Insurance

6. Taking out a Policy

6.1 Select cover that matches your needs.

• A combined policy, covering a suitable range of risks, is usually the best solution.
• Policies can be tailored to the requirements of an individual business.

6.2 When filling in the proposal form, disclose anything that might be relevant, even if it is not specifically asked for.

• Failure to disclose relevant facts might lead the insurer to treat your policy as invalid.

6.3 Insurers may demand improvements to the security of the premises before giving cover. For example, they may insist on a particular type of lock or quality of burglar alarm.

• If you have a burglar alarm fitted by an approved installer, you may get a discount. Check that the fitters and the alarm system are acceptable to your insurers.

6.4 Once your proposal form is accepted, you will receive a policy.

• Read the policy document and make a note of any special conditions or exclusions (such as precautions to be taken when transporting cash).
• Keep a copy of the policy (or at least the main details), somewhere off the premises.

6.5 Make a note of the policy renewal date.