General manager of Beacon insurance company Brian Hennis wants Barbadians to “switch on” and take property insurance more seriously.
In an interview with Barbados Today this afternoon at the company’s Whitepark Road, St Michael location, the top official said while people were keeping up with their motor insurance, he could not say the same for property insurance among both residents and businesses.
“During periods of recession we are finding that some persons may take the risk of not insuring their properties and we always encourage persons that they should never take that chance,” he said.
“They should always ensure that their properties are adequately insured, especially now during the hurricane season. If they can they can also take the time to ensure that their property values are in order as well as their businesses and ensure that they are adequately covered,” he added.
Acknowledging that this was not the first time the island experienced a recession, Hennis said given the economic conditions people were “watching how they are spending”.
“Their disposable incomes are reduced but we obviously want to ensure that people are adequately insured for their most prized possessions whether it is your property, car or your business,” he added.
He said while the Municipal Solid Waste Tax had not directly affected the business, he anticipated that given the current realities “persons will come under a little additional burden and it will affect persons in terms of their plan and how they are going to allocate their resources”.
“We have to in turn try to work with customers to give them that flexibility in terms of payment as well as products that we are looking to offer,” he said.
“We are here for the long term. We believe that any economy will go through its ups and its downs but we are also a resilient country and we will get through this. So we want to position ourselves for when things are on the up,” said Hennis.
Today the company held a customer appreciation day while offering a 25 per cent discount for new sign ons.
Hennis said this was one way of ensuring that the company stayed in tune with Barbadians.
Beacon also launched its charity drive yesterday.