{"id":29779,"date":"2022-06-08T12:18:01","date_gmt":"2022-06-08T11:18:01","guid":{"rendered":"https:\/\/www.clearbooks.co.uk\/blog\/?p=29779"},"modified":"2023-07-14T09:55:00","modified_gmt":"2023-07-14T08:55:00","slug":"how-to-get-the-right-insurance-for-your-business","status":"publish","type":"post","link":"https:\/\/www.clearbooks.co.uk\/blog\/how-to-get-the-right-insurance-for-your-business\/","title":{"rendered":"How to get the right insurance for your business"},"content":{"rendered":"\n

Why is it important to get the right insurance?<\/h2>\n\n\n\n

So, you know you need insurance for your business, but how do you go about getting the right cover? Whether you\u2019re buying insurance for the first time, or in the process of renewing, it\u2019s usually not enough to simply purchase the first policy you find. <\/p>\n\n\n\n

There are two main reasons you should take the time to make sure you have the right coverage in place and that your insurance is tailored to the unique needs of your business:<\/p>\n\n\n\n

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  1. Claims \u2013 having the incorrect cover is the number one reason a claim may be unsuccessful. Having the right insurance and limits will result in a very high likelihood any claim will be successful should you need to make one.<\/li>\n\n\n\n
  2. Costs \u2013 related to this, purchasing unnecessary covers or choosing higher limits than your business needs will mean you are paying more than you need to for your insurance.<\/li>\n<\/ol>\n\n\n\n

    In this guide, our business insurance partner Superscript<\/a> outlines 5 key considerations you should make when purchasing insurance for your business.<\/p>\n\n\n\n

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    1. Decide when to take out insurance<\/li>\n\n\n\n
    2. Pay attention to covers and limits<\/li>\n\n\n\n
    3. Research your chosen insurer<\/li>\n\n\n\n
    4. Provide accurate information about your business<\/li>\n\n\n\n
    5. Update your cover regularly<\/li>\n<\/ol>\n\n\n\n

      1. Decide when to take out insurance<\/h2>\n\n\n\n

      It\u2019s never too early to get cover in place. As soon as your business is liable or exposed to risk you should consider insurance. You could be exposed to risk even before you start taking on work. For example, if you\u2019ve purchased equipment, such as laptops, you may want to buy cover before you start trading officially. <\/p>\n\n\n\n

      There is some flexibility in how you can set the start date for your insurance. If you know you\u2019ll need cover soon, or will be moving from another provider you can buy your policy now and set a date in the future for your cover to start. <\/p>\n\n\n\n

      On the other hand, in some cases cover purchased now can be retroactive. This means even if you\u2019ve been trading for a while without adequate insurance, you may be able to purchase cover that provides protection for any claims against you that relate to a period before you had the insurance in place. <\/p>\n\n\n\n

      Professional indemnity, for example, can in some instances be purchased in this way. Doing so would cover you for claims related to things like copyright infringement, flawed reporting or loss of data that took place prior to you purchasing cover, but which may take a number of weeks or months to be recognised.<\/p>\n\n\n\n

      2. Pay attention to covers and limits<\/h2>\n\n\n\n

      Covers<\/h3>\n\n\n\n

      Business insurance is made up of many different types of covers which represent the specific risks you are protecting your business against. Some covers are broad and apply to most businesses, such as public liability, which covers claims made against your business due to injury or property damage inflicted on a non-employee. Whilst other covers are more specific, such as shop front cover which covers claims relating to damage to the frontage of your shop premises, if you have one.<\/p>\n\n\n\n

      It\u2019s important to purchase only the covers that apply to your business in order to avoid overpaying for your insurance. Likewise, omitting relevant covers will leave you open to being underinsured in the event of a claim.<\/p>\n\n\n\n

      Limits<\/h3>\n\n\n\n

      Once you\u2019ve decided on your covers you may also need to choose what limits of cover you require. In simple terms limits are the maximum amount your policy will pay out in the event of a claim. Choosing the correct limit is another way to make sure your business isn\u2019t over or underinsured, generally the higher the limit you choose the more you\u2019ll pay. <\/p>\n\n\n\n

      In some instances industry bodies or associations will require certain limits of liability for you to work with them. For example solicitors are required by the Solicitors Regulation Authority (SRA) to have a minimum of \u00a32 million of professional indemnity cover in place.<\/p>\n\n\n\n

      Excess<\/h3>\n\n\n\n

      Lastly, you should also take note of the excess you are willing to pay. Excess is the amount you will pay towards making a claim, generally if you choose a higher excess you may pay a lower premium.<\/p>\n\n\n\n

      Whilst some insurers bundle up their covers, Superscript\u2019s flexible business insurance allows businesses  to tailor quotes to provide a policy.<\/p>\n\n\n\n

      3. Research your chosen insurer<\/h2>\n\n\n\n

      Now you know when you want your insurance to start, and what cover you require, you\u2019ll need to choose an insurer. Like with any purchase there are a number of factors you should consider when choosing an insurer, and a little bit of research could pay off down the line. <\/p>\n\n\n\n

      Here are some things you should check when choosing an insurer:<\/p>\n\n\n\n