Business insurance is a big thing in the UK. If you want to get your business insured you have two main options. You can either take out a policy with an insurance company that is run by a member of the Financial Services Authority (FSA) or you can look to providers of third party fire and theft cover for your business. Each of these forms of business insurance has different advantages and disadvantages. Knowing which is best for your business can help you make a decision about which insurance to buy.
The first main option for those wanting to cover their business is to go with an FSA member insurer. These types of businesses are subject to strict regulation by the FSA and need to show why they are better off being protected by them than their competitors. They are often the ones that will offer you the cheapest premiums, so if you're starting out it may be a good idea to get a policy from a FSA-insured business. FSA policies are more rigid than some other types of policy, but also tend to have fewer exclusions, which can make them a better choice if you want to get adequate cover at a competitive rate.
However, while FSA members are subject to strict regulation, they are not totally shut out from selling business insurance. Check out any local insurance brokers and you may be surprised at how many of them are FSA members. This is because they are usually able to pass on very low rates to customers, so you can get some great savings if you shop around for your cover. Of course, this is where you'll need to check that you're covered for the FSA standards. This means that you'll have to check that you're covered for the basic elements of fire and theft as well as getting a specialist insurance broker to put it all together for you.
Some people decide that they don't want to go for this level of protection for their business. It's true that you can save money by going for this kind of basic commercial insurance policy, but you should still protect your business. If a claim is made against you and your policy doesn't include it, you could find yourself out of pocket and without cover for any damage that was caused. This isn't what you want, and you may even find that you can save money if you choose not to include the basic fire and theft element of your policy. You can still get protection for this, and often you'll find that the premiums are lower for business owners who select this option over those who choose more comprehensive covers.
If you can't get business insurance that leaves you covered for the specific elements of your business, you may still want to consider purchasing additional cover. If you make sure that you purchase this kind of cover, you can get reimbursement from suppliers or even from your customers in the event that your premises suffer damage. Your clients may even suffer damage in your office, and so the cost of their damages could be covered by your insurance. Again, you'll find that these premiums aren't prohibitive and they certainly are affordable. They can also help to ensure that your business remains open while others are closed.
When you're trying to get this insurance, it's important to remember that it's only one element of many that you need to protect. For example, you'll need to protect yourself from liability, as well as public liability if you're planning to operate your company outside the UK. You can also take out protection for employees, customers and clients. It's easy to see how having a good insurance portfolio can save you thousands in the long run, so be sure that you do everything you can to protect your interests!
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