In this episode, Christian Rodwell sits down with insurance expert Josh Munt to explore the often-overlooked world of insurance for property investors, business owners, and professionals. Josh shares practical tips, common pitfalls, and actionable strategies to ensure you’re properly covered—without overpaying or leaving yourself exposed.

Key Discussion Points

• Josh’s Background & Core Audience:
  • 20+ years’ experience as a specialist insurance broker
  • Focus on property professionals and commercial clients
• Why Insurance Matters:
  • The real purpose: making sure claims are paid
  • Why underinsurance is so common (76% of UK buildings are underinsured)
• Most Common Mistakes:
  1. Incorrect Rebuild Values:
     • Many insure for market value, not rebuild cost
     • Rebuild values have risen sharply post-COVID; regular reviews are essential
     • Tools and affordable surveys for accurate valuations
  2. Tenant Type Disclosure:
     • Changing tenants (e.g., from office to restaurant or social housing) alters risk
     • Not notifying insurer can lead to denied claims
  3. Ignoring Policy Conditions:
     • Most skip reading policy wordings—key is to check ‘endorsements’ or ‘conditions’ sections
     • Failing to meet conditions (like property inspections) can void cover
• Premiums vs. Cover:
  • Why focusing solely on the cheapest premium can backfire
  • Importance of tailoring cover to your real risks
• Benefits of Using a Specialist Broker:
  • Tailored policies for unique risks
  • Wide market access and claims assistance
  • Support for both property and business insurance under one roof
• Insurance Tips for Business Owners:
  • Insure for loss of income, not just property
  • Consider all eventualities: liability, legal expenses, cyber risks
• Advice for Solopreneurs & SMEs:
  • Cyber insurance is crucial for online businesses
  • Manual trades need robust liability cover
  • Professional indemnity for service providers
• Ways to Lower Insurance Costs:
  • Self-insure for small risks and increase excess
  • Bundle multiple properties under one policy for savings and simplicity

Final Thoughts
Insurance may not be the most exciting part of wealth-building, but as Josh explains, it’s one of the most critical. Failing to declare something or reviewing your cover too late could cost thousands. With the right advice, you can ensure you’re covered properly, avoid costly mistakes, and potentially save money in the long run. As a special bonus, Josh is offering a waived admin fee for WealthBuilders listeners who mention the podcast when they enquire.

Resources mentioned in this episode

• Your admin fee is waived! Simply mention WealthBuilders when you enquire to Insurance Desk.
• LinkedIn: Josh Munt

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