4 Tips for Choosing Business Insurance

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Wednesday, 22 September 2010 Written by Ray Holden

Category Finance

Business insurance for a new start-up tends to be relatively more expensive. This is because not all insurers will quote for new risks and generally the insurance market is fairly conservative in their thinking. They prefer established businesses who can show a track record.

In response to Head & Griffiths' recent post relating to problems getting business insurance, it is essential that as a relatively new business you choose the right insurance broker to handle your insurances for you. Brokers will have access to many Insurers and will target the right one for your needs, but most importantly the right Broker will also provide you with sound, independent advice on the covers required and the best basis on which to arrange this.

Price is clearly a major factor but a cheap policy will be rendered worthless if the cover is not arranged correctly.

Essential factors to take into account when choosing business insurance:-

Ensure that your premises are described correctly. Is the building solely occupied by you or are there other tenants? Are your offices / unit under your sole control?
Does the physical security at your premises needs to meet the insurers minimum requirements? (A claim may be rejected if they do not)
Does your business description cover all of your activities?
Are your sums insured adequate. Even small claims may not be paid in full if the sum insured is less than the true value.

As a completely Independent Commercial Insurance Broker, Brett & Randall can offer advice on all of the above areas and any other insurance related issues you may have.