Home' Trinidad and Tobago Guardian : September 5th 2013 Contents SEPTEMBER 2013 • WEEK ONE www.guardian.co.tt BUSINESS GUARDIAN
COMMENTARY | BG23
After working in the
for 30 years, I have
helped many busi-
ness owners and
managers with their
insurance requirements for a large
amount of that time.
It is frustrating for me to see business
people continue to make the same mis-
takes with their insurance arrangements
over and over again.
Whilst a business owner makes the
final decision on what protection they
require for their business, the fault does
not always lie with the business owner
when bad choices are made.
A lot of the time, the reason people
make bad choices about the insurance
for their business is due to:
• Bad advice (or lack of advice)
• Lack of information
• Failure to understand the informa-
tion they have been given (I don t know
of many people who have actually read
their insurance policies.)
Unfortunately, when people do not
understand the information, they fall
back into making a decision on the one
difference they can see: price.
By doing so, they put their business,
their personal possessions, their income,
their lifestyle and all they own at
Your business is
your life because it
income that pro-
vides you with all
you have in this world.
If you lose the business, you lose all
it produces for you and, in doing so,
you lose the life you were happy with.
It is for this reason that I am writing
these weekly articles.
I want business owners in T&T to
have enough basic knowledge of insur-
ance so they can make informed deci-
sions about the type of insurance their
business needs and how to go about
obtaining it in the most sensible, effi-
cient and cost-effective manner.
With the knowledge provided, you
will be in a position to better understand
your insurance. These articles will show
you ways to protect your business, start-
ing from the largest assets and expo-
sures your business faces working, down
to the smallest assets and exposures.
If insurance was always arranged in
this order, the number of businesses
currently forced to cease trading after
a major loss would be greatly reduced.
Of course, you would still need to
sit down with a qualified insurance
adviser to determine what covers are
needed for your business but I will give
you some basic knowledge so you can
deal with this process in an easier way.
You will note that these articles heav-
ily promote the benefits of every busi-
ness using a professional insurance
adviser s services, preferably a qualified
As a qualified insurance professional,
I make no apologies for this as I believe
every business needs an insurance
adviser the same way they need an
accountant or lawyer.
I have tried to keep the information
as simple to understand as possible.
Insurance is an extremely complex
It is for this reason that a business
owner who attempts to arrange insur-
ance protection on their own is truly
putting their business at extreme risk.
In the coming weeks, you will learn
about the following:
• Tips to help you decide what needs
to be insured.
• How to avoid under-insuring your
• A list of the insurance covers your
business must consider to ensure your
business is adequately protected.
• Can your business survive a major
• Why you always need to make sure
your alarms are activated and work-
• The risk of
buying on price
alone in the insur-
• Why you
should review your insurance pro-
gramme with a qualified insurance
adviser at regular intervals.
• Why it is essential that your busi-
ness has adequate business records.
• Tips to make your claims run
• A listing and brief description of
the most common insurance covers for
your business to consider.
• A listing and plain English descrip-
tion of common insurance industry jar-
• How to pick a good insurance
adviser and the difference between
insurance brokers and insurance agents.
I also hope the information provided
assists you to arrange the insurance
that protects your business, its income
and your lifestyle because, by doing so,
you protect your life and the life of
those you love.
Next week: To insure or not to insure.
Mike Byrne ACII is the head of
general insurance at CIC Insurance
Mike Byrne: firstname.lastname@example.org
I want business owners in T&T to have enough basic
knowledge of insurance so they can make informed
decisions about the type of insurance their business
needs and how to go about obtaining it in the most
sensible, efficient and cost-effective manner.
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