6 Common Mistakes Irish SMEs Make When Buying Small Business Insurance
As an Irish SME owner, protecting your business with the right insurance is crucial. However, purchasing insurance can be tricky, and mistakes can lead to costly consequences. Here are 6 common mistakes Irish SMEs make when buying insurance, and how to avoid them.
Common Mistakes Irish SMEs Make
1. Skipping the Terms and Conditions
Many people avoid reading terms and conditions because they seem tedious. However, this is a critical step to ensure your policy fits your needs. Carefully review the terms to understand your responsibilities as a policyholder. This helps you avoid surprises when filing a claim.
2. Choosing Policies Based Only on Price
While itâs tempting to select the cheapest option, low-cost policies often lack sufficient coverage. Instead, research the insurerâs reputation. Look for their claims efficiency, financial security rating, and customer reviews online. If a deal seems too good to be true, it probably is.
3. Providing an Inaccurate Business Description
Incorrect business descriptions are a common issue when getting online quotes. Ensure that your description covers all activities and assets. Missing key details can lead to underinsurance, which creates issues during claims. Remember, if it isnât included in the policy, itâs not covered.
4. Overlooking Business Interruption Insurance
Accidents can disrupt operations and result in lost revenue. Business interruption insurance covers income lost when repairs are needed after insured events, like a fire. Without this coverage, SMEs may struggle to recover, especially during critical growth phases.
5. Paying for Unnecessary Policies
Some brokers push businesses to insure everything, even things that arenât essential. Partner with a trustworthy broker, such as Phelan Caswell Insurance, to identify whatâs truly needed. A tailored approach can save money and ensure better protection.
6. Failing to Review Insurance Regularly
Businesses evolve over time, and so should your insurance policy. If youâve moved premises, added new assets, or expanded services, update your coverage. Schedule annual reviews with your broker to ensure your policy reflects current needs.
Protect Your Irish SME with Confidence
Avoiding these mistakes helps safeguard your business and ensures peace of mind. At Phelan Caswell Insurance, we specialise in guiding Irish SMEs to the right coverage. Contact us today for expert advice tailored to your unique needs.
Contact us today to learn how we can help safeguard your business in 2025 and beyond.
Phelan Caswell Insurances. Protect your business, your reputation, and your future.
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