Whether you’re building a new business venture from the ground up or looking to do some housekeeping on your existing enterprise, it is vital to make sure that you have comprehensive insurance. Surprisingly, despite how crucial it is, securing the right insurance is often overlooked by busy people preoccupied by the day-to-day of running a business. Locking in the right insurance is pivotal to safeguarding your business from risk or financial loss: so, which areas should you concentrate your insurance investments on to set yourself up for success?
In this blog, we'll provide a run-down of top business insurance tips, guiding you on where and when to invest your money!
Top Tip #1: Prioritise Insurance
If you are a budding entrepreneur just getting your business off the ground, you might find yourself overwhelmed by various start-up tasks. However, failing to secure the correct business insurance can be a costly mistake. Put getting insured right at the top of your priority list, even if you're as yet unsure about the specifics.
For expert guidance and tailored advice, look no further than Cherry Godfrey. Whether your business is large or small, our team will help you navigate the complexities of business insurance. We’re here to discuss your unique needs, ensuring comprehensive protection without overspending.
Top Tip #2: Invest in You
Without you, there is no business! As the owner or sole trader, taking out income protection is a really smart move. The thought of illness or injury is a daunting one at the best of times, let alone when you’re trying to lay the foundations of a business. However, should you find yourself in the unfortunate position of needing to take time out for ill health or for recovery, having income protection will save you from the additional stress of unpaid bills. Income protection tailored to your needs can ensure financial stability, covering your mortgage or rent even when you’re unable to work.
Remember, insurance covers your salary or a portion thereof – a safety net in place for when you need it most. Cherry Godfrey’s team will help you find the right coverage, providing peace of mind without breaking the bank.
Top Tip #3: Protect your Equipment
Does your business rely on a crucial piece of equipment to function? Insure it! For those in manual trades such as mechanics or construction, tool insurance is completely indispensable. Just imagine what would happen if your tools became damaged or stolen: you’d not only be faced with financial loss but also potentially with the capacity to continue earning.
Not only is tool insurance a must-have, but it’s also more affordable than you might think. A pretty savvy investment, considering that having it could be the difference between a minor hiccup and a major disruption in your business operations.
Top Tip #4: Motor Insurance Matters
Just as those in manual trades need to insure their tools, if your service delivery is dependent on vehicles, they must be properly insured. Business-related motor insurance comes with some quite specific stipulations that a member of the Cherry Godfrey team can talk you through. For instance, a policy might cover ‘driving other cars’ but that could exclude vans. Stay ahead of the curve by getting to grips with these important nuances.
Note that, if you use your personal car for work or work-related journeys, you must let your insurance know, as you may not be covered.
Top Tip #5: Use a Broker
Let’s bust a big business insurance myth: while you might think using a broker will be more expensive, brokers like Cherry Godfrey have access to all the best deals and do our very best to save you money. By working with a broker, you know you’ll only be paying for what you need. Online policies may seem like a quick, easy solution but “one size fits all” could leave you without the right coverage for your specific needs. When you sit down with a dedicated Cherry Godfrey team member, you can be confident that you will not forget to mention something that will turn out to be important later. It is integral to Cherry Godfrey that we get to know you and your business; it’s our responsibility to advise you to the best of our ability. Whether your insurance needs are complex or simple, discussing them with us marks the beginning of a long-term business relationship. We are committed to offering you exceptional support and advice every step of the way.
If you’re seeking a broker that offers competitively priced products and policies tailored to your needs, contact Cherry Godfrey today. We're eager to help you and your business thrive!
