In the competitive world of business, there are going to be times, when in order to expand the business or land a particular order or contract, you need to take out some form of business insurance. When time is of the essence, you may need to speed up the process. What is the best way to do this?
Ensure you have all your information to hand
This includes having the following information ready to discuss with your insurer. If you are prepared beforehand, this will save you and them a lot of time.
- Previous insurance policies – they will need to know about any insurance history and claims made so, if you have had business insurance before, make sure you have this information ready
- Company history – some insurers may prefer businesses that have had some industry experience but the date of starting the business will be needed
- Business basics – location, address, legal entity, contact information and sector details will be required
- Turnover – how much revenue is earned by the company
- Staff – number of employees and payroll information
- Business practice – this is how you run and manage the organisation, as the insurer will need to make a decision on the risk management process you have in place
- Online presence and cyber security practices – details of protection such as firewalls for example
- Type of insurance and cover wanted – make sure that you have carried out some research but be prepared to discuss your requirements with the insurer who will then advise you on the best insurance for your business.
Submit your initial request online
Once you have got all your information in front of you, then submit a request online to get an initial quote. Reputable insurers will make it very easy for you to get in contact and to provide you with a simple online insurance application. This starts the process of getting your policy in place and you can do this at any time, so that an insurance company can begin the process of getting the right business insurance in place for your company.
Understand about the policies you are looking to buy
Do a little bit of research so that you understand about the different sorts of policies, which then reduces the time spent getting the insurance in place. Reputable and experienced insurers will have information set out clearly and in plain English, on their website. They will also be able to give examples of the different types of workplace policies available by sector, which helps narrow down the type of insurance required.
As a starting point, if you have not taken out business insurance before, there are some main insurance policies to note. Commercial property insurance is for when you are leasing or buying commercial space. This covers damage or loss to the building, and you may need to get this in a hurry because investors require this to be in place. General liability insurance will provide cover if your company is sued by third party property damage caused by you or your staff, or injury to a third party on your premises. Product insurance will protect you against claims of personal injury and property damage caused by products that you supply. Employee liability will pay for costs associated with staff sickness or injury on site and Key Persons insurance will cover the injury or loss of someone key to the business, for example, a specialist in their field. There are a number of other business insurance policies but understanding what the main policies cover, will help you choose the right one without wasting time.
Make a list of questions
This is really important, and no insurance company will mind covering further questions, even if you have submitted an application to them. Ensure that if you have filled in an initial enquiry online, that you take a copy of your answers and bring that to the discussion with your insurer. Insurance companies are experts in their field, and once they have clarified some of your questions, they can provide you with the right policy that will address key risks for your industry.
Ask them about what policies you need to get in place quickly as they are the experts on prioritizing insurance. They can also review your requirements and make suggestions that can help you save on insurance premiums. Quotes can be emailed to you so that there is no waiting around on the telephone to find the best deal for you.
Decide on a policy
Once your questions have been answered, choose the best policy for you and arrange payment. This can be done online and once received, your insurer will arrange to activate the policy coverage. Details of the policy will be sent through, but your insurer should be able to arrange for a confirmation of the policy through a downloadable certificate or confirmation letter. This will be all you will need to assure the individuals who need proof that the insurance is active.
Using the right insurance company and their online services and advice does speed up the process of getting business insurance. This makes life a lot easier and less hassle-free, leaving you to carry on with the more important task of running the company, knowing you are covered for key business risks.
