With the credit crunch now having a tangible effect on the business community it is vital to check adequate insurance protection is in place. Why? Because insurers’ margins are in dire straits, which is currently focusing their minds on reducing the amount they pay out in claims.

Despite insurance being a promise to pay, the ructions caused by the credit crunch are forcing insurers, like so many others, to take drastic measures. Part of the problem is the UK insurance market is extremely competitive and price undercutting between competing insurers, which was being funded by investment returns, has been fierce in recent years. However those returns have now been decimated by falls in the stock market and insurers must cut one of their main outlays which is claims.

Nevertheless there is a way businesses can get their full entitlement, should they make a claim, and it is a system that has worked well on the continent for many years. The insurers provide their customers with their own professional advisor in the form of an independent loss adjuster to help them through a claim.

This is becoming more widely available in the UK from some insurers and specialist brokers such as Ryan Insurance Group. This service is provided through loss recovery insurance (LRI) which, for genuine claimants, not only helps ensure a fair settlement but also speeds up the whole claims process.

In a downturn such as we are all now experiencing, businesses may well be tempted to cut their insurance spend. However in such times businesses that do not have a first class broker and LRI could find themselves up against the insurer and their loss adjuster trying to pay as little as possible. LRI, for only a minimal outlay, could make the difference between fast and full reimbursement and a potentially devastating financial predicament.

For more information regarding your business requirements call our Business Division on 0800 093 4470 or email commercial@ryan-group.co.uk. Alternatively for more information regarding this service which we offer click here to read more.

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