5 Tips For Buying Business Insurance

smart african business woman in office

Every business needs to be insured.The more successful your business becomes, the risks of doing business without proper insurance will increase rapidly. But, as a first-time business owner, it may sound like a mission impossible to navigate through the maze of plans. Here are some tips that will help you sail through buying your business insurance;

1.DO YOUR HOMEWORK: Shopping around for insurance is the best you can ever do for your business and yourself. Not only does it give you peace of mind, but it also keeps more money in your pocket. Prices differ from company to company, so to get a good deal you most definitely need to compare quotes. Get at least three price quotes.

You can call companies directly or research the information online. Most importantly, do not shop by price alone. Ask friends and relatives for their recommendations and read online reviews about the company. Sometimes company reviews contribute a whole lot more to your final decision. Not only do these reviews give you an insight about the company, but also gives you an idea on how customer focused and result oriented they are.

Be sure to also find out how they deal with claims. Should you insure with them, are you certain your claim will be paid and paid well on time?
Fortunately, with Alpha Direct, there is definitely no need to run around getting comparative quotes. Let us worry about that! When you claim, we do all the work for you. With us, there is no six-week waiting period for a stolen vehicle claim to be processed. Valid claims are paid out as soon as the necessary administrative process has been completed. Because of our highly trained staff, you are sure to have a speedy claims process.

2.REVIEW YOUR OPTIONS: At this point you have done all your research and have narrowed down your options to at least two. Find out about the kind of coverage you will be receiving. Business insurance has a wide range of cover including but not limited to the following; office contents ,material damage ,workman’s compensation, business’s portable property insurance, theft insurance, buildings insurance and motor traders insurance to mention a few.

3.REDUCE THE RISK OF YOUR BUSINESS: Reducing your (and your property’s) risk, will help you reduce the premium. There are a number of factors that may contribute to cost. You will be asked about these during your application. Such include types of locks and alarms on your property, location of your property etc.

4.HOW YOU CAN SAVE MORE: The good news is, If you have been trading for longer and have subsequently demonstrated that you run a successful business, your insurer may offer you a small discount in recognition of this.

Newly established business? Worry not! If your company is a recent start-up, you may find that your first year of cover is a little more expensive than average, but this should drop with each successive year of operation.

5.CHEAPEST ISN’T ALWAYS BEST: Yeah sure we all want to save money, but Don’t try to get a cheaper price by reducing the levels of insurance on your property cover – if you under-insure it’s unlikely you will get the full pay out when you make a claim.

At the end of the day, you are the boss and the buck starts and ends with you, if you do not protect your business, who will?