As a new business, you’ll be focused on how you’re going to pack a punch to ensure your name, product and/or service is getting known.
But much of your future success is going to rest on the ability to step back as much as push forward, and this is certainly true when it comes to your insurance.
The foundations of a commercial insurance package will likely include general liability, cyber insurance, buildings and contents, and directors and officers insurance. There might be other features you’d want to add on or take away according to your business, but these are some of the most common and popular types of cover. It’s important to have these in place as soon as possible, not only to help ensure the future stability of your enterprise, but to make it more appealing to those showing an interest in it, such as third party suppliers, shareholders and investors.
The DIY approach
If you’re sourcing business insurance yourself then you need to make sure that you’re looking for an insurance solution that makes sense for your business. That means not opting for price over promised coverage, and not being lured by add-ons that don’t add anything of value to your protection, perhaps because they don’t apply to your business.
When you’ve decided on a policy, be careful and considerate in the information you provide, as it’s a legal document. If you don’t include information that is relevant to a claim you make in the future, your claim could be invalidated. That’s potentially a big loss for an omission.
Using a broker
An independent Chartered insurance broker offers a great deal of support to young and emerging business, as they can advise you on which coverage you should be looking at, including the liability limits, based on their market knowledge and experience in which insurance policies have worked in the past for similar companies. They will also be able to compare and check in detail any insurance policies for you, so you don’t have to spend time trying to understand policy wording – an approach which still may lead to a misunderstanding.
It’s good to ask questions both of the insurance provider and the service of the insurance broker to ensure that you’re getting the support you really need for your business.
If you want to speak to a Chartered broker then Hine Insurance are all ears. Call us on 0161 438 0000 or email [email protected] to arrange a free consultation. You can find out more about our service by visiting www.hine.uk.
