When it comes to insurance, it’s always better to be safe than sorry, but with limitless options out there, it’s all too easy to get overwhelmed and opt for a policy that could mean you’re not adequately covered leaving you and your business vulnerable. In this article we’ll take you through finding the perfect policy for you step by step.
Are you underinsured or are you paying for insurance you don’t need?
An astonishing 80% of the 4.3 million SMEs in the UK are believed to be underinsured*. This inadequate insurance coverage leaves most policyholders at risk of having to pay a large percentage of a loss or expense, potentially resulting in financial strain.
When purchasing or reviewing your policy, we recommend that you ensure your information is as precise as possible to enable your broker to discover the optimal policy for your requirements. Additionally, consider that occasionally, doubling your coverage may only result in a slight increase in cost. On the flip side, you should avoid paying excessively for coverage you don’t require. Our specialists will guide you on the appropriate policy types, coverage limits, and deductibles tailored to your business.
Make sure your policy grows as your business grows
As your business grows, it’s likely that it’ll outgrow your current policy’s coverage. Whether you’ve revamped your premises, purchased new assets or grown into a new area of business, these changes will impact the level of coverage you’ll need. We’d always recommend regularly reviewing your business insurance to accurately reflect any changes in your business.
The cheapest policy isn’t always the best policy
It’s not news that recent times have been tough for businesses and, with budgets tight, it’s no surprise that insurance is where some businesses decide to cut corners. It can be very tempting to simply opt for the cheapest policy, but if it doesn’t adequately cover you, then it could leave your business exposed to costly claims.
We’ll work with you and help you avoid these common pitfalls
With over 15 years’ experience in the insurance industry, our team will work with you to make sure that you’re covered every step of the way, guiding you through the process and ensuring that you don’t fall into any of these traps.
We’ll do the legwork for you and shop around for the best quotes, taking into account your budget and needs. Whether you’re a small business just starting out or you’re simply looking for a new broker, we’ll find you the right coverage for the right price.
Finding the right business insurance package is key, giving you the flexibility you need to enable your business to grow. Speak to an NIS business insurance expert for further information and advice. Get in touch!
* UK SME figures 2023 | Statista