Partner Article

Right on the money for your business

When it comes to selecting business insurance, there is no ?one size fits all? policy for you to buy. There are a plethora of different policies to consider, some of which may be appropriate for your business, and some of which may not. Selecting the right policies will help you save money, and protect your business against various eventualities.

Any business needs to be aware of the major forms of insurance that they might need. Some types of insurance are compulsory, while others will be down to you, much like the way car insurance is legally obligatory, while home insurance isn?t. First and foremost, if you employ staff, you?re going to need to get employers liability insurance, to a minimum level of £5 million. This form of insurance will be essential in protecting your staff should you be responsible for an injury caused in the workplace. Assessing your needs, and determining the amount of coverage you require, will help you save money, while still providing the protecting you and your staff require.

Another important form of insurance is professional indemnity insurance, but this is only necessary if your business provides advice, information, or specific skills to complete a job. This form of insurance helps to protect you against claims from a third party, should there be negligence or mistakes related to the service you provide. Once more, estimating your needs will help you determine your coverage levels. Consider other businesses in the market that are similar to yours, and choose coverage that is akin to their own. Naturally, protecting your own premises against theft, fire, flooding, and other potential disasters is crucial. Like getting home insurance, this isn?t legally necessary, but will prove to be financially essential. You need to think about both the value of your premises, as well as the value of your assets. Make a list of the assets you have within your place of work, including all supplies, and get sufficient coverage for these. Neglecting this can leave you out of pocket, while overestimating your coverage needs is a waste of money.

Naturally, your insurance needs will be determined by your specific business. For example, if you have staff who drive vehicles, you may need to get car insurance for each of them. There are numerous specialised forms of coverage that are available to protect different areas of the business, so going out and selecting those that you need will be important. All companies focus on their bottom line. To improve their bottom line, they need to either make money, or spend less - preferably both. Insurance costs can escalate quickly, so selecting the policies you need, as well as the specific coverage you require will go a long way to helping you save money, and improve your bottom line as a result.

The most effective way of choosing the right business insurance is by using an insurance advisor. They will be best placed to help you to determine your specific requirements, and may be able to help you source the best prices as well. Alternatively, using price comparison sites will help you to quickly find out what your costs are likely to be, so spend some time browsing through the different insurers to help you get an idea of your estimated costs.

This was posted in Bdaily's Members' News section by Charlotte Walker .