1. Be honest. Although it may seem obvious, inaccurate or forgotten information can have a negative impact on your insurance. If in doubt, tell it. No matter if you have experienced a bump in a supermarket parking lot or if you have filed a claim against your coverage, tell your broker or company immediately.
2. If you don’t have the time or desire to shop around, an insurance broker can help. A broker can search for the best insurers on your behalf, saving you both time and money. What are the things you should look out for when choosing an insurance broker? Are they affiliated with major insurance companies? Do they have the right people to help you?
3. Carefully choose your insurance provider. Holden Pearmain, a market research company, found that 63% of small- and medium-sized businesses preferred to use a local provider when choosing their insurance provider. 42% of those surveyed believed that an insurance broker would be the best way to negotiate the best deal. Look for an insurance company that is familiar with your needs and works with top insurance companies to make sure you get the best coverage at the right price.
4. You should ensure that you have the right coverage. It can be difficult to understand insurance so ask your broker before you sign up for a policy. You can rely on their expertise.
5. Your excess can be increased. You can increase your excess to lower your premium but not sacrifice your coverage. Your premium could be reduced by increasing your excess.
6. You must ensure that your premises are safe. Insurance companies will only cover certain buildings if they have a certain level security. This could lower your premium.
7. You might consider putting all of your insurance policies with one insurance broker. This will make it much easier to manage your insurance policies, and you might be eligible for discounts if you have more than one policy. Some insurance companies and brokers offer discounts for referring them to their friends and family. If in doubt, ask.
8. Sometimes the best price is not always the most affordable. Insurance isn’t an expensive purchase. Many businesses choose the cheapest option. This is not always true. You should ensure that the policy you purchase provides the coverage you need. Do not wait to make a claim and find out if your policy is right for you. You should make a list of the things you require from insurance policies and ensure that you get it.
9. Do not forget about the extra coverage. There are many types of additional coverage that may be available to you when purchasing insurance for your company. While not all of them will be required, certain types of coverage may prove to be of great benefit. These include Legal Protection Personal Injury Directors & Officers Insurance & Employers Insurance Business Travel Essential Person Insurance
10. Don’t worry. There are many insurance companies and policies that can help you buy insurance for your business. It can be confusing. There is no need for panic. If you select the right insurance provider, they will have the knowledge and experience to help you navigate your options and ensure you get the best deal.
Mark Burdett is Northern Counties Insurance Brokers’ Marketing Manager. Mark has more than 17 years of experience in marketing the Financial Services industry. He has been involved with campaigns for companies such as Norwich Union, Kia, and Zurich.
Mark is now based in Newcastle upon Tyne and works as Marketing Manager for Northern Counties Insurance Brokers, one of the UK’s leading insurance brokers.
Northern Counties has been providing Business Insurance for businesses since 1928. They can be reached at 0191 482 1219 to discuss your Commercial Insurance or Business Insurance requirements.
