According to a survey by the British Insurance Brokers’ Association and the car insurance supermarket, it has been concluded that people are putting themselves in financial risk by reducing the car insurance cover to cut down their expenses. The insurance cover offers protection to the insurance owner in the event of accident and theft but the rising number of UK motorists cutting their protection cover is risking their belongings as well as others on road. It can put complete financial burden on the car owner as in the event of theft or accident he cannot make complete claim due to cost cutting in car insurance policy and will have to bear complete financial burden for repairs.
More than 57% of the respondents in the survey agreed that they have put down their insurance cover as compared with the last year aggregate of 23%. According to the study, the frequent ways of trimming the insurance protection include increasing excesses, reducing sums insured and deleting cover that deemed to be non-essential. T
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Aviva has highlighted the risk that flooding poses to businesses, and the importance of having adequate business insurance in place.
Aviva business insurance is advising businesses on what measures they can take in order to reduce this risk of flooding, and emphasises how business insurance providers should evaluate policies on an individual basis and to ensure that premiums reflect the level of risk at a property, rather than basing them on a business’ post code.
Ian Shelley, technical manager for property at Aviva, said: “Helping our customers to better understand the risk posed by flooding to their business, and the measures which can be taken to reduce them, is vitally important to us.
“While it may not be possible to eliminate the risk of flooding altogether, many practical steps can be taken to reduce the risk of flood damage, particularly if a business is in a high risk area.”
Aviva says that figures show at least 2.5 million properties in England and Wales are at risk of flooding from overflowing rivers or the sea, with one million of these also at risk of surface flooding, in addition to a further three million also at risk of surface flooding. Read full post…
Business insurance is designed to protect your IT company against risk, or the likelihood of a loss. But it’s important to understand that even the most comprehensive insurance policies don’t cover every type of risk, and don’t offer unlimited compensation in the event of a claim.
When you buy commercial risk insurance, you pay premiums to the insurance carrier, which in turn agrees to pay a claim in the event you should suffer a covered loss. By pooling premiums from many policyholders at once, insurers are able to pay for the claims of the few who do run into problems, while providing protection to everyone else in the pool in case they need it.
Coverage provided on business insurance policies differ from insurance carrier to insurance carrier. So, it is always wise to seek the broadest coverage you can afford. Read full post…
— Danielle Hill @ 4:20 pm — 
February 1, 2011