Things to remember when buying insurance

Guide to small business insurance

Here at we want to make purchasing your business insurance as simple as possible. That’s why we’ve put together some tips that may help you when you consider your insurance needs. 

  • Many businesses use sub-contractors within a project. You may want to check that your sub-contractors have the appropriate employers’ liability insurance before allowing them out on site.
  • Although not a legal requirement, some customers may insist on you having public liability cover before allowing you to start work for them.
  • Keeping up to date with current health & safety issues may help you prevent more accidents and incidents within your working environment.
  • You may want to check the limit of indemnity associated with your different insurance products.  You must be insured for at least £5 million for employers’ liability insurance but in practice most insurers offer cover of at least £10 million.
  • Some insurers charge very little difference in price for £1 million or £2 million of public liability cover. You may want to check when you’re running through your quotation so you can make a fully informed decision about the level of cover you want.
  • Compare like for like.  You may be offered ‘optional covers’ by some insurers included in the policy, whereas other insurers may charge you an additional amount for this.
  • Deciding the level of excess you want.  Excess is the amount you will have to pay of the claimed amount, so for example if you have a claim for £1,000 and your excess is £500 you might only receive £500 back from the insurer.
  • It may be a good idea to check geographical extent of your insurance cover as some insurers won’t cover companies that work outside of the EU.
  • You want to check your policies exclusions as specific activities may be excluded by insurers and you may not be covered for certain things.
  • You will need to inform the insurer about all aspects of your business particularly the number of employees you have.
  • If your business changes throughout the course of the year you will need to let your insurance provider know as the nature and scope of your business as this may affect your premium.

For more information please call one of our insurance executives on: 08081686868