How to get a good insurance deal

Price is important but shouldn't be the only consideration when searching for an insurance deal to suit your business

The insurance market is competitive so the best way to get a good deal is to shop around and really explore what the market has to offer. However, don’t be fooled into thinking that the best price is necessarily the right deal.

In order to get a good deal you first need to know what sort of package would best suit your business. Also, when talking to a potential insurer or a broker there are plenty of questions you should ask before agreeing to a deal. Standard insurance packages (prices start in the lower hundreds) for businesses will include employer and public liability. Some will have business interruption cover worked in as well.

But remember, these are basic packages akin to having third party cover for your vehicle. However, while you might be able to afford to write off your car, can you really afford it if you do the same to your business? Consider raising your level of business interruption cover so that if your company really does get knocked off track then you will be able to fully recover while the insurance is being paid out. The best deal is the one which pays out when you think it should. In order to get one that does, you need to look carefully at the small print. If your policy protects your office or workshop against burglary, make sure you can comply with the requirements needed if you are to make a claim. For instance, don’t sign an agreement that states you must have a burglar alarm unless you do and you always set it every night. Insurance companies will query any claim you make so check you can comply with their criteria from day one otherwise, no matter how low the premium, it isn’t the best deal for you.

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