XS Reimbursement Insurance
“In tough economic times your business customers need the best possible advice on how to get the most protection at the most reasonable price.”
Commercial insurance policies protect business owners from a number of risks. However, the policy has an excess – the sum of money deducted from the claim on settlement
This can be significant, particularly for a small business. If there are a number of claims in year, it could be a real financial burden. Companies can now buy an Excess Protection Policy, in addition to their underlying insurance policy. It may be possible to achieve a lower premium on the commercial policy by increasing the excess, while ensuring they are better protected.
Each Commercial Excess policy covers up to three business premises. Firms with more sites can purchase additional policies.
Guide the client to select the annual level of cover which meet their anticipated claims - £300, £500, £1,000 or £2500 – and then they can claim back any insurance excess charges during the period insured, up to that limit.
For a claim to be valid the commercial policy must pay out and the claim must be greater than the excess. For example if your client chooses a £1000 excess, and the repairs came to £900, they will be liable to pay the £900. It is important that you explain to your clients that it is an excess reimbursement policy.
• Improved risk planning and better budgeting
• Total cover where cost of replacement or repair is higher than the excess
• Possibility of saving money by accepting a higher excess, leading to a lower premium