21-10-2016

Here at Business Compare we help you to build policies and compare prices on business insurance cover that works exactly for your needs. However, if you don't do this, there are a number of small print items in average policies that could surprise you. Here are just five:

Burglar Alarms Don't Equal Savings

Alarms and security systems are great for alerting yourself and the authorities should your business premises get broken into, however this rarely makes your business insurance considerably cheaper.

Some Insurers Think Parking on the Street is Safe

According to a study by Which, some insurers will charge more if a vehicle is parked in a garage overnight, rather than on a driveway. So, could this be the same when it comes to commercial vehicles such as vans or company cars? Possibly. Which also claims there is just a handful of insurers whose price isn't dependant on parking position.

Everyone's Opinion of What Defines an Emergency is Different

Do you know exactly what your buildings cover policy includes? Well, in most cases it covers permanent internal fixtures and outside features like boundary walls, driveways and outbuildings. However, it's important to read the fine print and to know the exact specifics so you don't find yourself caught out.

Some insurance policy owners have reported that they found a broken boiler did not qualify for an emergency call-out during the summer months as central heating should not be required during warmer months. And others have found that brick boundary walls were covered, but wooden fencing was not.

Personal Insurance Doesn't Cover Your Business...

...But, business insurance may cover some personal items. Let us explain.

If you work from home, a home and contents policy is unlikely to cover all of your business liabilities, such as damage to a client's possessions or you injuring yourself. However, if you have a break-in or an accident, your personal items may be covered by your business policy.

The moral of the story is that you'd probably be better off with both separate business and home insurance policies.

Insurance May Be Compulsory

You'd probably expect to choose the type of insurance you have, the level of cover and who will provide it, but in some industries there may be regulatory controls that dictate minimal levels and a recommended list of providers.

You may also find that contracted work will be dependent on you having professional indemnity, products liability or stock and contents cover.

Do you want to dictate what your policy covers? Then give us a call for a personalised quote on 0800 470 4648.