Business insurance: Finding the right policy

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new generation of worker

For many businesses, selecting the right business insurance policy can be a daunting task. With so many different insurance policies out there, it can be a real challenge sifting through all the information to find a policy that suits you and your business.

When searching for a policy there are a number of things that you can do to help you along the way:

Know what you need:

First of all, you need to have it absolutely clear in your mind what risks you are insuring against. If you are not 100% sure of this prior to your purchase, you could end up overpaying for your business insurance policy or even under-insuring yourself.

To avoid this situation, you might like to:

• Carry out a risk assessment so that you have a better understanding of your business’s exact insurance requirements. Health and safety assessments, in particular, are widely available from Government websites.

• Write down exactly what you would like cover for and keep these details safe for future reference. You will then have something to refer to if an insurer or insurance broker calls you about an insurance policy. By having a clear idea of your exact requirements, you are much more likely to avoid paying over the odds.

• Visit Government or leading industry websites to gain a better understanding of the types of things your business insurance policy should cover against. Although some insurance policies can be quite similar, it is always worth having this extra knowledge in case you are offered a policy that doesn’t quite match up to industry expectations.

Knowing where to look

Part of finding a great insurance policy is knowing where to look. By looking in the right places, you could discover policies that have more included with them and could even pay less in the process.

You might like to consider the following when searching for your business insurance policy:

• Some people like to find out about different business insurance policies by phoning insurance providers direct or by browsing the internet. While you might find you are happy with the first quotation you receive, it might be worth combining both of these methods in an attempt to get a better deal.

• Insurance brokers can provide quotations from an array of insurers found on their panel which can be beneficial as they have special relationships with insurers. Specialist brokers, such as constructaquote.com can also have valuable insight into the kinds of policy terms most important to certain businesses as they have a considerable amount of experience. By communicating this information to insurers, they can provide you with information and knowledge to help you make an informed decision about your businesses specific needs.

It is worth noting: Insurance brokers, advisers and other insurance intermediaries are regulated by the Financial Conduct Authority (FCA). It is therefore essential that you make sure that anyone providing you with insurance has FCA authorisation. A notice displaying this can usually be found at the bottom of their website.

Knowing you’re covered

  • After you have successfully taken out an insurance policy, it is important that you keep all of the relevant documents safe.
  • This will make it easier for you to check how your policy is working for you and will be helpful if you are to renew at a later date. It could also be financially beneficial, as some insurance providers may charge you a replacement cost if you lose these documents.
  • Ensure that you have received the terms and conditions and any other documents relating to your policy. Although perhaps not the most exciting activity, it is always valuable to spend some time reading over all of your policy documents. This way, you can make sure that you have received the exact business insurance cover you purchased.
  • If you are not provided with one, jot down any important phone numbers and reference numbers on a card. This will help you to resolve future claims quickly. You might also like to write down a brief summary of your cover so that you have an easy point of reference.
  • If you are not satisfied with your policy, remember to contact your provider immediately. Many insurers allow their customers a short period of time of around 14 days to cancel their policy if they are not completely happy with it.

If you require any more information regarding business insurance please feel free to contact one of our insurance executives on 08081686868.