How to Find the Best Insurance for Your Company - Insane Visions

How to Find the Best Insurance for Your Company

Contrary to popular belief, finding the best insurance is about more than just price. It’s about securing the coverage your company needs at a price point that’s right for you. As there are so many variables on the cover supplied by different providers, below is a guide to help you navigate these waters in order to secure the best possible protection for your business.

Do Your Homework

Figuring out what sort of cover you need is the first step towards finding the policy that is right for you. Because every business is different, your insurance needs will be unique to your business taking into account variables like do you own an office space or work from home?  Do you have company cars? These are the most common types of business insurance that you will need to consider carefully:

  • General Liability
  • Property Insurance
  • Builder’s Risk Insurance
  • Inland Marine Insurance
  • Errors & Emissions
  • Product Liability
  • Commercial Property
  • Commercial Auto
  • Workers Compensation

While you should read up on all of these before deciding the level of cover that is right for your business, it is safe to say that all businesses should obtain a liability insurance quote as a bare minimum.

Gather Quotes

Once you have established the type of cover you need, it is time to hit the high street (or go online) to find quotes for your business. Don’t just look for the cheapest as each quote will bring you different levels of cover. Take into consideration factors like excess and limitations. Bear in mind that there is a 40% chance that you will need to claim on your insurance at some point in the next ten years so make sure you’re not going to be in for any shocks when the time comes.

Look for Discounts

You shouldn’t be afraid to call your chosen provider and ask them what discounts are available to you. Understand their no claims policy before you take out their cover and look for ways to reduce your insurance premiums. You may find it is more cost-effective to take out your personal insurance with the same company that provides your business insurance. Remember that you will be paying for your insurance for the entire lifespan of your company, so it’s crucial to secure the best deal from the onset.

Improve Your Risk Profile

Improving your risk profile can significantly reduce your premiums as insurance companies will see you as less likely to make a claim. By implementing strategies such as fire risk control and property risk engineering, you can provide your insurance company with more in-depth information so they can better asses and quantify the risk your company presents to them. You may want to consider employing the services of a risk engineering company in order to obtain an edge. 

By employing these strategies to your search for an insurance provider for your business, you should arrive at the best possible policy which can then see your business through many lucrative years to come.

Omer Cetin