Can you put a specific price on business insurance? The simple answer is NO, you can’t – especially given the flexibility of a company’s circumstances and, therefore, insurance needs. This holds true if you intend to do business in the UK and so might need particular insurances.
In short, how much you would need to pay for corporate insurance in that country can depend on a wide range of factors, from your equipment to the provider from which you source your cover.
What Insurance Would Your Business Strictly Need?
If you have only recently arrived in the UK, you might be content to remain a lone ranger on its business scene for now. However, when you want to employ someone, you will legally need employers’ liability insurance.
This type of insurance exists to help businesses meet the expense of compensating workers who, through their work, have picked up an injury or illness. The insurance’s coverage extends to legal fees associated with that compensation, too.
This all leads us to the obvious question: how much would this cover cost for you? Influencing factors will include the nature of your business, how many people it employs and your history of insurance claims. Be careful to shop around for the best deal and not just choose on price.
If you anticipate putting vehicles to corporate use on UK roads, such as to travel to business meetings or transport products, another legally compulsory insurance would be motor insurance. That cover must be at least “third party only“; this can recompense for injuries or damage affecting third parties.
Should You Consider Any “Optional” Insurances, Too?
Many insurances aren’t legally enshrined as mandatory, but opting for some of them could prove shrewd in practice. For example, you might want to insure the business building in case it is adversely affected by fire or flooding to the point of severely-compromised usability.
How costly would it be to insure a corporate building, then? This depends on a range of factors. When applying for a policy, you could account for the value of fixtures and fittings like cabling, as well as equipment such as computers and furniture.
Absorbing all of those costs into your application could see you ultimately shelling out more money for the policy, but also reassure you that you are comprehensively protected. Watch out for exclusions in policies, though. For example, terrorism-caused damage might not always be covered.
How Can you Rein in the Cost of Insurance?
If you have been recognizing more and more instances where you could need particular business insurance policies, even if just for your own comfort, you could understandably start worrying about the cost implications. However, you could save money by applying through an insurance broker.
One chief executive said that they saved 20% on premiums by dealing with a broker rather than approaching an insurer directly. Be Wiser Business Insurance is one example of a broker that specialises in the corporate market.