Businesses at risk from inadequate insurance

Businesses could be at risk because they have inadequate insurance cover, according to a recent report. In addition, there are major deficiencies in how commercial insurance is arranged and a lack of understanding of how claims are processed.

The report, by specialist research firm Mactavish in association with PwC, highlights how these deficiencies could leave companies vulnerable in the event of a large loss and subsequent dispute with their insurer. It also shows that insurers are taking a much tougher line on claims.

According to Bruce Hepburn, CEO of Mactavish, “The deficiencies the report reveals in how insurance is arranged are disturbing. What we see today is a system that has prioritised low transaction costs above reliable insurance policies. UK businesses are putting themselves unnecessarily at risk and in today’s economy are far more exposed if a major insurance policy fails to pay out.”

This increasingly difficult climate for insurance claims makes it even more essential to have professional support. Morgan Clark has extensive experience in working with businesses when making a claim, ensuring that they receive what they are entitled to under the terms of their policy. You can find out more by visiting our commerical insurance claims page.