What is Excess Protect?
An insurance policy that allows you to claim back the excess paid to initiate a claim.
How does this work?
If you buy Excess Protection with a cover level of £1,000.00, but suffer a Public Liability claim where the excess is £500.00. Once the claim has been paid (net of the excess) your excess of £500 is refunded in full. If you then have a claim in the same year on another policy where the excess is £1,000 once the claim has been paid, you will have £500 of it refunded because you only have £500 of your £1,000 excess protection cover left. If you had bought £2,500 of cover, the second excess would be refunded in full and there would be £1,000 of unused cover left if you were to have a subsequent claim in the same policy year.
This policy is extremely affordable, if you have to make a claim this could potentially save you thousands of pounds in excesses. If you take a higher excess on your main insurance, your premium could reduce but the excess would be protected.
What policies does this cover?
All commercial policies apart from Directors and Officers (D&O) and Professional Indemnity Insurance (PI).