Tips for buying insurance

1. Do your research

Before you commit yourself to an arrangement with an insurer, it's worth taking time to check their credentials:

• Are they a well-known, established company?
• Are they licensed in Hong Kong?
• Have any of your business associates or friends dealt with them?
• Are they financially stable?
• Have they been rated by an independent security-rating agency?
  (You have the right to ask for this information.)
  
  

2. Don't always accept the cheapest price

Many policies don't provide the protection you need - or the protection you think you're buying - so make sure you read the small print carefully.

• A contract may only provide a very low limit of business liability protection. Some liability claims can take up to 10 years to settle and if your policy limit has been exceeded at the time of settlement you may have to pay the balance yourself.
• Legal fees in Hong Kong have become very high. Check your policy carefully to make sure that legal expenses will be paid in addition to the limit of liability.
  
  

Did you know?

• HSBC Insurance is recognised as one of Hong Kong's respected insurance market leaders
• HSBC Insurance (Asia) Ltd and HSBC Life (International) Ltd received a rating of AA- from Standard and Poor's, the highest rating awarded to financial institutions based in Hong Kong, and a rating of A+(Superior) from A.M. Best, the world’s largest insurance rating agency.