If the change being imposed means you will not have compliant cover to carry out your regulated activities, finding a different insurer may be the better option.
How good is your broker?
Our final tip, and arguably the most important, is to assess the support you receive from your insurance broker.
Do they:
- Take time to understand your business and the risks involved?
- Respond in a timely manner?
- Engage across the market on your behalf?
- Have direct access to an underwriter to discuss your case?
- Attempt to obtain secondary cover if the main policy has exclusions?
Your broker should be working in your best interests and not just thinking about the commission they will receive. If you do not feel happy with their service, it might be time to look elsewhere.
Complaint handling and the subsequent work involved in the resolution process and reviewing your internal systems can cause huge stress on companies with limited time and resources.
If you are unsure how to address an issue raised by a client in a compliant and timely manner, always seek professional advice and assistance. It can save you money in the long run and allows you to continue focusing on your core business.
Vicky Pearce is director of financial compliance specialists B-Compliant
