What should startup businesses look for in an insurer?
Welcome to the fourth and final instalment of our startup series – where we break down business insurance for startups. To read the other articles in this series, scroll to the bottom of this article.
If you’re at the stage of your startup journey where you’re ready to look for and buy insurance, it can be handy to understand what factors to look for that will be relevant for your scaling business.
Researching and purchasing business insurance is a lot simpler today than in the past, with the web providing quick and easy access to a variety of options. However, for innovative startup businesses, you may need to dig a little deeper to get the right type of cover for your needs. We’re here to help – offering our insider knowledge so you can make an informed decision.
Here are some things to consider when looking for an insurer for your startup.
An insurer that can match your unique needs
Choose a specialist with good knowledge and experience in your specific sector. It also helps if they have relationships with a range of suitable underwriters, so they can tailor cover to the particular risks you face.
Ability to tailor the policy from the start
When you’re starting out, you might not need all the standard covers that large corporations have or that most insurers include in their policies. This means you should look for an insurer that lets you customise the covers you want, so you’re not paying a penny more than you need to.
Flexibility to change your policy once bought
Look for a provider who gives you the flexibility to change your cover as your needs evolve and can accommodate your business as it grows. In the past, commercial insurance was always sold as 12-month contracts, but being locked into an immovable policy doesn’t suit fast-growing businesses with constantly evolving needs.
Thankfully, innovative providers like Superscript offer customiseable insurance which you can choose to pay for either monthly or annually, and you can change your cover at any time without fees.
Covers the right stuff
It’s normal to be influenced by cost when choosing a provider, but beware of opting for what might seem like ‘bargain’ cover. What’s really important is the quality of the insurance. For instance, if you come to make a claim and you’re not actually covered for what you thought you were, it could end up costing you a lot of money to fix – a luxury that most startups don’t have. So, always look beyond price and read your policy documents carefully so you know you’re sufficiently protected.
And, that’s it! If you need insurance for your startup, why not have a look out our startup insurance or start a quote below.
Check out the other articles in this series:
This content has been created for general information purposes and should not be taken as formal advice. Read our full disclaimer.
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