Friday the 13th has a reputation for bad luck. While most of us don’t really believe in superstition, many businesses still operate under a few common insurance myths that can cause problems when something actually goes wrong.
The reality is that misunderstandings about what insurance does and doesn’t cover are far riskier than any unlucky date on the calendar…
Here are a few of the most common ones we see.
“It probably won’t happen to us”
It’s one of the most common assumptions in business, particularly for smaller companies or those who have operated without issues for years.
But incidents don’t just affect large organisations. Fires, theft, cyber incidents and liability claims can affect any business, often when it’s least expected.
Insurance isn’t about expecting the worst, it’s about making sure a single event doesn’t damage everything you’ve built.
“If a customer doesn’t pay, that’s just business”
Late payments and insolvency are often seen as part of trading, but large unpaid invoices can have a serious impact on cashflow.
Trade Credit Insurance can help protect businesses if a customer becomes insolvent or fails to pay over an extended period, something many companies only realise exists once they’ve experienced a loss. For businesses trading on credit terms, this is where Trade Credit Insurance can provide an additional layer of protection.
It helps safeguard cashflow if a customer becomes insolvent or fails to pay, something many companies only explore after experiencing a loss.
“Our standard policy covers everything”
Many businesses assume their core policy will cover any situation they might face.
Most policies are designed to protect against specific risks. Things like cyber incidents, professional advice, director liabilities, or trade credit exposures often require specialist cover.
Without reviewing your policy regularly, it’s easy to assume protection exists where it doesn’t.
For example, many businesses assume cyber incidents are included within a standard policy, when they usually require specialist cover. With ransomware, phishing and data breaches becoming more common, it’s an area many organisations are now reviewing more closely.
“We’re too small to be targeted”
Cyber attacks and fraud used to be associated with large corporations, but that picture has changed dramatically.
Smaller businesses are often seen as easier targets because they may have fewer security measures in place. Ransomware, invoice fraud, and data breaches are increasingly common across businesses of all sizes.
Cyber insurance has become a far more relevant conversation than it was even five years ago.
In practice, smaller and mid-sized businesses are often targeted because they’re seen as easier to access than larger organisations with dedicated security teams.
“Insurance only matters when something goes wrong”
Good insurance advice should be proactive, not reactive.
Regular reviews ensure your cover keeps pace with changes in your business, whether that’s growth, new services, new premises, or evolving risks like cyber threats.
It’s about making sure your protection still reflects how your business actually operates.
Looking Beyond the Myths
Friday the 13th might be associated with bad luck, but most business risks aren’t about luck at all, they’re about preparation.
Taking the time to review your cover, challenge assumptions, and understand where your exposures really sit can make a significant difference if the unexpected happens.
At Pollensa, we work closely with our clients to make sure their protection keeps pace with their business!
