We generally agree and recommend the same. It should only be used for larger businesses with long Indemnity Periods and where a significant saving in premium can be demonstrated.
No. They are only indemnified for ongoing expenses which are incurred.
The Insured must always act in a manner to mitigate their loss.
Yes, it is advisable to insure 100% payroll and as a part of gross profit. The Dual Basis Payroll approach is complicated.
For smaller businesses we would not generally recommend a Dual Basis Payroll approach.
Dual wages should be considered when the Insured’s workforce is flexible and the Indemnity Period is longer i.e. 24 months.
MSM comprises a multi-disciplined professional team including qualified accountants with over 25 years experience.
Our team has expertise across a diverse range of industries and organisations.