Things to think over and ask when getting a policy

What do I need to think about or ask when buying insurance for a business?
Insurance documentation - When applying for insurance cover, you may be asked to complete a proposal form giving information to enable the insurers to assess your risk. Details will include name, address and business of the proposer, previous losses, and details of the risk to be insured.

When completing the proposal form, it is important that all questions are fully answered and all relevant facts concerning the business are disclosed to the insurer. Failure to disclose all relevant facts fully, whether specifically asked or not, might entitle the insurer to treat the policy as invalid.

Before cover is granted, the premises may be surveyed by an insurance surveyor to accurately assess the risk. He will draw attention to any hazardous features and advise on ways to improve the risk. Some improvements may be required before the cover is given.

When your proposal is accepted, you will receive a policy document which sets out details of the contract including the scope of the cover and the exclusions and conditions. With motor and employers’ liability insurance the law requires evidence of cover to be provided by a certificate of insurance in a prescribed form.