Commercial Insurance for Start-Ups in 2013 2013

How does £1million of start-up funding and a route to cheaper commercial insurance sound? It seems 2013 could be a remarkable year for new ventures in the UK.

Northumberland start-ups will benefit from over £1million in funding, thanks to the North East European Regional Development Fund, Northumberland County Council and a development firm by the name of ‘Arch’.

The good news was revealed by local media outlets in the North East this month and will no doubt bring a warm wave of optimism across the region for budding entrepreneurs.

On top of that, these fresh businesses have the opportunity to get a tailored commercial insurance bundle from the outset, rather than settling on a generic policy. Such custom packages can come at a much cheaper rate, due to the omission of certain unnecessary features.

How to get cheaper commercial insurance

First off; business owners, MDs, CEOs – whoever is in charge of your organisation would be well advised to speak to a commercial insurance broker, before even comparing quotes online.

Why? Because the brokers specialise in tailoring policies. They can do so because of their position within the insurance sector; they’re strongly connected to multiple underwriters and through these relationships, can negotiate custom terms and (perhaps more importantly), custom quotes on your behalf.

All you need to do is have a chat over the phone about your new business or use an online form (most of the top commercial insurance brokers have this feature on their website).

Commercial Insurance in 2013

Nowadays, it doesn’t matter how niche your business may be – there’ll be a broker out there who can help mould a new policy around it for you.

Turn a few pages in the Insurance Times and you’ll likely find a report suggesting commercial rates are set to inflate during 2013 – largely owing to an increase in personal injury claims against established businesses.

There is a growing trend for former employees to file claims against ex-employers and so the market is paying out more than usual in compensation.

However, when you’re dealing with a broker, they’re operating on your ideal budget and will do everything in their power to get you a quality deal – despite premium increase patterns.

Final Thought for Start-Ups

Keep things simple. Get a broker to sort out your insurance needs and focus on the good stuff; planning the first two quarters, looking into budgets and predicting a time when you can start hiring new staff.

You’re the boss. Everything you do from this point on is related to making/saving you money. It’s that same attitude the brokers adopt – they want your business next year and the year after that; they’ll work around the clock to make sure you’re happy.

Sit down with some tea/coffee and fill out the commercial insurance form now (or call them up directly). You’ll have set the wheels in motion to get all the protection you need, for a quote you can afford, before you get to the bottom of your mug.

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