subject: Purchasing Commercial Insurance In The Uk [print this page] Finding the best type of insurance for your business can be quite challenging, particularly if you run a very unique kind of business. The good thing is however, no matter what business you're in, you can be rest assured that there are many insurance companies in the UK who are able to meet your needs.
In fact, finding a provider is the easy part. The difficult part is finding one which is willing to offer you cover for a decent price.
When it comes to insuring your private car or your home, many people are simply making use of insurance comparison websites, but when it comes to commercial insurance, business owners are not always able to use such sites because they actually need to discuss their individual needs with the company they wish to take out insurance with.
Insurance packages being advertised may not address the specific need of their business, in which case they'll require a policy to be tailored specifically for the type of business they're operating.
All insurance companies in the UK are able to offer you the services of an advisor, so if you have certain requirements or concerns, speaking to an advisor is your best bet. An advisor will also be able to let you know if there's anything you can do in order to have the standard rates reduced. Of course there are some basic steps you can take to keep premiums down, but depending on what type of business you run, there may also be a range of other options as well.
For example, it's often possible to have your rates reduced if you join some or other organisation or association which is relevant to your business. You may also want to consider getting in touch with your local fire department, and requesting that they do a risk assessment of your business premises. If the fire department can certify that you have a proper fire prevention system in place, any insurance company will feel a lot safer when it comes to providing you with commercial insurance, and that in turn means you end up paying less for your cover.
If your business is open to the public, you may want to get a health and safety officer in to inspect your premises for any potential hazards. If they advise you to make certain changes, you'd being doing yourself a favour by following that advice.
Admittedly, it may mean you have to fork out some money, but it could save you from a lot of grief further down the road. The last thing you need is for a member of the public to get injured on your premises. Not only does it attract a lot of bad press, but you'll more than likely be held liable on grounds of negligence.
If you're just a private contractor, or if you only run a relatively straightforward business, commercial insurance poses no problem at all, but if you're managing a large company, then you really do need to consider contacting a professional advisor, considering just how much is at stake.
by: Tom Jones
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