Independent SME Insurance Advice for your Business

As a small start-up business, things are run on a tight ship. Ideas are big, but resources are usually in short supply. This presents an interesting challenge in all areas of operation for Small to Medium Enterprises (SMEs). You need to perform well and get up and running quickly, but for the least amount of outlay – in terms of money but also in terms of your time – that you can. You also need to make sure that you’re covered in the face of any risk.

Without the deep pockets of large multinationals, an incident happening could easily spell the end of things. For all of these reasons, working closely with an independent insurance broker is a must for small businesses aiming for success.

Securing the Right Cover

Securing the right insurance cover for your business is hugely important. And it’s especially crucial for start-up businesses, who simply can’t afford to make a costly mistake early on in their journey.  Without the right insurance cover in place, your small business may have to cover out of pocket:

  • The cost of any damage to your business premises
  • Replacement of damaged or stolen equipment
  • Compensation that may be awarded to customers or other claimants against your business
  • Loss of income in the event of a disaster such as fire or flood

Most small businesses simply do not have the cash reserves to cover such events, and so anything untoward happening would spell the end of the company without proper insurance cover in place. The devastating impact of an unforeseen event like this has been the end of the road for many small operations – don’t run the risk of becoming one of them.

Working with A Specialist Insurance Broker

Working with a specialist insurance broker has many advantages. An independent broker can assess the whole of the market and ensure that the level of cover matches the requirements of your business. As a small business owner, you’re spinning many plates. You may be an expert in your field – but you aren’t necessarily an expert in selecting the right insurance cover.

Business insurance is a form of specialist cover that protects your company from losses or damages that might befall it. The level and detail of cover you require depends on the nature of what you do. You can get insurance cover which protects your business against claims from a third party, or the outcome of any professional advice you may provide in your line of work. Insurance coverage is also seen as a credential within some lines of work, reassuring potential clients that you work fairly and are committed to the health and safety of your operations.

Working closely with a specialist independent insurance broker means that you have the peace of mind that you get the exact cover you need.

Accessing the Best Deals

Funding is a central issue with small businesses – you’re trying to do everything for less, operating on a tight budget and need to secure the very best deals. So, making sure that you get the best price for the cover you need makes a lot of sense. Using an independent insurance broker means you get an overview of the whole of the market – and who is offering the most competitive pricing. All without having to spend time trawling through hundreds of insurers yourself. Having the wrong or inadequate cover in place can end up costing you dearly, whereas the right cover will pay dividends – and you may also be able to save money. An insurance broker can help you distinguish between value and cost – the best value solution for your business vs the cheapest. In some cases, the relationships that your insurance broker has within the industry may enable them to negotiate a better deal for your business – both in terms of coverage and the final price you pay.

An Expert View with Time to Spare

Working with an expert can also help your business out in ways you may not have foreseen. Your insurance broker is working for you, and not tied to a particular insurance company. That can be hugely valuable should a claim need to be made – your broker will have expert knowledge of what is covered and can help to get the claims process up and running much faster.

Getting things moving quickly is essential when an unforeseen event occurs, and your business has to react swiftly or risk losing time, money and clients. Working with an independent insurance broker means you can benefit from expert knowledge to speed your claim along.

Saving your business money on insurance cover, providing an expert overview of the market, ensuring you have the best cover for your requirements, and helping to get your claim resolved quickly should the worst happen – establishing a great working relationship with an independent insurance broker could be one of the smartest moves your start-up makes.