Every single business is prone to some sort of risk, irrespective of how big it is and how many employees it has. Whether you are a sole trader, or run a business that has a 100 strong legion of staff,various business insurance requirements will need to be satisfied. While certain risks are classified as being ‘non-financial’, such as changes in the market or the action of competitive companies, others can result in direct financial losses. Determining exactly what you need, and then buying the best value insurance is, therefore, very important.
To start off with, you need to determine your requirements. This can be done by conducting a quick risk assessment before you go ahead and start searching for an insurance policy. If you run a larger business, using a business insurance adviser is a good idea in helping you determine your needs. For smaller businesses, however, you may be able to do this yourself.
Once you have conducted your assessment, you can begin looking for policies. When you request quotes, always do so based on the current value of your assets. If you try to lower the value of your assets to get reduced insurance rates, you may run into trouble, so always be very clear about exactly what your assets are worth.
Consider getting coverage for forces outside of your control that may end up affecting your business. For example, choose coverage for inflation and any changes in regulations and policies that may negatively impact your company.
When determining which company to use, always spend some time checking reviews of the insurers that interest you. Needless to say, your priority will to get optimum cover: coverage that is perfect for you needs. However, on top of this, you may consider price to be of paramount importance as well. Marrying the two of these is certainly possible, so spend time finding companies that fit all of your requirements.
When discussing your needs with any company or agent, maintain full disclosure. In other words, be honest and completely up front when discussing any previous incidents or events that may affect your policy. It’s better to get all of the details out in the open straight away, rather than hiding any skeletons away in the closet.
It may also be sensible to ask for an appraiser to come out and recommend any improvements that may help you lower your premiums. Once you have chosen a suitable company, do this and they will send an expert to help you make further savings. Obviously, this is only likely to be necessary if you run a decent sized business.
Finally, it is important for you to find out about any exclusion clauses that may be on your policy so you know exactly where you stand. Review the terms and conditions closely, and then sign on the dotted line.
Taking these simple steps will help you to make sure that you tick all of the boxes when getting an appropriate policy. Most importantly, your focus will be on covering all your needs, and saving the most money without compromising your coverage.