Top Tips When Taking Business Insurance

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Businesses require a lot of insurance covers ranging from property insurance, auto insurance, workers, product, and professional liability coverage. Below is an extract with some tips on the considerations to make when taking business insurance covers. 

Go For Industry Accredited Insurers  

As a rule, you should work with experienced insurers with a proven track record and an excellent reputation. Below are some tips to consider when choosing an insurer: 

  • What accreditations does the insurer have? For example, they could be recognised for an innovative product or high-quality services.
  • What policies does the company specialise in? It will give insights into whether the insurer is the right fit.
  • The primary reason why you need insurance coverage is to be cushioned when a risk occurs. Therefore, check the company's claims process and the percentage of claims paid in the past.
  • Go for insurers with nationwide coverage and a friendly customer care service. In such a way, insurance is not a bother as you grow your business. 

Ask For Customised Policies

Your business has unique needs that might be different from those of a similar business. Therefore, consider insurers who are ready to customise the policy to suit your needs. For example, a general liability cover could comprise product and public liability policies. In such a way, you do not have to pay for multiple covers. On the other hand, your auto insurance policy could include extras such as towing, roadside, gap or travel insurance, courtesy cars, or glass coverage. 

Understand The Terms Of The Policy

Most businesspeople will forget to read the terms of their coverage. As a result, they get disappointed when the insurance company rejects their claim. Avoid this by reading the fine print of the cover to understand the exemptions. For example, workers compensation insurance could exempt employees who are injured after their shift. Inform your staff about the terms of these policies. It will prevent them from being negligent at work. Examine the deductions on the cover. A deduction is an amount that you pay the insurer for them to process your claim.

Update Your Policy

Once you apply for your insurance, you should ask the insurance company to assess your operations and adjust the cover. For instance, if you upgraded your premises or moved into a larger office, you may need to pay higher premiums. On the other hand, you could opt to lower your general liability coverage during the low seasons when there is minimal business activity. 

When taking business insurance, go for accredited insurers, ask for customised policies, check the terms of the cover and update your policy. 

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18 October 2021

Understanding Commercial Insurance

My name is Kody and I own commercial premises in downtown Sydney. When I first opened for business, I didn't know a thing about commercial insurance. However, one day, my friend explained that I would need to protect myself against personal injury claims and damage to my property. He put me in touch with several insurance companies and I gave them a call. The staff explained the different policies which were on offer. I learnt a great deal and found a fantastic deal. I decided to start this new blog so I could help other people to find a commercial insurance policy which is right for them.