Four things to look for when buying small business insurance

Things to look out for when buying small business insurance

Excess – An excess is the first part of every claim that you are responsible for. Usually you can reduce the cost of your insurance by increasing the level of excess.

Sum Insured – It is your responsibility, and vitally important, to provide accurate information regarding the value of your assets. In some circumstances, incorrectly valuing the amount to be insured could affect your claim. If you cover your assets for less than they are worth (under-insure), you will not receive enough compensation to cover your losses. We will be happy to discuss this with you and help you to calculate your sum insured. In some cases an insurer may wish to survey your premises before agreeing to provide cover.

Policy Conditions, Exclusions & Warranties – Understanding how you are covered is as important as understanding how much you are covered for. You should be aware of any conditions, exclusions or warranties that may exist with the cover. For example some cover is dependent on you having an alarm fitted or securing your equipment in a particular way. Full details can be found by referring to your policy wording in conjunction with your schedule of cover.

Know your insurance company – As part of your decision making process you should look beyond the cost of the cover and examine the potential insurance provider. It is always better to pay a higher premium but deal with an established and financially secure insurer. All of MCM Insurance’s insurance partners are approved and regulated by the Financial Conduct Authority.