With the right business insurance, you can rest assured your workplace, livelihood and employees are protected no matter what the circumstances. It’s one of your greatest responsibilities as a business owner, so here are five tips on getting the best deal on business insurance.
The Right Type
Insurance is never a one size fits all scenario. What’s right for the city office worker doesn’t suit the busy warehouse or mobile construction worker, so it’s imperative to work through your requirements and seek out the right type of insurance.
For a print shop, that might include specific machinery insurance for presses; for a tradie, cover for tools and injury; and for a team of salespeople travelling from an office to meet clients, cover for vehicles and technology.
It’s a great idea to look at industry-specific insurers like Tradewise Insurance, which not only cover your requirements but can anticipate you and your worker’s needs.
When seeking out cover, don’t forget to not only cover yourself and your business for loss, damage, theft and injury but also get coverage for the loss of work or interruption an event may result in. Also remember the basics like fire, burglary, cash theft, damage to windows and public liability.
Shop Around
It’s repeated time and again but the best way to get a good deal on insurance is by doing the legwork and shopping around. You should compare the type of cover, what’s included, minimum and maximum coverage amounts and of course read the fine print.
Talk to Brokers
Brokers have industry insight and vast knowledge on the best types of cover and any deals on offer so don’t be afraid to seek out expert help. A good broker can also take a whole load of confusion and legwork out of finding insurance and quickly ascertain your individual needs to find the right insurer.
Bundle
Where possible, bundle your insurance through the one provider. Insurance companies will often provide discounts or incentives if you have multiple policies with them. That might mean bundling your public liability, property and injury insurance together along with your company motor vehicle insurance. This also provides a one-stop shop when it comes to payments and paperwork.
Know the Value
Obtaining business insurance can seem like a job in itself and a hefty ongoing expense, but chances are your business is the livelihood that provides for your family and for the families of your employees. Expense and due diligence now can save a whole load of financial hardship and heartache later. Good insurance can also allow you to quickly get your business back on your feet with minimum interruption and outlay.
Any business carries a degree of risk including injury, damage to your workplace or loss of items. By knowing your needs and shopping around to find the provider who will meet them, you have the peace of mind allowing you to get on with the job.
