Buying Insurance, who’d have it? Love it or hate it we all need to protect ourselves against risks that we cannot afford to pay for ourselves. Whether you sell handmade jewellery or put on a stage show, if it involves people you will need to deal with the risk of bodily injury or damage.
I could write a book on the number of different views and experiences people have told me over the years. Some have lucky escapes and some are not so lucky! Let’s face it, obtaining insurance is probably one of the only things you buy up front. You do this before you have earned any money and you really hope that it is a complete waste of time.
So what’s in it for me? Well that depends on how much money you have already. Self insurance, where you pay for everything that goes wrong is certainly an option. However this depends on if you are allowed to in any contract you agree to. Most of us however, could not afford to pay for the fees and ongoing care that a person needs if they get injured. And remember that does not include the legal costs!
The best and worst stories of all are the ones that begin with the statement “my mate says I need”. Or even “I have spoken to an insurance guy and he just tried to sell me”. Both statements strike fear into my heart because, bottom line you carry the can!
Buying insurance is all about two things. Firstly, having someone else decide if it was actually your fault. And secondly not having to give up your livelihood should the worst happen. These might sound harsh but when you think your actions may have had some nasty consequences. I would feel bad trying to make decisions about what is best for another person. The other thing of course is, it might not have been your fault.
Insurance policies are set up as “good faith contracts. This means you must tell the insurer or broker everything they need to know about the cover you want. It is important to answer any questions as fully as possible. Whilst you might have a cheaper premium by leaving out important information, if someone tries to make a claim against you then you may have to pay the whole claim yourself, including those legal costs.
If you have any queries we will be only too pleased to help, call us on 01395 255 100.
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