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There are many key costs to running a business.  And although it’s energy usage that has become the key one in recent years, insurance is also an area that remains of great importance to all business operators.  It may not be a subject likely to light up any dinner party conversation, but appropriately insuring your business is of fundamental importance to its operation, as well as ensuring its on-going reputational good health.  You may not notice it when things are running smoothly but you will certainly thank your insurer if anything does happen to go wrong, whether in terms of buildings, or public liability. As we have developed something of a holistic approach to advice on business services, we thought it might be a good opportunity to look a little closer at this important business concern.  After all, you no doubt insure yourself and your home in order to protect your family; a similar approach should be taken to your business.  And there are many things you should consider, when looking at business insurance.

Industry orientation

There are many, many insurers, offering to insure against many, many potential issues.  However, in your own business you are likely to have quite bespoke needs.  It won’t, therefore, be a case of a ‘one size fits all’ approach.  Many of the more generic insurers may not have the knowledge, for instance, of the machinations of SMEs at all, never mind a business in your particular sector. So ask around, check with other businesses in your sector, and before committing, try to research which insurer specialises in your area of business.  Also, ask the insurer up-front what particular experience they have in your sector.  You will need a company that understands your business, and the likely areas in need of insurance.

Services

Having decided on an insurer, you will then need to consider what areas you would like them to insure.  Of course you will need to insure the business premises, and perhaps arrange for public liability.  However there are many more areas an insurer can help with, including health.  Insurance companies will often offer to compile a risk assessment of your business, indicating heath and safety areas that may need further consideration.

Payments

Of course you don’t want to ever actually make a claim.  However, should that circumstance arise, you need to make sure you have an insurer committed to processing any claims judiciously.  As a business operator you want to minimise interruption to the day-to-day operation of your business.   You may also find that any protracted claims may incur further legal costs, if there is a dispute aspect underpinning the need for the claim. Also, consider the size of your business, and the likely maximum size of any claim that will ever be made.  You will need to ensure the insurer you chose can guarantee that they have the requisite funds set aside to cover any losses.  Put simply... if you need to claim, you need to feel assured they can pay out.

Shop around

We are all operating in an extremely lean and competitive economic environment.  So don’t feel nervous about shopping around. At Utility Helpline, we are confident we can get you extremely competitive prices. The key thing to remember is to balance price with a reasonable consideration of everything you need to insure.  Having done that, you can feel assured you are appropriately covered with all potential threats shored up.  And that can greatly assure both you, and your customers, about the good health of your business moving forwards. If you're about to insure your business, please get in touch on 0800 043 0423 as we could significantly reduce your premium.