"Don't worry, it'll never happen", "lightning never strikes twice" - how often do you hear those words. But unfortunately, as many small businesses have found to their cost, it does happen.
When you are fit and healthy, insurance may seem an unnecessary burden, particularly when cashflow is difficult. But when things do go wrong, often as a result of events entirely outside your control, the insurance is suddenly worth every penny of premium.
For small businesses it is a juggling act between trying to cover everything but facing huge monthly payments and covering the essentials while taking calculated risks.
If you are starting out, insurance is not something that you can skimp on. It is one of the everyday essentials that may keep you afloat in times of trouble.
Getting the right insurance can take an awful lot of time to organise. Insurance can be bought in three ways:
- buying direct
- the internet
- using a broker
In almost every case, using a broker or intermediary is the most practical solution.
You can buy direct from companies and you can shop around on the internet but you have to remember that each company is only going to tell you about their own products which may not be the most suitable for your needs.
You will need to phone or email a lot of people to make sure you are paying a competitive price for the right product. Unless you are in the business, the time spent would probably be better used on your area of expertise leaving the insurance searches to the experts.
The other great advantage of using a broker is that they can ensure any insurance is properly tailored to your circumstances. Most office packages are fairly straightforward and standard. But you may have a special requirement and your needs will probably change, perhaps as you take on more staff or move premises, and a broker can keep up with that and ensure your insurance bends to match your needs.
Before you do anything, however, you need to consider what type of policy you need.