When it comes to protecting your business and its future, finding the right insurance provider is absolutely key. But how do you know what to look for, and is cheaper always better? How do you know which policies you need?
The world of insurance can be a minefield. Here at FMB Insurance, we know construction. As a wholly owned subsidiary of the Federation of Master Builders, our knowledge of the industry is second to non. It’s important that you do your research before going ahead with a new policy. Here we offer some guidance on the aspects to consider when searching for the right insurance.
To ensure your business has the right cover you should:
- Determine Your Business’ Main Risks – It’s important you understand your own needs before you start searching. For example, how many staff are you insuring and does the policy include the same number of contractors? Do you require cover for the loss of income as well as damage to buildings and contents? Make sure you know exactly what is covered on your insurance and that you have the right level for your needs. Consider both the work being carried out on properties and sites and your own office space and tool, plant and van requirements. This will allow you to find the right type of coverage for your business.
- Always put cover over price - we understand that price is important - however, a cheaper alternative may mean that you are not covered for everything you’d expect. Check the small print and the exclusions. For example, cover for projects such as flat roofs, basements or modern methods of construction may not be included. Many policies omit these aspects and require further cover, which ends up expensive in the long run. Reinstatement value for conversions is another inclusion to consider. Are the fees transparent or will items later be added to your original quote? Also consider your business insurance as well as your project sites. What are the conditions of your tool or van cover? Is your main office building insured? Whilst saving money is an alluring prospect, choosing the cheaper alternative could cost you more money in the long run.
- Find a Trusted and specialised Insurance provider - who understands the risks and challenges your business faces and how to manage them. Make sure there is a reputable insurer underwriting your policy. Is the company A-rated? Are they credible and covered by the Financial Services Compensation Scheme (FSCS)? Would you be eligible to complain to the Financial Ombudsman Service (FOS) if you needed to? Agents should always be on hand to help you through the process and offer guidance.
- Never underestimate your coverage needs – as by doing so you could be putting yourself and your clients in jeopardy in the event of a claim.
- Have an Annual Business Insurance Check-up – to guarantee cover levels are accurate and all employees are covered.
The team at FMB Insurance are always here to talk through your policy or requirements and answer any questions you may have. They can help advise you on the right level of cover to suit your individual requirements and protect your builds now and for the future. Call us on 01353 652760.