Insurance is a key purchase for businesses and you assume it will protect you when you need it – but how can you be sure that you are buying the right amount of cover? Finding at the time of a claim, that the policy you bought is not enough, can have devastating consequences and under-insurance, as it is called, can be a significant issue in these cases.
If your business insurance cover isn’t adequate and you run into trouble, you could end up paying a lot more than you anticipated. Here are 6 tips to turbocharge your business insurance, ensuring that you have the best coverage available for your business.
01) Use an Insurance Broker
Every business is different. Insurance brokers, like Ashburnham Insurance, will help make sure that you buy the right insurance for your business that meets your individual needs. An insurance broker will be able to help you to understand your insurance policy and how to ensure you are properly covered.
02) Check All Insurance Documents
Checking over your insurance documents is always a good idea. Most insurers will make every effort to draw your attention towards any important conditions within your policy, but it is always important to check them yourself to make sure there are no errors.
03) Invest in Business Interruption Cover
40% of businesses do not have enough business interruption insurance cover, also known as time loss, consequential loss and loss of profits insurance. Business interruption insurance can be incorporated into a package policy for small business owners.
04) Monitor the Policies as Your Business Grows
As your business grows, you might outgrow your business insurance policy and need to consider other options. New risks sometimes emerge. Consider how the risks to your business change. It is important to regularly review your business insurance policy, this will help you remain covered for the right things.
05) Protect Personal Data
There are many small business owners that are operating under the belief that hacking only happens to large companies with big pockets. This type of complacency makes small businesses even more vulnerable, as cybercriminals often see them as an easy target. Cyber insurance is a vital consideration. As a business owner, the right insurance policy will go a long way to helping you to respond to any data loss or breaches quickly and successfully.
06) Location Affects Costs
Insurers adjust premiums according to the levels of risk associated with your geographical area based on past insurance claims. Postcode areas with a higher risk of burglary, crime, flooding and accidents will have a higher cost of insurance.
To receive a free, no-obligation quote on your business insurance contact the experts at Ashburnham Insurance on FREEPHONE 0800 1696137.