A London based DIY retailer of tools, locks and other essential ironmongery items, approached The Insurance Octopus this year looking to renew their business insurance policy. As a family-run business established for over 30 years, they were searching for a more affordable, tailored policy.
One of our insurance experts guided them through the process to create a bespoke quote for their business. During the quote, it came to light that the owner didn’t have an up-to-date figure for the current re-instatement value of the business property.
We recognised that there was a risk of underinsurance which could have severe consequences in the event that they needed to make a claim, so suggested they get a site survey completed to get an accurate re-instatement valuation. Although the customer wasn’t sure at first because they wanted a policy in place quickly, we talked them through the potential risks of being underinsured and the benefits of completing a site survey.
As a gesture of goodwill, to help make sure the business received a comprehensive valuation and policy we paid for half of the site survey. A third party surveyor was appointed by us to go out to retailer’s premises and during the survey a high value piece of machinery not included in the estimates for the initial quote was discovered.
As a result of this, as well as price fluctuations, general inflation and dated site surveys, the retailer’s previous policy had them underinsured by almost half a million pounds! We updated the customer’s quote and offered them a policy tailored exactly to their requirements.
From a £450 site survey, The Insurance Octopus saved the customer potentially millions of pounds in what could have been an underinsurance disaster. We provided them with an accurate, up-to-date valuation, and as an added extra helped them source a mechanics scheme that specialises in their specific type of machinery.
Looking for a bespoke quote for your business insurance? Speak to one of our insurance specialists for expert guidance today!