3 Jul 2015
Top 5 Insurance Mistakes
1. Being too late
When it comes to insurance for your optician’s practise there’s no such thing as being ‘fashionably late’. If you take too long to return your renewal forms you could find yourself without cover. This also applies to late claim notification. We would advise that you get in touch with your insurer at the first sign of trouble as your claim could be refused if you don’t.
2. Underinsuring
Underinsuring your business property and equipment is a common mistake, but it can cause major problems, leaving your practise vulnerable should you need to make a claim. If this is the case and you suffer a loss, your insurer may scale down any losses leaving you out of pocket.
3. Hiring your own solicitor
If you do find yourself faced with a claim you may be tempted to call your solicitor for advice before notifying your insurer. This is risky territory as it can actually end up invalidating your insurance and your insurer may refuse cover. Solicitors have different specialisms whereas your insurers legal team know your practise and your policy wording, inside out. Their experience is invaluable!
4. Trying to resolve a claim yourself
It’s never a good idea to try and take on a claim yourself. You need your insurers permission before you pay out anything, or make someone an offer. It can harm your insurer’s position if you want them to take action later on. Besides, why would you want to spend your own money?
5. Changing details without telling your insurer
Small, incorrect details such as a name, practise name, business activities, or address on your policy documents could mean your insurer withdraws cover.
Keep them up to date with any changes and your chances of being adequately covered will improve dramatically.
When it comes to insurance for your optician’s practise, its better to be safe than sorry. If you need further advice about what not to do when making a claim, we are always happy to help. Get in touch today on 0161 925 5051.