When it comes to your insurance, covering the basics is not enough. It’s a big investment, so why would you settle for the bare minimum when you could get more out of your policy? To help you get not only the best value for money but the greatest peace of mind as well, here are our tips for optimising your business insurance.
1. Fully identify your risks and requirements
Conducting a thorough risk assessment is one of the first things you should do when purchasing business insurance, as you need to know what cover you require. However, just taking note of the standard things, such as your vehicle, stock, premises and business interruption cover could leave you exposed to risk in unexpected areas. Consider every possible type of risk your business might face so you can get the most comprehensive cover.
Likewise, make sure you are completely open and honest with your broker, as this will help them identify the most suitable package for you. Even if something seems small or inconsequential, it pays to bring it up. In the long run, you’re better to be over-cautious than underprotected – you’ll thank yourself later for taking the extra care.
2. Regularly reassess your needs
As your business develops and grows, you are going to be faced with new risks and liabilities. Consequently, getting insurance should never be treated as a one-time activity. It’s something that should be revisited regularly to assess whether you still have the most suitable policy. For example, if you are a self employed tradesperson you will need Public & Products Liability insurance to protect against the actions taken on behalf of the business, However if you decided to expand the business and hire staff, it could also be prudent to obtain Management Liability insurance which includes cover for employee practices liabilities.
Think of it as getting a check up at the doctor’s office. You are better to act preemptively and catch changes new business risks before they spread and become a bigger problem.
Managing your insurance is a process that must be revisited as your business grows.
3. Look for specialised products
To get the most out of your insurance, you should look for a policy that fits the requirements of your business rather than taking a chance on blanket coverage. The insurance needs of a pet industry business are going to differ drastically from those of a caravan park, so why would your treat them the same. Do your research and find a broker that can provide products specifically designed for your industry. Where a big insurance provider will force you to fit your business into the capacities of its products, a broker allows you to shop around and design a policy exactly around the specific conditions that affect your organisation.
4. Find a broker you can trust
Finally, one of the biggest factors that impact the effectiveness of your insurance is where it comes from. If you are able to identify a licensed, reputable and respected broker, it’s going to make all the difference to the outcome if you ever have to make a claim. Choosing a broker is like selecting an accountant or a lawyer – you are putting the financial future of your business in their hands, so you want to guarantee that they are worthy of the task.
Look for an established firm that is well known for delivering quality insurance service and ask for recommendations from other businesses in your professional network.
At MGA, we are firm believers in helping our customers get the most thorough coverage and value possible. To find out more, contact a representative today.