Five tips to help you choose a business insurance provider

Obtaining adequate business insurance is an important concern for any kind of company. But with so many different providers to choose from, how do you find the right one?

Most business insurance policies will provide the essential cover needed to protect your company, from liabilities such as lawsuits, accidents, property damage, injuries, and other mishaps.

However, even though the terms may be similar between policies, choosing the right provider still matters because prices, service quality, and limitations in cover will vary.

Five tips to help you choose a business insurance provider

With that said, here are five tips you can use to simplify the process of selecting an ideal business insurance provider.

1) Look locally first

Whether you’re running a brick and mortar shop or an online business, when looking for business insurance it’s always best to consider local insurance companies first. Local companies usually pride themselves on providing top-notch service and are more responsive than larger providers that are overloaded with a large number of clients.

Applescott Insurance, a life and business insurance provider in Oxfordshire, is one example of a regional company that is able to deal more closely with clients due to the smaller, more focused workload. Although national providers are commonly the first options considered, it may be wiser to start your search locally to receive better customer service in the long run.

2) Compare a variety of quotes

Settling for the first company that has what you need might not be the best idea, as you may find out later that you could have got better cover elsewhere, and sometimes even for a cheaper price. Rate comparison sites can make this step more convenient, but they may not give you access to all the quotes available in your area.

The best way to compare all possible quotes is to utilise directories and query local search terms (i.e. – “business insurance in Oxfordshire”) in Google. Using a search engine independently instead of a third-party quote comparison site will ensure that you’re not missing out on potential alternatives.

Budgeting for business insurance is always smart but price should never be the sole determining factor. Still, starting with a quote comparison is a good way to eliminate any providers that may be overcharging.

3) Ask about hidden costs and limitations

Most ‘hidden’ costs aren’t actually hidden, they’re just somewhat difficult to notice at a glance. You shouldn’t have to comb through the fine print to find out about fees and charges that will increase your insurance costs, as simply asking a representative about additional charges should give you all the info you need.

However, they might not tell you about these costs outright unless you ask, so be inquisitive and also take the extra step of going over the policy terms yourself. Likewise, you should also ask about major limitations in cover and have a very clear understanding of what the policy will cover before selecting a provider.

4) Obtain all needed types of cover

Depending on the risks you’re trying to mitigate, you may need to pay for several insurance policies or add clauses to your existing policy. Here’s a quick rundown of the main types of insurance that businesses need:

  • General liability – general liability insurance is typically what most people are referring to when they say, “business insurance.” This kind of policy provides blanket protection from costs related to property damage, personal injury, and lawsuits.
  • Property– property insurance provides protection from property damage costs related to vandalism, theft, and natural disasters.
  • Product liability– if your company distributes or manufactures a product, product liability insurance can protect you from lawsuits related to damages caused by design flaws or defects in your product.
  • Employers’ liability – having adequate employers’ liability insurance (in the UK) or workers’ compensation (in the US) is typically required by law.

Other kinds of insurance policies you might want to secure for your company include business interruption insurance, which protects you from monetary losses when your company is unable to operate, vehicle insurance, and protection from extreme disasters or accidents like fire, flood, or earthquake.

5) Speak with a representative

In today’s fast-paced world, people are always in a rush to get things done online, so it can be easy to overlook the phone side of the equation.

Speaking to a representative over the phone before making your decision can give you an idea of how helpful and responsive their service is. Plus, you can learn a lot about your company’s insurance needs by simply consulting with a representative and describing your business model.

Do your due diligence

In addition to speaking with representatives and doing your research online, you may also want to speak with an attorney who can advise you on the various risks and liabilities that you may need to obtain cover for.

While the above tips may seem like a lot, you can get it all done in about an hour and it’s a decision that will protect your business for years to come.

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