If you are reviewing an existing policy or looking for a new one, you need to ensure that it covers what you actually require for your business. A general policy, bought on-line, may not have the exclusions and covers suitable for the needs of your business.
Think about your company and what you might encounter that could need insurance – do you employ staff, perform a service for customers, own property or sell products that could fail? Have you got the value of your contents correct, or have circumstances changed, perhaps you are holding more (or less) stock?
You should not be paying for anything you do not need – for example, if you run a clothes shop, there is no point in holding cover for freezer contents, or if you have an office, shop front cover is no use to you! It is just not enough to choose the cheapest insurance – there may be exclusions that you really need.
Of course, you do not need to get a new policy to get specific cover. Talk to your broker and they will be able to add or delete specific covers as your business develops – you may have started as a self employed plumber and have expanded to be an employer, or used to work from home but have decided to get an office.
Look also at the excess on your cover. This is what you pay if you claim, and you may have the option to change it – if you increase your excess, you will reduce your premiums, as you are covering less.
Will your company help you if you want to make a claim? A reputable broker is the best bet – look at their website, read customer reviews, look in the press, ask around. You’ve made a large investment in your business – your insurance needs to keep up with it!