Taking the time to understand what cover you have in place, and why you have it, could be the difference between the success or failure of your business.
The idea of insurance often conjures up images of fine print and red tape. When time is tight, it makes good business sense to take advice from the professionals who know the ins and outs of insurance as you know about electrical installations.
As a NAPIT member, you’re looking for specialist advice. Here we look at some of the typical assumptions made about insurance and explain why they’re not exactly correct -and why it makes sense to speak with an adviser who understands your line of work.
Myth buster 1: All insurance policies are the same. While it is true that there are many off the shelf policies that cover businesses for the basics, when you’re working in such a specialised area, there are many aspects of your day-to-day work that wouldn’t be considered under a standard business policy. For example, specific cover for your tools. Without your tools, you can’t work. You’ve likely built up your collection over years, and to replace them would represent a significant outlay. Only someone who really cares about your business and understands the nuances of your sector will ensure that you’re adequately covered for these specialist items.
Myth buster 2: I have insurance, so my claim will be paid. If you took out your insurance policy two years ago, and in that time, there have been changes to your business – perhaps you’ve been involved in the growth in electrical vehicle installation points. Informing your insurance provider of these changes so they can update your policy will ensure you are covered for the size and scope of your business today.
Myth buster 3: I don’t need cyber insurance. In today’s world, if you have a smart phone and an email address, you could be hacked or be the target of a phishing scam, and your customer data compromised. While it seems unlikely, cyber-crimes and claims have escalated dramatically in recent months, and all businesses regardless of size are advised to include cyber in their policy.
Myth buster 4: It won’t happen to me. If you break an arm playing football with the kids at the weekend and can’t work for an extended period, this could be detrimental to your business and your personal circumstances. Making sure your policy includes personal accident cover that kicks in within 14 days is important for self-employed professionals.
Myth buster 5: I know the H&S rules, legal support isn’t something I need. You’re an electrical specialist, not a risk management, health and safety or HR guru. Having access to an array of tools to enable you to navigate issues faced onsite such as the discovery of asbestos could help ensure that you don’t become embroiled in a dispute. Our proposition includes unlimited access to specialist experts via phone, chat and online portal. They can also make sure you stay updated on all relevant legislation.
NAPIT Insurance provides advice and cover tailored to your line of work. You’ll also speak to a real person at the end of the phone, a qualified and professional adviser who understands the needs of NAPIT members and your business.
Get in touch
We’re available to discuss your current insurance programme or answer any insurance related question you may have. We’d love to hear from you.
Give us a call: 0330 9000 701
Send us an email: firstname.lastname@example.org