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Things to consider when picking insurance products as a business

​Photo by Andrea Piacquadio:

When running a business it’s important you are money savvy in all areas – whether that’s buying products, choosing insurance, deciding where to rent etc. The more money-conscious you are, the greater savings you will make which will contribute to high profit margins (which is one of the most important areas for a business). Plus you don’t want to be overpaying on things you don’t have to.

One area of a business where you can be money-savvy (as mentioned above) is with your insurance products. No matter the type of business you are running, you will most likely need a range of insurances to cover your business, whether that’s surety bond insurance, Professional indemnity insurance, or Public liability insurance amongst others. With so many, it’s important you get the best price possible and spend some time researching the ones you need and the ones you may not need.

Below we look into three things to consider when picking insurance products as a business.

Am I paying for things I don’t need?

In the insurance world, there are a plethora of products for you to choose from. Some are very helpful, some unfortunately not and not needed. When picking insurance products as a business, it’s important you consider the need of the product you are looking at. Does it have everything you need or are there things you will be paying for that you don’t need and removing them can save you some money?

Am I being tempted by the lowest quote?

We talk about being money-savvy and part of the consideration here is to save money on your insurance products as a business. However, that being said, are you being tempted by the lowest quote and does that quote cover everything you need? Some quotes by providers will remove the important bits of the insurance product in order to get you to buy it. What this means is that the cheapest isn’t always the best.

Am I okay with what’s not covered?

When looking through the insurance products, are you asking yourself if you are okay with what’s not covered? Think about what is important to you and what would have the biggest impact if something went unfortunately wrong. A simple example is whether you cover your technology, would you be upset if an employee broke their phone and you had to replace it? It’s estimated 50 million phone screens break each year – this is a huge amount of screens! It’s a fine balance to work with as some things you may be willing to take the risk with, whilst others you may not be as comfortable with.

The above is a list of three of many things to consider when picking insurance products as a business. What things do you consider when picking insurance products as a business? Which of the above tips did you find most useful? Is there anything you think we should be adding to the list? Let us know in the comment box below, we would love to hear from you.

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