Setting up business insurance for your company isn’t as simple as just buying cover to protect it. With so many parts of your business to consider insuring, and so many policies and packages available for different business types, there is a lot to think about to set up insurance successfully.
This post aims to explain what you need to know, the things to expect, and what to consider to set up business insurance that’s right for you.
Before starting to set up business insurance, it’s important that you know or have access to key information about your company. This allows you to know the types of policies you might need, what insurance you’re entitled to, and what is best for your business.
Like with other types of insurance, such as for your car or the home, setting up your insurance should also involve a bit of research. So consider first shopping around and checking websites that compare the different insurance premiums providers offer.
There are different types of business insurance you can buy for your company, but some are required by law. These are:
Other types of insurance you can set up for your business, include:
Part of setting up business insurance involves knowing how much you need. To help with this, before buying your insurance it’s important to first check if any of your company contracts specify how much you cover you should buy. For instance, if you’re a retailer, a minimal level of public liability insurance might be required.
You should also think about choosing a limit of cover that you’re confident will cover all compensation costs. So consider what could go wrong in your business, what disputes could happen, like claims made by your customers or staff, and how much a dispute might cost if it went to court.
You can buy business insurance directly from an insurer, including their online services, or from a specialist broker via the British Insurance Brokers’ Association.
When applying for insurance you can choose one or more type, or a package combining different policies. To give you a quote and find you a suitable insurance package, online providers will usually ask you to answer a series questions. This can include questions like:
You’ll also need to decide on different details about your policy, such as levels of cover and when you want your policy start. In addition to this, you’ll be asked to provide information about your business, such as contact details, address and when you started trading.
With this information you should be able to get a quote, use it as a guide for your research, or, if you’re happy, buy the business insurance you want.
Once purchased, your insurance documents are usually issued by post. This includes a certificate that provides policy details verifying that you have the insurance. Other details include the limits of your coverage, your policy number and the start and end of your policy.
Finding the right insurance for your business is crucial to keeping it fully protected. Our team work hard to make sure we find the right insurance for all our members when they join FSB. We also:
If you would like to learn more about the business insurance services we provide, please get in touch with our team or visit our FSB Insurance Service web page.
Hassle free - a dedicated team removes the hard work of searching for insurance, we work as a broker to find you a policy for your circumstances.