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Small businesses and using a broker for insurance

All businesses need insurance whatever the size. But it’s boring right?! It’s great to be looking for sales and playing on social media etc. but one of the many lessons of the last year has been that anything can happen and you need to make sure you are protected against any eventuality.

Insurance broker guest post

Head and shoulders of John Roberts

 

Here, John Roberts, the Managing Director of  the independent East Yorkshire Insurance Brokers shares the benefits of using an insurance broker when arranging your business insurance.

 

 

 

Why use an insurance broker?

Whether you are a new venture, or you’ve been in business for a number of years, considering and understanding your insurance requirements can be extremely difficult and confusing, an insurance broker is there to help by providing a personal service and building up strong relationships with customers and insurers.

It may be tempting to use a price comparison site to reduce the cost of your insurance but often these can lead to incorrect covers, insufficient sums insured and invalid claims.

Different business insurance

There are a variety of different insurance covers to consider from Public & Employers Liability, business contents, Business Interruption, Goods in Transit, Directors & Officers, Cyber Liability etc.

Insurance Brokers are experts and will take the time needed to discuss a business’s requirements and advise them on the covers to consider, e.g. a manufacturer will need Products Liability in case a customer is injured from their products whereas an I.T. company will require Professional Indemnity insurance to cover potential errors and omissions, it is likely though that both will require Cyber Liability and of course Employers Liability.

Correct insurance cover for you

An insurance broker will find the correct cover for you, for example business interruption can also be extremely confusing, generally this covers a business following a material damage claim (e.g. fire, flood, theft etc) however setting the correct sums insured and indemnity period is difficult with lots of different circumstances to consider, how long would it take your business to get back to normal trading following a claim, how long would it take to re-build the premises etc. There are also other types of business interruption to consider such as increased cost of working for an office-based business. An Insurance Broker will guide you through this process.

Comparing business insurance cover

When sourcing a quote for a client, whether for a new client or an existing one an Insurance Broker will speak with a variety of insurance markets, they will take in to account your requirements to source a competitive policy for your needs, they have the expertise to compare different policies and offer you the most suitable policy that matches your needs and requirements.

Claiming from business insurance

In the event of a claim, an Insurance Broker will guide you through the process and should you need assistance they will be happy to speak to the insurance company or loss adjuster on your behalf, if you have arranged your cover online it is unlikely you will be able to get this assistance.

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