Business Insurance – How To Find What’s Right For You

It’s true to say that the insurance market is a minefield in general, so let’s say you’re looking to insure your business, or renew the insurance on your business. Where would you start?

Traditionally the high street broker would be your first point of contact, and still today this can be the case for many businesses. Over the years, and I have come across this all too often myself, a business will refuse to move from a broker which has been servicing them year upon year as they believe that they have had good service and the broker comes to see them personally to review their policies at renewal time, even if they could save literally thousands.

Due to the onslaught of online insurance business, many of these traditional high street brokers have lost vast amounts of motor insurance and home insurance clients as the online brokers have less overheads ensuring the premiums are generally cheaper, so in that respect they feel that they have to maintain the status quo.

I personally think this is a bad idea on their behalf and it has become apparent over the last few years, especially since the crash in 2008, that businesses which have used the same broker for years are all too willing to make the change because they need to save money and indeed many high street insurance brokers have either been bought out or have disappeared completely. Essentially the fact is we all have to move with the times and this is why we should look next at the online option for insuring your business.

Bearing in mind that different brokers have different agencies with different insurance companies specialising in different aspects of business insurance, it is worthwhile thinking of yourself as doing the same job as them online, getting quotes from a number of them. Some brokers specialise in, say, motor trade insurance, others in construction insurance etc.

When you find a business insurance broker online, the likelihood is, even if you enter all your details for a quotation you will be getting a call from an adviser who specialises in your particular niche, so it may be useful to know a few tips on how to ensure you get a good deal:

Firstly give yourself plenty of time prior to your renewal. Set a reminder a couple of weeks beforehand in your diary. You will need to study in detail your various quotes to ensure you will be adequately covered.

Don’t be afraid to ask questions. The adviser will be fully proficient in insurance but only you know your business.

Reduce the risk to your business. Insurers offer discounts if you have added security such as roller shutters, fire sprinklers or an alarm which notifies you or the police. This will also give you added peace of mind.

In the same way as you can on your home or motor insurance, think about increasing the excess, the first part of a claim which you contribute towards. This can bring the premium down.

Lastly, don’t forget, the cheapest premium isn’t necessarily the best. You must be certain that you have adequate cover. You don’t want to save a few pounds on your premium if you’ll possibly lose thousands in the event of a claim.

About the Author:

Jonathan Head is the lead content writer at Compare Crazy and loves all things insurance related. Often writing quirky articles that get you thinking he always sees the fun side of the insurance market.

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