Most business insurance policies are quite lengthy documents, which can take even a trained eye a long time to read and understand the effects of the different terms, conditions, warranties and excesses.
When you buy a house, you will normally appoint a solicitor to undertake this process for you. As part of their role, they will source and read through a number of legal documents which apply specifically to your house purchase. If there are any problems or queries it is up to the solicitor to identify these and if necessary get them amended or make you aware of the consequences.
When you are looking at your insurance protection, things are slightly different. You will not, in most cases, pay an expert to undertake a review of your policy wording. Additionally, unlike a house purchase, you will actually receive the documentation yourself and can review it (if you really want to).
To save you having to do this though, there is a much easier way of doing things. Take for example, salon insurance. You will more than likely have employees and will therefore have a legal requirement for cover. Usually this will be purchased in the form of a packaged policy. When you get your policy, it can be 60 or 70 pages long. Deep within the wording there will be certain terms about the type of intruder security that you must have at the premises.
All policies will have a condition that states the minimum security that is required. If you do not have this security in place, after a loss, your claim will not be paid. But how do you know whether the locks you have are correct or the roller shutters are of the right type.
Looking at your wording can be a bit mind-numbing and do you really have the time? The answer is, in all likelihood, no. What you do need to do is deal through a broker. The broker is there to answer all your questions. What type of alarm do you need? They will answer this for you. What British Standard do you need on your locks? They will know.
Don’t assume your policy will always pay out, get a broker to review it for you and, the good news is, they will do this for nothing.