If you’re buying business insurance for the first time, renewing your policy or looking to switch to a new business insurance provider, here are a few things you need to bear in mind.
What is business insurance?
Whether your business deals with the public, sells your knowledge and skills or manufactures products, you’ll need some kind of business insurance to cover you in case your property is damaged or a client or customer brings a compensation case against you and your company.
The type of business insurance you need
There are lots of different types of business insurance available to cover all needs and risks, and depending on the type of company you run, you may well need to take out more than one business insurance policy. Some types of business insurance are required by law while others are simply good sense to have.
The level of cover you need
Think about the level of risk your business poses as well as how much your assets are worth before deciding how much business insurance cover you need. If you under-insure your assets your business insurance might not cover your losses if a claim is made against you.
The excess you will have to pay
The excess is the first part of every claim that you have to cover yourself. For example, if you have an excess of £500 and someone makes a claim against you for £1,000, your business insurance will only pay half of that. You can often reduce your business insurance premiums by agreeing to a higher excess, but think carefully about whether or not it’s worth it.
How you are covered
Understanding your business insurance policy conditions, exclusions and warranties is vital since some policies are dependent on your equipment meeting certain standards, your staff being trained to a certain level or ensuring you have an alarm fitted.
How uSwitch for business can help
uSwitch for business compares business insurance on your behalf to save your business time and money. We’ll work out exactly what you need – and we’ll take care of all the paperwork too.
Call us now on 0800 0515 489 to compare business insurance quotes