3 Dos & Don’ts to Save Money on Your Business!
Finding the right insurance for your business is vital, and with the cost of living on the rise, now more than ever you should ensure you take the right steps when choosing your insurance broker. Below are 3 common dos and don’ts when looking for insurance.
Firstly, do not approach every insurance broker. When approaching multiple brokers, the information provided by each broker can differ, whether it is enquiry forms, questionnaires, or claim information, resulting in inconsistent messages to underwriters. If an underwriter receives a submission from multiple sources, they may be less inclined to quote, especially if there are conflicts in your submission.
Do, however, approach a reputable insurance broker who has the choice to compare these markets for you. Carefully selecting your broker can help you gain access to the right policy for your business. They will provide you with advice on the insurance your business really needs to flourish. With the right broker as your partner, you can be confident that the insurance you have will essentially protect your business in the event of a claim.
The second important factor to consider when taking out an insurance policy is to make sure you do not underestimate your risks or give any false information. If you do not disclose the correct data to your insurance broker, this could potentially lead to significant financial consequences for your business. Not only could your insurer turn down a possible claim, they may also decide not to pay out on any claims made against you.
An insurance broker is not only there to compare policies and make sure you understand what’s being offered; they also use their expert knowledge to highlight areas of coverage you may not have considered but could theoretically expose your business to risk. Always make sure you provide all of the correct information to your broker, as it is crucial when finding the most suitable insurance policy for your business. A broker acts as an advisor and consultant, supporting you in making the right decisions for your business and making sure you do not overinsure and only get the level of cover that is needed.
Finally, do not take out your insurance policy before fully understanding what you are agreeing to. While all of the legal and insurance jargon in policy documents can be quite confusing, that is no reason to dismiss them. The jargon is there for a reason, and these words are important when it comes to your coverage. The very factor that determines whether or not you will receive a payout, could be the presence or absence of certain words or phrases.
You must read your policy documents thoroughly, ensuring that the policy covers exactly what you need and expect it to cover. When a broker presents a policy based on the information you have provided, the responsibility ultimately lies with you to read the fine print before you commit. A broker will offer advice and procure policies, but you have to review the documents and the brokers work for any potential mistakes.
We are here to help!
At 1st Choice Insurance, we understand the importance of protecting your business, which is why we make commercial insurance personal. If you want a reliable broker who you can trust to offer honest advice, we can help. Simply contact us on 01743 770500 or request a quote HERE.