Insuring your business premises is just as important as insuring your home. Maybe, depending on what kind of business you’re in, it may be even more important. But insuring a commercial property has a few more potential problems and difficulties compared to insuring an ordinary household. In business you may need to consider Buildings, Business Interruption, machinery, equipment, stock, vehicles etc. Engaging an Insurance broker can steer you through taking out cover.
As regards the risks, most business premises attract more visitors than a typical household does. Business premises may have a larger and more powerful electricity supply than a typical household. Business may store and use dangerous chemicals. And businesses also often operate machinery and large motor vehicles. All of these activities create a certain amount of additional risk, and the insurance companies are well aware of that.
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While business property insurance may be more complicated, it is still necessary. So this guide will outline the main points to be aware of when choosing your provider.
1. Stay away from companies with a bad reputation for claims avoidance
Solving this problem is very simple and quick. It is done by Googling the name of the name of the insurance company and the words “denied my claim”. This will alert you to negative reviews of the company. Make sure to use quote marks so that the search engine returns the most accurate results. Don’t only check negative reviews though, look at positive ones as well, and it doesn’t have to be a review of business insurance. Not all reviews are honest, but if you notice a particular company seems to have statistically more negative reviews, it is a company to steer clear of. Avoid insurance companies that are losing money.
2. Don’t go for blanket coverage right out of the box
Bargain with the insurer a bit instead of just giving them what they want straight away. Getting all of your insurance taken care of from one provider is more convenient and just plain easier, but that doesn’t mean you should admit to that during the opening game. Just as they tell you to steadfastly deny liability even when you’re clearly at fault, so too should you deny that you want all your insurance from them. What you want is a substantial discount for transferring or establishing all of your insurance with them, and if you play your cards right, you will get it. It’s even better if you can ignite a bidding war between two rival companies trying to get you to sign with them exclusively.
3. Make sure the insurer can meet all your needs
Some insurers can’t actually provide all the cover you need, and you should not compromise. Insurers that are shy about providing full disclosure of their services are best avoided.
Following the above advice doesn’t guarantee you will have no insurance problems, but it may help you avoid dealing with insurers that have created a bad reputation for themselves.
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