Guide

Business insurance: the basics

Checklist: buying insurance for your business

Here are the key actions you need to take when considering your business' insurance needs and buying policies:

  • Appoint your insurance broker or insurance adviser - preferably one who is experienced in your particular trade. Make sure you get full details of how they are paid and who to contact.
  • Carry out an assessment of hazards and risk exposures in your business.
  • Review your standards of loss control - how secure are your premises?
  • Review your business continuity arrangements - how will your business carry on in the event of, for example, a fire at your premises or loss of a key member of staff?
  • Decide on the level of cover you would like against each risk you have identified.
  • Collect and review information on your planned insurance needs to present to insurers.
  • Compile insurance underwriting data - for example, the values of insured equipment.
  • Compare the quotes and conditions you have received via your broker.
  • Buy insurance and agree service level agreements with the insurance company.
  • Agree on reporting procedures for losses, accidents and claims.
  • Keep in touch with the broker and insurer and regularly review the arrangement, especially if circumstances change - for example, if your business expands.
  • Keep insurance policies and any information related to claims in a safe place.