Insurance Audits

Avoid being a statistic

According to the Mactavish report, 45% of larger, more complex commercial claims are currently disputed by insurers, and that on average, these claims take 3 years to resolve, with settlement of around 60% of the initial estimated value.

The insurance industry has consistently cut its prices over the past few years. This has meant insurers have ‘tweaked’ their policies with exclusions and additional warranties that make it harder to get claims paid.

Insurance Audits

Avoid being a statistic

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Why you need a commercial insurance audit

Our team are professionally qualified and are familiar with these shortfalls and can check to ensure your insurances are well placed, both in terms of cover and premiums.

You’d be surprised at what our audits have uncovered. It’s not unusual to find an exclusion or misrepresentation which, if left unchecked, could leave the company exposed to a substantial uninsured claim or a protracted claims settlement; Mactavish reports that insurers win 68% of disputed commercial claims in the UK. These shortfalls can normally be corrected at minimal extra cost, often at no charge at all.

In order to complete an audit for you we need to spend just forty minutes with a key member of your management team who understands how your business operates. We then review this against:

Your insurance brokers summary or insurance register to establish whether your business is accurately represented.
The insurance schedules/policies supplied by your insurers to check that the insurances purchased are in line with your assets and activities. If you have not received your policies we have a library we can refer to.
A claims print out to review trends and comment on current pricing

Following the audit, we will provide you with written recommendations where appropriate to ensure your business is resilient.