Assessing your insurance needs

There are some types of insurance that you have to have by law, such as Employer's Liability Compulsory Insurance and Third Party Motor insurance, but there are a whole range of other insurances on the market which could help your business. This guide will help you to be able to assess your insurance needs adequately.
  1. Think about your risks
  2. Learn about the need to talk to an insurance broker
  3. Understand which insurance policies are available to you

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1) Think about your risks
The task of buying insurance is a difficult one giving the number of policies that are available. There is also the issue of finding the right cover at the right price for your business but it is vital for the future that you get the right protection for your needs. You should immediately determine the type of cover that your business requires. Look at the business sector you are in, the nature and geographical location of your business and the related risks of all these factors.
You should keep monitoring the level of insurance cover you need as your business develops. Every year you should look at how your needs have changed and consider the cost of the premiums against the level of risk you are running.
  • Find out the insurance cover you need by evaluating the risks you face
  • Your insurance needs should be reviewed every year as your business develops
2) Talk to a broker
The majority of businesses go to an independent insurance broker, who is familiar with their business sector, to get help with assessing their insurance needs. Different businesses have different requirements. A broker can help your business select the right level of cover for your needs and determine which risks pose the greatest threat and find you the best insurance deal.
It is important that when an insurance is found for you that you check the level of cover, the premiums, the exclusions and if there are payment options which could help spread the cost.
  • Think about using an insurance broker who has experience of your business sector
  • Ensure that the insurance found is right for you regarding level of cover and price
3) The other types of insurance you could consider
You need to look at insurance cover to protect against loss or damage caused to your business's property or trade by adverse events. You can get cover for property, buildings and contents, engineering failure, theft, money, goods in transit, business interruption, trade credit insurance and legal expenses.
Also to be considered should be cover that protects you or your employees against serious illness, injury or death and the effects these could have on your employees, their families and your business.
  • Determine which of the wide range of insurance coverage best fits the needs of your business

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