In the UK, both individual and company insurance providers are expected to offer their clients a complete package which includes payment protection cover (PPP) and claim free benefits. Although it is not always the case that PPI policies are automatically included in all forms of insurance, they are an essential inclusion for those who have purchased a package or are expecting to purchase one. When asking a provider whether or not a PPI policy is included in a quote, it is essential to check the small print of any policy which can stipulate the provider may decide not to include certain services or items.
There are three different types of payment protection insurance currently available from a majority of UK insurance providers. These are premiums, single premiums and group premiums. If you purchase a standard policy which covers you and your employees then a PPI will not be automatically added to your policy as this will only be deemed necessary if you specifically ask for it. Should you feel you need this form of security for your business, you should read the terms and conditions carefully so that you understand fully what you are paying for.
A PPI claim can be made on any of these three insurance types and you should always read the small print of any policy you are considering as this is where you can find details regarding which types of protection are available, the amount that is refundable and the time period for which you are protected. For most small businesses, it is usually a requirement to take out payment protection insurance. As PPI is often required in order to provide protection for an employee, it is worthwhile finding out if your provider offers this type of insurance and if so how much it will cost. If you are offered a quote without having to pay any premiums, the insurance provider may well be offering this cover at a higher premium than is necessary.
One of the main attractions of PPI is that it allows you to protect your investment in your business. When you consider the risks that can be involved without this type of insurance, you will realise that protecting your investment is a worthwhile investment. You should also remember that if you do lose out on the sale of your premises, you will not have to worry about being unable to get money from an insurance claim as this is covered by payment protection. However, you should always check that you are covered for the value of your possessions.
It is important to work out whether any claims have already been made when considering the purchase of PPI. Many insurance providers will offer a standard one off payment in case you are to make a claim. This is usually included within the insurance cover and will be small. If you do find that you are unable to claim on PPI then your next step should be to check the details of the policy. As you will usually be locked into PPI for a specified period of time, it is worth going through the policy in detail in order to ensure that you know exactly what is covered and how much excess you will have to pay before the policy kicks in.
Some people may wonder whether they are covered under PPI through their personal belongings. If you have expensive equipment such as a laptop or a printer, then you may need to look at this cover. Again, some insurance providers will add on specialist laptop and computer insurance to your standard policy to ensure that you are fully covered. PPI is not usually available for items which are not expensive but will still put a strain on your finances. PPI should only be bought if you feel it is absolutely necessary however as the cost of paying for insurance increases each year the cover becomes more expensive.
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