Five tips to pick the right business insurance

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Having the right business insurance is critical. The following tips will ensure that your risks are covered and that you are free to focus on your business.

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Regardless of the type of service your company offers, having the correct insurance will ensure that your risks are covered and that you are free to focus on your business, regardless of the stage of its journey. The following five tips can help ensure that you have the correct insurance for your business.

1. Insurance types

Make sure you know what kind of insurance you need for your business. Many businesses are either under insured or don’t have the right insurance covers in place. Talking with an insurance representative can help you tailor your insurance package.

2. Disclosure

Don’t withhold any important information from your insurance representative about your business and its exposure to loss to ensure you are offered the right level of insurance cover. Providing the insurance company a complete history of your business may also result in a lower insurance premium.

3. Cover

The cheapest quote is not always the best. Business insurance can be complex, check to make sure that the insurance plan will actually cover your requirements. Make sure you also read what is not covered in the exclusions section.

4. Risk

Don’t risk being underinsured. Thoroughly review your sum insured every year, remembering to increase it if you purchase new equipment for your business or make changes to your business.

5. Finances

If your finances are tight, you may want to consider a higher level of excess rather than reducing your sum insured. This will ensure that you are properly covered.

By considering these five tips you will be well placed to choose the right business insurance.

Brought to you by WFI Business Insurance