Make sure you know what types of insurance you need. (See our guide for a starting point.)
Consider the worst case scenario, and don’t forget to factor in the cost of interruption to your business. For example, are you covered for the loss of data if your servers are damaged, or just the cost of the servers themselves?
Compare like-for-like policies where possible, and read the small-print. While it’s tempting to go for the cheapest option, it might not give you the level of cover you need.
Go with a company who has a good reputation for customer service. If you need to claim, you’ll want the process to be as headache-free as possible.
“For me, the key thing is to get the right broker. If they’re no good you’re not going to get what you need from the insurer.” – Lisa Waghorn, Financial Director, Chelmsford Star
Case study: Chelmsford Star
Chelmsford Star is a consumer co-operative society based in Essex. It operates more than 40 food stores and has an annual turnover of £101m
Chelmsford Star turned to Miles Smith for its insurance needs last year. They’ve found it helpful to have a broker who understands the complexities of the co-operative model, as financial director Lisa Waghorn explains. “It makes things a lot easier, particularly when insurance isn’t your area of expertise. You want someone who understands how you’re set up, the way your board is, how you have to get things approved, and that you’re commercial, but do have other aspects.
“I wouldn’t have wanted the headache of going direct to an insurance company. You could easily end up making mistakes. A broker advises you on the right level of cover. We have 41 food outlets and a couple of department stores, so are always going to get some claims – a prang with a motor, the odd employee liability claim, or even a claim from a member of the public where something has fallen off a top shelf.
“We had used other brokers in the past. I’d say Miles Smith are more active. They’ll look into things for you, chase things up, whatever needs to be done. If we need to make a change to the policy, say add on new properties, they make it easy. We’re with the same insurer that we were before, but the service is better because of the broker.”
