Getting The Right Insurance Cover For Your Business
Finding the right business insurance for your business can be challenging. This is particularly true if you are running a small business.
There are a multitude of coverage options to consider as you try to find a policy that offers the right protection for your business. This is where the expertise of an insurance broker really comes to the fore.
At Fleurieu and Hills Insurance we specialise in firstly; getting an intimate understanding and knowledge of your business so that we can then find or tailor an insurance package to meet your specific needs.
Navigating the marketplace can be tricky. As a result many business owners make mistakes when buying and maintaining their insurance cover.
The team at Fleurieu and Hills Insurance have identified 5 common mistakes that you should avoid when organising your business insurance.
Not only are these mistakes common they can be very costly for the business owner.
The Top 5 Insurance Mistakes For Small Business
Business Insurance Mistake #1 – Being Under-insured Or Uninsured
We understand small business and know the every dollar counts, particularly in the early days of your business as you are getting it off the ground. When you are trying to make every dollar count, many business owners opt for minimum coverage to try and save money.
This is the number one insurance mistake made by businesses, insurance is seen as a necessary evil. Many small businesses have the attitude “But it wont happen to me.”
This then leaves the business exposed if an incident does occur. An unfortunate accident could place a significant financial burden on your business. This is where the insurance expertise of an experienced insurance broker comes invaluable. We understand insurance, it is what we do.
One of the primary goals for our team is to ensure that you obtain the right amount of insurance coverage. We will also help you understand the pitfalls with some insurance products.
Call one of our insurance brokers to discuss your insurance needs today.
Business Insurance Mistake #2 – Not Updating Your Insurance Policies
Once you have selected an insurance policy that meets your needs and provides an appropriate level of insurance coverage, that is not the end of the journey.
As your business grows, your level of insurance cover will need to grow as well, if it doesn’t you could very quickly find yourself under-insured.
Imagine that your business is growing rapidly and you decide to expand, either more staff, a bigger premise or even expanding with a second location. Each of this situations could leave your business underinsured.
At Fleurieu and Hills Insurance we recommend that business insurance policies are reviewed on an annual basis.
We will come to you and discuss your current situation and review your insurance coverage in detail to ensure that you have the peace of mind knowing that you have appropriate insurance cover.
Business Insurance Mistake #3 – Paying Too Much
Sorting through insurance policies can be a mind numbing exercise. To the business owner this can seem like a waste of their time and just settle for something that seems to cover their needs.
Without going through the individual policies in detail it is an easy trap to fall into. Paying for coverage that you don’t need or isn’t needed by your business, or even worse, paying more for the same coverage by a different insurance company.
This is where Fleurieu and Hills Insurance can really help you out. We work with insurance policies on a daily basis and understand what is and (more importantly) isn’t covered by the various insurance policies on offer.
We aim to achieve the best possible insurance cover at the cheapest price for you the business owner.
Business Insurance Mistake #4 – Trying To Do It Yourself
One of the biggest mistakes a business owner can make is failing to work with a professional insurance broker. This may seem like a way to save money, but our service does not cost you anything. We receive commissions from the insurance products that we sell, much like a mortgage broker does in helping organise a home loan.
Let’s face it the insurance industry is complex and insurance policies even more so. There has been some progress made towards ‘plain english’ insurance policies they can still be a bit of a minefield to understand properly.
The best way to ensure your business is properly covered is by receiving assistance from an insurance expert. your local insurance broker.
Contact Fleurieu and Hills Insurance to arrange a meeting to discuss your business insurance needs.
Business Insurance Mistake #5 – Buying the Least Expensive Policy
Premiums can vary widely from one insurer to another and even between policies, so it makes sense to shop around when buying insurance.
However, some business owners automatically choose the cheapest policy. This can be a big mistake.
Why Do You Need An Insurance Broker?
Understanding insurance and insurance policy is not an easy process. Insurance companies have made progress with “Plain English” policies, though it can still be difficult to work out what is and isn’t covered.
Before purchasing insurance it is important to understand what a policy does and doesn’t cover before you decide to buy it. our role as your insurance broker is to help you understand the level of cover that you do have with an insurance policy. Then you as the business owner can make an informed decision on what is the right policy for you.
As your insurance broker we will obtain quotes from multiple insurers and then discuss these with you. Together we will review the proposals in detail to ensure that you have a clear understanding.
It is important that you consider the amount and type of coverage that each insurer has listed in its policy.
The cheapest policy is not a bargain if it has little of the coverage that your business needs.
Your goal is to obtain best insurance coverage at a reasonable price.
Our goal is to assist you during this process.
GET YOUR INSURANCE QUOTE
What you will get with your quote:
- A fast response from a friendly member of our team of highly trained insurance brokers
- Gain quotes from multiple insurers. Fleurieu and Hills Insurance has access to dozens of insurers and their best insurance plans
- A complete and competitive quotation that addresses the needs of you and your business
- A number of payment options if you wish to proceed further, including monthly or quarterly payment plans
This is for general information and general advice only. As always, policies conditions will always apply and claims circumstances always vary from one another.