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3033693
Whether you are a self-employed tradesman, a small business owner with a few employees or a large international trading
company, there are a number of steps that you can take to ensure you get the right insurance to protect your growing business.
1. Assess your risk
The premium you pay will reflect the risk that you and your business represent to the insurance company. There are a number
of factors that may contribute to your costs, including the type of work that you do, how long you have been trading, your
business location, the type of property you occupy, your fire and security systems, your health and safety procedures, your wage
roll and headcount, and the sums insured and excesses you choose.
2. Ensure you are adequately covered
Business insurance policies can be tailored to cover the specific requirements of your business. When you are comparing prices
between insurance companies, check that their policies provide the correct level of cover for you. Don’t reduce the levels of
cover you require to secure a cheaper price. If you underinsure you may not receive a full payment in the event of a claim. Only
buy a policy backed by a reputable insurance company. A good insurance broker will be invaluable in helping you obtain the
right cover, with the right insurer at the best price.
3. Understand the cover available
There are many different types of insurance available to cover your business, including public liability, employers’ liability,
professional indemnity, as well as the more commonly understood property and vehicle insurance policies. These insurance
policies can be purchased separately or in a package. Combining coverage into a package can simplify the process and save you
time and money. However, make sure you understand the extent of coverage you are buying. If your business has any unique
risks you may require additional coverage and advice from a specialist insurance broker.
4. Assess your cover annually
As your business grows, so do your liabilities. If you have expanded operations, taken on more staff, or acquired more stock or
equipment, you should contact your insurance broker to discuss how these changes in your business may affect your coverage.
You don’t want to be left underinsured should disaster strike.
5. Find a reputable insurance broker
In the UK, professional insurance brokers are authorised and regulated by the Financial Conduct Authority. A good commercial
insurance broker will take the time to understand all the risks associated with your business and help you find policies that
match your business requirements. Like your accountant and your solicitor, your insurance broker should be an important part
of the team of experts that help you protect and grow your business.
tel: 01732 471965
Five top tips for buying business insurance
