smallbusiness.co.uk: Helping your business think big

Richard Stafford, commercial director at Quinn Insurance, and SmallBusiness.co.uk outline the things you should look for in an insurance provider.

Say the word ‘insurance’ and most owner-managers probably wont respond. But if your company is appropriately covered, it can be invaluable in maintaining your business reputation.

Risk management

Check what additional services the insurance provider can supply to the business. Many insurers offer health and safety advice by compiling a risk assessment report. This can help businesses shore up previously unnoticed threats without creating any additional hassle for the company.

Additionally, the importance of working with an insurance provider who values processing claims quickly and effectively cannot be underestimated. Proactively handling claims helps SMEs avoid unnecessary legal costs, which could come to thousands of pounds.

Savings to be made

When margins are tight, businesses must save money wherever they can. Competition is intense amongst insurers and brokers alike and there are great savings to be made for any business willing to shop around. Do not to be afraid to ask for a competitive quote, provided it is within reason and that the policy on offer does not compromise the company’s needs.

Paying out

When appointing an insurance provider it is important to enquire about their funds set aside for anticipated losses, to ensure that they can afford to pay out on claims should the business suffer a covered loss.

Experience counts

Having only ever worked in the insurance industry, many insurance providers have no real understanding of how different SMEs function on a daily basis. For an insurer to adequately serve its customers, it must have an insight into the sector and the environment in which it does business. Don’t be afraid to ask insurance providers should ask the insurance providers what particular experience they have.

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