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Incorrect Business Descriptions – Skip Hire, Waste and Recycling Industry.

Incorrect Business Descriptions – Skip Hire, Waste and Recycling Industry.

With the increasing prevalence of the internet creeping into every aspect of all our lives, it is no surprise that we are seeing a corresponding increase in businesses attempting to buy their business insurance online.

It is understandable, in that you will often get, what appears on the face of it to be, a more competitive price online. There are however major issues with this practice, especially when it comes to businesses who operate in the skip hire industry.

Generally speaking, when you use an online only service to purchase insurance, you will end up having to choose an industry from a pre-defined drop-down list of choices. Many people would choose the industry which they felt was close enough, even if it was not quite right. We have observed this problem with many potential clients who’s policies are then shown to be incorrectly classified. It is important to make sure that your insurer is aware of all aspects of your business to make sure that the correct risks for your business are covered.

For example, we have seen a number of policies where the business is listed simply as ‘skip hire’. However, that businesses may also carry out activities including the storage and processing of waste where employees are segregating waste, either manually, using machinery of both. In this case, it a skip hire classification on its own would be inadequate.

Insurance provided with the above example would likely result in a significant cheaper premium but, when put to the test, this insurance would not cover the risks associated with the activities undertaken and would therefore be inadequate. In the worst case scenario, this may invalidate the entire policy.

The difference in premiums between a correctly and incorrectly classified business could be vast and we understand that it may be tempting to save money on premiums initially. However, we would urge all policy holders to check to ensure that all of their business activities are included within their policy documentation and that a full disclosure to the insurance company regarding all business activities has been made.

We are always very particular to disclose all activities correctly to our client’s insurers, so that our clients are adequately insured. Whilst this may put as at a disadvantage where potential customers are comparing a quote directly received from us to one received online – we feel that it is essential that we continue to provide our clients with the best possible advice and policy coverage.

Contact us for a bespoke insurance illustration for your business – or some friendly advice on your existing insurance if you are worried that your cover may not be adequate.

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