When you need commercial insurance for your business, you should follow certain guidelines in choosing your commercial insurance policy.
Small Or Large Business
You first need to define whether your business is small or large. Each insurance provider has different criteria for defining it. For instance Allianz Cornhill Commercial insurance considers companies with less than £2 million turnover as small business and companies with more than £2 million turnover are classified as large business. Some companies use number of employees as criteria. This differs between insurance companies.
Essential Coverage
Next you need over what type of essential coverage you need to be included in your commercial insurance policy. The essential coverage may include glass replacement, quick claims, underwriting, legal advice, customer service helpline and no claims bonus. It is best to do some cursory research to get a rough idea on what to expect for essential coverage.
Optional Coverage
You may need to add extra benefits to your essential coverage. This is known as optional cover and should be your next step. You can further protect your business by asking for fire and theft insurance, employee safety and security insurance, temporary employee liability and building security coverage. It all depends on what commercial insurer you choose as they all have different types of optional coverage available for different types of budgets and businesses.
Policy Document
After you have decided on the essential and optional coverage, the next important step is reading the policy document thoroughly. Almost all commercial insurance companies have put their policy summary and policy documents on their websites so you can read them at your own pace. In case you get stuck with the technical jargon, you can call customer service and ask them to explain.
Application
Finally, you will have to apply for the commercial insurance policy. You can do this by phone, at the insurance firm or online. The application process will ask for many details about your commercial setup such as company name, business type, number of employees, date of set up and other such details. Make sure you give accurate information and details as they are verified by the insurance company.
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