Your business has many options when it comes to choosing an insurance policy. It pays to explain your business needs to a quality insurance broker.
While price comparison sites may offer a quick, cheap option to SME businesses, they don't necessarily afford the same security as bespoke policies from your broker.
In general, the more comprehensive and thorough a policy is, the more protected your business will be. Despite the security that an extensive policy can provide, only 38 per cent of SMEs ranked a policy’s scope as being the top consideration when choosing a new policy, according to recent industry research. Instead, a majority of the surveyed SMEs - around 60% - ranked the cost of a policy as the most important factor. Whilst the cost of a policy is an important consideration, focusing solely on cost could expose your business to potential risks, including underinsurance and unnecessary add-ons.
These potential risks are far more common if your business chooses to rely on a price comparison website to help you pick a new policy. In general, these sites offer prepackaged policies that do not provide you with significant input on how they could be tailored to meet your business’ specific needs. That means if you choose to use one of these sites, your business is forfeiting its ability to develop a comprehensive policy that adequately addresses your business’ concerns. What’s more, if your business were to experience a risk not covered or inadequately covered by a policy purchased with price as the main priority, it could end up costing your business more than you may have saved by choosing the cheaper policy.
There is no doubt that price comparison sites serve a purpose for certain lines of business, but SMEs are more likely to get the cover you need by talking to somebody about what you do, who you work with and where you work. Only that way can your risks be assessed properly.
The most effective strategy to ensure that your business is adequately covered for any potential risk is to get in touch with our expert team at Bollington. We can help your business to construct a bespoke package of insurance that provides comprehensive cover for your specific needs. In addition, we can help identify potential gaps in your cover and offer guidance on how to shore up those gaps.
Bollington also scores because of our size and experience. Trading since 1973, Bollington has covered tens of thousands of businesses and individuals from all walks of life, building a real depth of knowledge that gives us the ability to negotiate the best terms from a wide range of insurance companies.
Make sure that you are fully covered - let Bollington run through your needs with you so you aren't caught cold when you really need your insurance. Spending slightly more on a policy could be the difference between successfully pursuing a claim or significantly losing out financially if you don't have the right cover in place.