Don't cancel your insurance policies due to recession warning

Sept. 1, 2010 - PRLog -- Insurance – viewed as a ‘distressed purchase’ – is often one of the first costs that businesses look to cut in tough economic times, says Graham Webster, Managing Director of aba Group, based in Bolton, Greater Manchester.

“People running businesses in a recession need to make a considered judgement on the level and type of cover they take out.

“For example, there are certain types of cover that most businesses must have by law: employers’ liability insurance and motor insurance are good examples.

“Contractors are very often required to arrange contract works insurance, public liability insurance and professional indemnity insurance under the terms of a contract they have entered into.

“If businesses cancel these policies they will either fall foul of the law or be in breach of contract. Directors also have more responsibilities these days on the decisions and actions they take and may be pursued personally should any of these be taken without sufficient care.”

He adds: “Insurance is a complicated business. Most business owners and directors simply want to concentrate on running their businesses rather than getting bogged down or distracted by issues such as ensuring the right insurance cover. Professional insurance brokers can give directors advice in this regard.”

Graham says that over the years he has seen lots of new clients that have previously taken out an ‘off-the-shelf’ policy which is quite unsuitable for the risks clients are trying to protect in their businesses.

“Businesses need to match cover to the risks that they have rather than simply match a policy to a budget.

“Obviously, it’s far better to some cover than no cover at all because the latter can mean the business is operating illegally and the penalties for directors can be severe.”

Despite the recession, aba Group, is on track to post a 20% increase in premiums over the last 12 months, says Graham.

“We have increased our marketing efforts during the recession in order to develop new clients and this is bearing fruit.”

aba Group was started in 1993 and employs 10 people.

It comprises two companies: aba Risk Management Limited and aba Insurance Services Limited.

aba Risk Management Limited aims to identify and control areas of risk in a business and to minimise those risks wherever possible by providing a range of risk protection insurance. These may include Risk Management, Health and Safety, Risk Assessments, Fire Risk Assessments, Asbestos Reports, COSHH, PAT Testing, Energy Certificates, and HR Assistance and Services.

aba Insurance Services Limited arranges insurance protection against the risks identified.  The company offers advice and guidance to produce a tailor-made insurance programme to protect a client’s business and its assets.

aba Group has access to around 50 insurers and is part of a network of insurance brokers that gives it extra buying power in order to provide more competitive premiums for clients.

The company provides the following types of insurance including business insurance, building content insurance, Property Owners’ Insurance – Commercial Building Insurance, Residential and Buy-to-Let Insurance, Contractors’ All Risks Insurance - specially-designed insurance schemes for businesses in the contracting industry, professional indemnity insurance - businesses and consultants needing liability, Prestige Home Insurance - competitive personal household insurances to protect your valuable personal assets, pub insurance and night club insurance - for tenants, managers, landlords, and Company Car Insurance - motor insurance for business vehicles.

The company is increasingly advising clients on insurance for goods in transit, particularly businesses importing products from China and other parts of the world.

It is a member of Manchester Pub & Club Network and The Village Business Association.

For further information about aba Group, please visit www.abagroup.co.uk or call 01204 364 842 begin_of_the_skype_highlighting              01204 364 842      end_of_the_skype_highlighting.

-ENDS-


Caption: Graham Webster, MD of aba Group

Issued by Red Flame Marketing on behalf of aba Group. http://www.abagroup.co.uk

For further information, please contact Richard Boyd at Red Flame Marketing on 0845 052 0862 or 07792 819 059.

# # #

Affordable and effecitive marketing and PR for SMEs and OMBs, Bolton, Greater Manchester, UK.
Graphic design, web design, SEO, social media marketing
http://www.redflamemarketing.co.uk
http://www.abagroup.co.uk