Before you set about renewing your business insurance, make sure you get the right cover – and for the right price!
As we’ve all started to rebuild our businesses, it is important to check your insurance.
If your risks have changed, the premium could alter substantially if;
- Your staff numbers have increased significantly,
- Your business changes (e.g. from a mix of operations and administration work to online administration only),
- If your turnover projections are significantly changed (lower or higher).
If you underinsure then, if a claim was made, you may not get the full compensation you need.
Business insurance is a risk management tool for you and your customers, it is your ‘safety net’.
When you renew, talk to your broker or insurer directly and get new quote don’t just accept their initial quote!
BETTER STILL GET ONE ONLINE QUICKLY TO CHECK TO COMPARE YOUR RENEWAL PREMIUM!
Is it worth really worth checking every year? – YES!
- Insurers are required to price your risks when they build up a premium quote.
- If they don’t have enough detail they’ll err on charging for cover that may not be needed by your businesses.
4 steps to help get the best insurance cover.
So, after you have assessed your needs, follow these few simple steps to see that you’re getting the best deal?
- Get a quote from another source.
- Try 2 or 3 quotes:
- Online quote
- Your Broker
- A telephone service
- Have a constructive conversation with your insurer/broker about what you should pay and see if they’ll price match an online quote.
- If not, take out the new deal but, make sure it covers all your needs.
Ask other people businesses about their cover and if the insurers have paid out – for business interruption over COVID for example.
Read the small print on your cover choose carefully to make sure the covered meets your needs.
We’ve written a whole blog about renewing your business insurance, and your personal policies as well, in getting the best personal and business deal.