Top 5 Problems When Buying Insurance by hubb

Not Buying Cyber Insurance

Your business holds vast amounts of customer data and People’s ability to gain access to that data is becoming more intelligent. More elaborate scams, phishing attempts, sending viruses, and social engineering allow access to your data.

Informing Insurers Too Late About Claims

Within their policy terms and conditions, businesses must notify their insurer of a claim and of any incident that could rise to a claim.

Being Under-Insured

If you’re under-insured, then the insurers will have a clause in your contract that enables them to apply a policy clause known as Average.

Not Understanding the Buying Process

Many businesses don’t know what their broker does, how much their broker is paid, or the systems/processes that their broker uses to find them the best quotes.

Not Understanding the Obligations of Cover

Some businesses assume that when they agree to a new policy with an insurer, their work is done; however, that’s not always the case. Some policies may contain clauses or rules that could invalidate your policy if you don’t abide by them.

How to avoid these problems?

Firstly, you need to be confident that your broker is acting in your best interest.

Venture Builder with expertise in building enterprise-ready InsurTech and FinTech products led by @k_feldborg.