Buying business insurance shouldn’t be a complicated and confusing process right? At BizCover we believe in making business insurance drama-free, without the tricky lingo and mountains of paperwork.
We’re here to make things that bit easier as a small business owner by sharing some of the common mistakes that people make when buying their business insurance policies.
These simple to follow tips are here to assist when it comes to getting your business insurance sorted.
Not having coverage for common risks
Ok take a moment to think about the kind of risks your unique small business might be exposed to. Maybe you work on construction sites and require coverage for your portable equipment, or maybe you produce your own line of food products and require liability insurance options.
Most businesses are going to have their own risks that their business is exposed to. Understanding and identifying the biggest risks that your business is faced with, can help narrow down the type of business insurance policies your business may need to consider.
At BizCover some of the common types of business insurance options we offer include:
- Professional Indemnity insurance*
- Public Liability insurance*
- Cyber Liability insurance*
- Business Insurance*
- Portable Equipment insurance*
There are other coverages available on the market. It’s about finding the coverage that is going to help keep your small business safe for the long haul.
Outgrowing your current business insurance coverage
It’s easy to set, forget and just renew your small business insurance policy every year. Take a moment to consider way back to when you originally took your business insurance policy out to now, you may have noticed that your business has changed.
This is where a health check of your business insurance policies can help to ensure that you are still adequately covered with appropriate type of policies. For tips and tricks on conducting a business insurance health check our two-part series here.
Not reading the fine print
It’s easy enough to do, but not fully understanding what your business insurance policies are providing cover for and what they exclude could be a costly mistake if you needed to make a claim.
When shopping around for your business insurance and comparing policies, you may want to weight up the pro’s and cons of different policies when it comes to their terms and conditions. Different insurers will have different types of coverage options and their own policy wording.
If you are unsure, contact your insurance provider and get some clarity on the fine print. The last thing you want is to be caught out with a policy that isn’t providing the coverage that your small business may require in a time of need.
Picking the cheapest policy option
As a small business owner it can feel like you’re constantly forking out for something, and business insurance is no exception, which can make choosing the cheapest option tempting.
But this may not be the safest option for your business when it comes to protecting it and ensuring that you have a sufficient insurance safeguard in place. The least expensive option may not offer coverage for options that your business may require, and it may be too little in terms of limits and what it can provide coverage for.
Carefully comparing policies is something that may take a little bit of time (and a few extra dollars) but could save you a whole lot of headaches and dramas down the track.
Not having any cover in place
There is no doubt that you probably take all the care and steps in the world to make sure that your business is safe and thorough, but the reality is, accidents and incidents happen when we least expect it.
From things like your tools of trade being stolen to accidentally damaging a client’s personal property, as nice as it would be to have a crystal ball, they happen! And they can have expensive consequences for your business, an added drama that not having any business insurance could quickly cause
Don’t leave it to chance, let our team here at BizCover help you get covered without the dramas. Leave the shopping around to us! We believe in making the process to get your cover sorted easy and simple, with no-dramas!
Visit bizcover.co.nz and get insurance for your engineering business without the stress so you can get on with your day. If you’d prefer to pick up the phone and chat, you can find us at 0800 249 268.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Limited.