Your business description is an overview of your company and should represent all of the services you provide to your customers.
With the current economic climate many companies are diversifying their business activities to maintain/increase their income. We would encourage you to check your insurance policy documents to see what you have declared already. You should then speak to your broker and tell them what kind of projects you intend on doing and ask what impact this will have on your insurance coverage.
It is imperative for Insurers to have a full business description of all your business activities to ensure cover is arranged on the correct basis. By omitting certain activities which you are undertaking could mean falling foul of the Insurance Act 2015’s requirement for fair presentation of risk. The insurance policy you have spent good money on could be voided, and Insurers may not settle a claim in part or indeed in full in the event of a loss.
If you are in any doubt whether your business description covers you for all your activities, give your broker a full breakdown of what you are doing, and ask them to confirm these have been accepted by insurers (in writing).
If you are insured via a specialist exhibition sector insurance broker such as InEvexco your business description has most probably been declared correctly as they will understand your business and trade. However, it is still good practice for all companies to review their insured business description from time to time.
If you need assistance, please contact:
- Rebecca Hulls 01732 757624
- Mark Blair 07834 158074
