Insurance plays a vital role in building resilience through financial protection to millions of households and businesses to helping them to survive scenarios such as flood, fire or the insolvency of a trading partner.
The pressures facing business and homeowners right now can lead to making snap decisions – such as cancelling insurance direct debits without any discussion with the insurance provider. But talking to your insurance adviser before taking action could you save you more than the monthly outgoing.
For example, cyber insurance is often seen as an optional add-on, rather than a “must have” cover. Research from GlobalData* earlier this year showed that 29% of businesses employing less than 250 people cancelled their cyber insurance policies last year as part of a
cost-cutting exercise.
However, as the headlines tell us, cyber-attacks have never been more prevalent.
The Cyber Security Breaches Survey 2022, produced by the UK Government, found that in the last 12 months, 39% of UK businesses identified a cyber-attack.
Insurance is a powerful tool to build resilience through financial protection
It may well be the case that, if you haven’t fully reviewed your complete insurance and risk management programme, you could be paying for cover you don’t need whilst having crucial gaps in essential protection. By simply cancelling policies to reduce costs without a discussion, you could be leaving you – and your home and/or your business – open to a much bigger financial impact.
And, if your policies are due for renewal shortly, it’s understandable to shop around and look at online comparison sites. But make sure the cover you have is the cover that you need. By working well ahead of your renewal date – at least three months in advance – you have the greatest opportunity to make sure that you’re set for the year ahead.
If you’d like to discuss your arrangements or are thinking about cutting costs, talk to us.