While you might be searching for the best price for your small business insurance*, there are a number of other factors that need to be considered when choosing the most appropriate policy for your small business.
Some of the things to think about include things like limits on coverage, exclusions and does the policy cover you for everything you need. The tips below should assist you in comparing and finding the optimal policy for your business needs.
Seek out insurers with a good reputation
It pays to spend some time doing your research, before handing over your hard-earned dollars for your insurance policies. Invest in getting quotes from well-known companies with a strong reputation. A number of independent bodies provide ratings showing the financial health or otherwise of an insurer. These tools can help you choose a reputable insurer for your cover.
It’s not all about the premium
When you’re on a limited budget, the cheapest premium is going to appear most attractive, but will it actually provide your business with the protection you need? Remember the reason that you are buying business insurance is to safeguard against any losses you might incur if you have to claim. . It’s important to review the terms & conditions of the cover such as the exclusions to cover.? And whether the limits of the cheaper policy are lower than they are for other policies? These are just a couple of things that could end up costing you in the long term.
Check where you have cover and where you don’t
Every insurance policy will have things that are included and things that aren’t, with certain events being covered and some being excluded. You need to look carefully at the sums insured and limits on offer and the types of events that might not be covered. It’s easy to make the assumption that each insurer offers the same policy; but there can be significant differences between the policies. If in doubt check with your insurer that your specific requirements are covered so you’re not left with a nasty surprise if you needed to make a claim!
Limits and deductibles
The policy limit is the maximum amount an insurer will pay out for a claim. You need a policy with sufficient coverage to cover you for any claims because if you have insufficient policy limit you could end upout of pocket in the event of a claim or multiple claims…
For certain things like rental agreements, professional memberships and contracts, a specific amount of coverage may be specified. This may be a legal requirement and it’s important that you have adequate coverage in place before starting on the job at hand.
Adapt your policy as your business grows
Hopefully your business will go from strength to strength, meaning that you might take on more employees, move to larger premises, purchase more vehicles, etc. As your business expands, your insurance requirements may change.
Take the time to review your insurance policy on a regular basis and make sure that all your details are up to date and cover levels and types of cover are still appropriate. Things like having more employees and increased turn over can affect your policy and need to be updated as your business grows.
Compare with what you’ve got
When you’re looking at insurance quotes, compare your current policy terms & conditions and premium and with other alternatives on the market. This can help to ensure you have the most appropriate cover for your business at a competitive price.
How quickly can they deliver?
Life can be unpredictable, and there may be times that your business requires a form of cover in the blink of an eye. Examples of this could be when you’re looking to sign a new lease or finalise a substantial contract, requiring your cover to be sorted instantly.
It’s important to check with your insurance service provider that they can meet your cover and time requirements on, so that you won’t risk losing your deal or, even worse, facing a claim without adequate or indeed any cover.
Getting your insurance shouldn’t be a hassle, and fortunately with BizCover you can have a drama-free experience when it comes to shopping around for your business insurance. We can provide multiple quotes from some of New Zealand’s leading insurers in the click of a mouse, so you can compare and select the cover that is suited to your business needs.
We don’t believe in snail mail, messy paperwork or fancy lingo. Just insurance made easy, so you can get back to the things like running your business. To find out more head to BizCover and get a quote today.
* This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.