Whether you are setting up a new business or that annual renewal reminder has come through already, buying business insurance is often something that is fitted around the day to day hassles of running a business. Having been a Business Insurance Broker for 20 years, I've put together my top five tips to help you get the best business insurance deal quickly so it doesn't detract from your day to day focus.
- Firstly give yourself plenty of time to obtain a business insurance quote. Ideally if you start the process two months before your renewal is due (or your cover is required for start ups) this will give you the best possible chance of obtaining the right quote.
- Use an Independent Insurance Broker rather than going direct to one insurer or online site - they understand the market better than anyone and more importantly have the relationships with a wide range of insurers and have the ability and experience to negotiate on your behalf. A word of warning, brokers can offer different levels of service - so find out how they help you in the event of a claim and which insurers they have approached for quotes.
- When you are getting your Business Insurance quotes, request a visit to your premises by the broker - in my experience this is the best way to ensure that you have the right cover with the correct sums insured. It will also ensure that you obtain the best possible premium as the broker will be able to discuss your business in detail. You can also discuss measure you can put in place to reduce the premium and any examine any trade specific schemes.
- Tell the broker everything - do not withhold important information about your business or about the Directors of the business. Withholding information can result in a claim being declined at a later stage. Common areas include - financial background of Directors, building construction and claims history.
- Compare cover first then price second. ASK WHAT'S NOT COVERED. It's not about the cheapest quote but rather the business insurance quote that gives you value for money. There are lots of different cover options available and you need to ensure you've got the right cover in place. Cover options include:
- Protection of your stock, contents, fixtures & fittings and computer equipment
- Protection against Legal Liabilities such as Employers, Public and Products Liability.
- Loss of Revenue resulting from incidents such as fire, theft & flood
- Cover for theft & loss of money
- Cover for lap tops and gadgets away from your premises
- Legal Expenses protection
If in doubt about what cover you need, speak to your local business insurance broker to see what they advise.