It may sound the most obvious statement but forgotten or inaccurate information could affect your Business Insurance at a later date. Your motto should be, if in doubt, disclose it.
Use an Insurance Broker
If you can’t spare the time to phone or shop around yourself. An insurance broker will search a large number of leading insurers for you so you could save money as well as time. Not only this a good Insurance Broker should discuss your needs and offer advice and guidance to meet them. A good Insurance Broker will tell you what you need (and just as importantly - what you don't need).
Choose the right Insurance Provider
Whether you decide to use an Insurance Broker for your new Business Insurance or whether you decide to deal direct with an Insurance Company make sure you choose your Insurance Provider carefully.
A recent survey conducted by Holden Pearmain, the market research company, showed that 63% of small and medium sized businesses (SME’s) preferred using a local supplier when it came to choosing their insurance provider. And 42% surveyed felt using an insurance broker was the best way to get the best deal.
When choosing your insurance provider look for a company that understands your needs and has facilities with leading insurance companies to ensure you get the right cover, at the right price.
Make sure you’re covered correctly.
Business Insurance can be confusing so if you are unsure of anything, ask your Insurance Broker or insurance company to explain it before taking out a policy. They are the experts so take advantage of their knowledge. And make sure they explain it in a language you understand. The Insurance industry is known for it's use of Jargon so if you don't understand what they are telling you - ask.
Increase your excess.
Most new businesses will want to keep outgoings to a minimum. If you’re looking to reduce your premium without sacrificing cover, you could opt for an additional voluntary excess on top of your compulsory excess. When making the decision on whether to increase your Insurance excess or not though make sure the amount you agree on is affordable.
Put it all together
Consider putting all your insurance policies with the same insurance broker or company. Not only will this make your administration far easier (vital for any new business), but you may also qualify for discounts for having more than one policy with them.
The cheapest isn’t always the best.
As Business Insurance isn’t a "sexy" purchase, many new businesses opt for the cheapest is best option. Don’t always assume this is the case. Make sure the policy you buy gives you the level of cover you require. Don’t leave it until you make a claim to find out if the policy meets your needs. Make a list of what you need from an insurance policy and make sure the policy you buy includes it. And if in doubt, ask.
Finally, your insurance provider should give you advice and guide you through your options so you end up with the correct cover, at the right premium and ultimately have peace of mind that your new business is protected against the unexpected.
By Mark Burdett
Published: 11/1/2006
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