No matter the type of business being run, having business insurance is very important. Although you hope you never need to use your business insurance, one day you may need to and by having a good level of protection, this can help protect your business finances and your longevity.
The type of business insurance that you may require will vary from industry and the business that you are operating. Certain insurances are a must, such as public liability insurance as this protects you should a member of the public get injured and make a claim. An example of an insurance product that isn’t a must but could be useful is Business interruption insurance. Although it’s not the most important insurance, it’s very useful should something unfortunate happen like a fire.
Below we have put together our guide on three things to consider when purchasing business insurance.
Use a reputable company
When getting quotes for business insurance, aim to use a reputable company. There are lots of companies in the market that offer business insurance, some great such as Tivly, and some not so great. Before signing up for an insurance product being offered to you, do a quick Google search on the company and check the customer reviews. If you have a friend or family member who runs a business, it may be worth asking them for a recommendation as recommendations are often the most reliable sources. Plus, at the same time, they may be able to give you additional advice on other business decisions that you will have to make.
Don’t settle for the first quote
Business insurance is just like your car insurance, where there are many companies offering you insurance at different prices. When getting quotes, don’t just settle for the first quote. Use one or two comparison sites as this way you can get a good selection of prices to choose from. Often paying a year up-front will save you money but if you prefer to pay monthly, there will be monthly options available for you.
Don’t opt for too many insurance products
As we mentioned above, certain insurance products are a must, that being said, there are many that are questionable and you may not need them. As you can imagine, there is often an insurance product out there for anything, which can result in you paying a large monthly fee for something you may not need. For this reason, it’s important you do your research on the key insurance products that will benefit you – you do need business insurance, but try not to opt for too many insurance products.
We hope our guide on three things to consider when purchasing business insurance has given you some useful insights and food for thought. What tips would you give to someone looking to purchase business insurance? Which of the above three tips did you find most useful? Is there anything you would like to share that will help our readers? Let us know in the comment box below. We would love to hear from you.