Choosing an insurer for your business: What to consider

If you read our quick guide to insuring your business, and now want to go ahead and pick an insurance company, here are some things you should be asking.

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Can this insurer still provide for me as my business grows? In some ways, a niche insurer for SME's can have benefits. However, as you expand and grow, you need your insurer to grow with you. That is, the insurer needs to be able to offer you the same services (and perhaps additional ones too) when you are a bigger company.

Naturally, cost will be also be a big consideration. Get quotes from various insurers, and be prepared to set aside some time purely to answer phone calls and discuss quotes with insurance companies. You need to consider your budget, and the trade-off between excess and your monthly payments. Quotes for the exact same coverage can vary widely between providers, so be sure to do your research.

Only consider companies that are experienced and reputable. You may get a very cheap quote from a company you don't know of, and who is new to the game, but don't risk it. You can normally find polls and surveys on insurers with the best reputation in various areas (customer service, price, amount of claims paid etc), and if not, you should be able to find some anecdotal evidence of a company's reputation at the very least. Make sure that whoever you choose, they are accustomed to providing insurance to people just like you.

These steps should give you an idea of what companies you can shortlist when looking for an insurer. However, we advise that you also speak to an insurance broker during the process. They are the experts, after all, and will help you find a package that suits you and your business.