Whether you’re starting a new venture or simply doing some housekeeping, the correct business insurance can save you time and money in the long run – so it’s crucial to get it right! But are there particular insurance areas in which you should invest for future business success?
In this blog, we’ll run down a checklist for essential business insurance, helping you to decide where to put your money - and when!
Top Tips for Business, #1: Get Insurance!
When first starting out, there are many things to consider: staffing, stock, logistics… and within all of that, it can be easy to forget about insurance. Our tip: don’t! Even if you aren’t sure what you need, or where to get it from, business insurance should be at the top of any to-do list.
For guidance and expert advice that you can trust, call Cherry Godfrey; pop in to see us; or we can even come to see you. Whether your business is large or small, and regardless of your profession, you may still have complex insurance requirements, and it’s worth taking a little bit of time to go through things with us.
We’ll be happy to chat through your business situation and get to the bottom of what you actually need to cover – ensuring that your business is protected both now and in future, and that you don’t pay too much.
Top Tips for Business, #2: Insurance for Tools
This is an overlooked facet of insurance, but is essential if you work in a manual trade (if you’re a mechanic or a bricklayer, for example). Tools are the lifeblood of your business, after all, and often represent a huge investment; and, if the worst were to happen (if your tools were damaged or stolen, for example), not only would you be out of pocket but also you might not be able to continue working.
This type of insurance costs less than you may think – and it may just save your business.
Top Tips for Business, #3: Health is Wealth
As a business owner or sole trader, it’s important to know that you can insure against anything to do with your health. The idea of falling ill or being injured is frightening enough – and the last thing you want to be worrying about is paying the bills. If you are heavily committed to your business and have financial liabilities, the right insurance can really help when it comes to paying your mortgage or your rent.
It's worth noting that your insurance will only cover your salary (or part of your salary): you won’t get more (or no-one would want to work!). But investing in this kind of insurance now can be a huge relief later on. Cherry Godfrey’s expert team will ensure that you’re covered for all relevant scenarios, without spending more than you need to.
Top Tips for Business, #4: Correct Motor Insurance
If you use a vehicle for your business, do make sure that it’s insured correctly! There are a several categories for motor insurance when it comes to using a vehicle during the course of your trade – and it’s important to be aware of all the little caveats. For example, ‘driving other cars’ is often covered by a policy, but this does not include vans!
Why Use a Broker for Your Business Insurance?
We get it: it’s the 21st century and there’s a huge wealth of information at everyone’s fingertips – including insurance deals. So why would you use a broker when you could go online and buy some insurance in minutes (seconds, in fact)?
First of all: cost. While you might believe that using a broker is more expensive, in the long run we’d be willing to bet that it’ll work out cheaper – and that’s due to the fact that not only do brokers like Cherry Godfrey have access to all the best deals, but also we’ll ensure that your insurance will be fit for purpose. Unfortunately, though it might be quick and easy to buy insurance online, ‘off the shelf’ policies are not always the right fit: they might not cover you for something you really need, or, worse still, it may turn out that you aren’t covered at all due to some mishap – perhaps you accidentally failed to mention something that will turn out to be important later.
Second, and perhaps most valuable of all: service. At Cherry Godfrey, we’re not simply about ‘selling’. We’re here to act as your advisers, to protect your best interests, and to really get to know you and your business. We listen to what you tell us and get to the heart of what you need, and make recommendations accordingly – and this is something we take very seriously, as we believe it’s our responsibility to advise you to the best of our ability. Whether your needs are complex or simple, if you decide to discuss insurance with us, we’ll see it as the first step in a long-term business relationship; and we’ll be committed to providing you with exceptional support and advice every step of the way.
If you’re looking for a broker that will not only provide you with access to competitively-priced, robust products, but also policies that will meet your requirements and pay out when you need them to, get in touch with Cherry Godfrey today. We’ll be delighted to help you and your business thrive.
