have questions never be afraid to ask it’s your money you have a right to know.
When you want Commercial Insurance whatever the size of your business Trident Insurance will inform you what you really need to get covered and what is included already in your policies.
As for claims, the report said that on too many occasions the Broker is called and they say you need to call the Insurers, who say you need to call the Assessor, who needs to speak to the Loss Adjustor. There is no easy way and it’s seriously tough, but you have to persevere and again at Trident Insurance we will do what we can to get you back on track
Life is getting tougher and we are all doing more to stand still, but not all Insurance brokers or Insurance companies are the same. For sure there will be terrible cases of flood or fire damage and those who drag their heels should rightly be brought to trial and it all takes too long.
The recent soundings from the Lord Chancellor and Minister for Justice sound like good news, in that the Court processes are too long and antiquated. But changing them with all the vested interests will take time.
All we can say is Insurance is not about meekats or large rear ended fellas in platform heels. It’s a serious business, and as you take your business seriously, you need to take the insurance of all its constituent parts in the same light. Be it protection of the Staff, the Buildings, Heating/Air Con Systems, your Fleets of mixed use vehicles along with the Computers and Technology
The Regulator is right to highlight the downsides exist, but you can feel less worried because at Trident Insurance most importantly we are on your side.
Robert Marshall
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