If like many businesses, your insurance is due for renewal on 31st March, you may like to ask yourself the following questions.

Property and Balance Sheet Protection  

  • Is your building sum insured up to date?
  • Are all interested parties noted?
  • Does the insurance policy show the full business description?
  • Check all sums insured including machinery, plant and all other contents are based on replacement cost and not book value.
  • Are you aware of and adhering to all conditions and warranties of the policy?
  • Are all locations utilised noted on the policy i.e. stock held elsewhere?

 

Business Interruption

  • Insurance Gross Profit Basis = Turnover less Purchases. Are you insuring on the right basis?
  • Is your Indemnity period at least 12 months and is this sufficient?
  • Are you reliant on any specific customers or suppliers?

 

Liability

  • Is £10m limit of indemnity for Employers Liability sufficient?
  • Is your Employers Liability certificate displayed in a place all employees can view?
  • Do you insure for a minimum of £2m limit of indemnity for Public Liability?

 

Statutory Inspection

  • Do you have a program in place for inspection of all statutory plant?

 

Motor

  • Are you complying with the Motor Insurance Directive (MID)?
  • Do you have arrangements to notify the MID of all vehicles including temporary vehicles?

 

Other Covers

  • Do you have procedures in place against employee fraud?
  • Do you import and export – and therefore buy insurance for this?
  • Does your policy extend to include breakdown and reinstatement of data for computers?
  • Do you have to give a guarantee on any of your products?
  • Are all key persons adequately covered?
  • Do you currently have Directors & Officers insurance?

 

What GPS Insurance Brokers can do for you and your Business!

GPS Insurance Brokers offers much more than a tendering service. GPS takes care of your business. GPS helps people and businesses to grow and protect their assets.

Understanding Your Business. Our first step is to get to know and understand you, your business, your attitude to risk and your buying objectives.

Providing Strategic Advice. Next we discuss the risks your business faces and risk management solutions.

Designing your Program. We then structure a program to meets your agreed requirements and objectives.

Selecting the right markets to approach. We look for the best possible combination of the following factors when selecting which insurers to approach on your behalf:

  • Financial Strength to pay claims
  • Desire to pay claims
  • Ability to pay claims
  • Resource to service your requirements
  • Breadth and width of Cover
  • Underwriting Consistency
  • Strength of Relationship

Representing you to the Insurance Market. It takes a skilled insurance broker to present your risk in the right way to the right insurer.  Our starting point will be the preparation of a detailed presentation for underwriters, followed by lengthy discussions and negotiations to secure their most generous terms available.

Advice on Cover, Premiums, Terms and Conditions. We ensure you are able to make a truly informed decision in line with the businesses best interests.

Placement and Conclusion of your Program. When appointed we instruct on cover, acquire and check documentation, before forwarding to you.

Risk Management. We can help you with property surveys, security advice, business continuity planning and business risk audits.

On going service. A dedicated service team we will be there for you.

Claims. We ensure your claims are dealt with quickly, efficiently and to your satisfaction.

Renewal. A full review of your arrangements is completed well in advance of renewal. Any re-marketing activity will be taken in partnership with you and will take in to consideration, insurer service and support, insurer attitude, market conditions, claims settlement and current rating structure.

For a no obligation quotation please contact GPS Insurance Brokers on 020 8207 7385

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