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The five key steps to obtaining effective business insurance - Jonathan Cole published in Startups Magazine
- AuthorJonathan Cole
“For a startup business, being able to rely on an effective and responsive insurance policy in times of need, is likely to be the difference between continuing to trade and financial ruin.”
Many firms have been seeking guidance on business interruption insurance since the coronavirus pandemic began. Business disruption has caused many boardrooms to revisit insurance and check eligibility.
Startup businesses in particular are seeking to rely on the terms of their policy for the first time. Some have found that their policy offers inadequate cover for their business needs.
If you are a business owner we will help you answer key questions relating to business interruption insurance including:
- What steps should I consider when taking out business insurance?
- Am I eligible for business interruption insurance?
- What is covered in my business insurance?
- How can I make a claim against my business insurance policy?
The five key steps you need to know about business interruption insurance about are:
- Engage an industry specific broker to help you find the right business insurance cover for your business
- The importance of full disclosure
- Understand what is covered
- Understand what is not covered
- Act fast if you think you have a claim
Jonathan specialises in a broad range of commercial disputes including contractual issues, professional negligence claims, company/partnership disputes, fraud claims, consumer disputes and insurance claims.
He has also acted for numerous clients in insolvency related matters, including breach of duty and wrongful trading claims.
Goodman Derrick – Dispute Resolution
Goodman Derrick provides constructive solutions to our clients’ disputes by giving practical, intelligent and tailored advice, the group:
- recognise our responsibility to promote our clients’ objectives via the most direct and cost effective means
- regularly represent our clients across a wide spectrum of courts and tribunals
- ensure that our clients are fully aware not only of the prospective benefits but also of the potential risks and likely costs of going to court or arbitration
- works extensively in the UK and internationally
- takes pride in its ability to offer practical and commercially sound solutions
This guide is for general information and interest only and should not be relied upon as providing specific legal advice.
If you require any further information about the issues raised in this article please contact the author or call 0207 404 0606 and ask to speak to your usual Goodman Derrick contact.