Protecting your commercial investment

If you are in business you will need insurance; without it your livelihood is at risk. An unexpected loss could cause financial hardship and destroy years of hard work and by law, some types of insurance are compulsory.

The best way to understand the insurance cover that is required is to talk this through with an independent insurance broker. You should always ensure that the broker specialises in business or commercial insurance.

Also, with effect from 15th January 2005, all insurance brokers must be authorised and regulated by the Financial Services Authority. You should always get more than one insurance quote so that you can compare not only the price that has been quoted but more importantly the cover provided.

This is meant as a general guide and is by no means a definitive, legal guide - so please ensure that you use it for information only. Business insurance policies vary greatly from company to company, so the services of a professional financial consultant in aiding your choices would be of substantial help in the end.

Getting the best policy

There is little point in purchasing a "basic" insurance cover that does not provide you with the level of cover you need. When you receive a quotation you should ask who the insurance company is that is "underwriting" the quote. If it is an insurance company that you have never heard of you should ask the broker to provide more information on the stability and claims paying record of the insurer in question.