You’ve been putting it off for months. You know that you need business insurance but the thought of navigating the mind-boggling array of different providers fills you with dread.

What’s more, as a business owner, it can sometimes be difficult to come up with enough money to meet your next payday, especially when you’re just starting out. But spending money on insurance to protect your business is not something that should be put to the bottom of the pile.

Business insurance protection

The good news is, that to help get you started, we’re going to share with you our top 5 tips to help you choose an insurer to suit your business.

1. Consider what cover you need

Every business is unique. What type of business insurance you require depends on everything from what your business offers, to how many employees you have (if any).

For example, if you make or sell a product, product liability insurance may be something to consider. This type of insurance could protect you if, for example, one of your products damaged someone’s property or even them personally.

Do your research about exactly what kind of cover you need and choose a business insurance provider with this in mind.

2. Does the insurer provide key person insurance?

Many businesses, particularly small ones, would suffer if they lost a key person.

Finding a provider that offers this type of business insurance can be particularly important for smaller companies, where losing a key person could potentially put the future of the business in jeopardy.

3. Talk to other business owners

Asking other people who run businesses which insurance provider they would recommend (and which they wouldn’t) can help you to get an idea of which providers to look into further and which to avoid.

As in other areas of life, getting advice from someone who’s already ‘been there, done that’ can be invaluable.

Comparing business insurances

4. Comparison sites are your friend

There are a range of comparison sites out there that have been designed to help you to compare deals and find an insurance provider.

Before you head to a comparison site, take the time to fully understand what types of risks your business could face in the next year and therefore what type of business insurance that you’re likely to require.

5. Speak to an insurance processional

Once you’ve narrowed it down to a few providers, arrange a time to discuss your business needs with each of them.

By the end of a short phone call, you’ll be able to get a better idea of which company you’d be happier to work with.

Finding the right business insurance provider is easy when you know how

It may sound obvious but getting to know your business and the risks it’s likely to face, is a fundamental part of choosing which business insurance you may need and therefore which provider would suit you best. Speaking to other business owners about their insurance experience, using comparison sites and talking to insurance agents can help you to narrow down your list of potential providers.