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Clarke Williams Ltd
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01732 252 898

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Clarke Williams Insurance Brokers

Clarke Williams Ltd Insurance Brokers

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6 common mistakes when purchasing small business insurance.


1. Reading the terms and conditions
Reading through the terms and conditions is something that most people don’t want to do as can sometimes seem long winded. However, it is important to make sure that the insurance you are purchasing is what you need and demand. Make sure to read through the entire terms and conditions section to know what you are required to comply with as a policyholder.

2. Purchasing policies purely on price
The main aim of every business is to cut down expenses and maximize profits, most people find cheap insurance policies very enticing. As much as price is a concern, it is vital that you research on the efficiency of the insurance company first. For instance, check their security rating, how effective their claim service is, and how prompt they are in reimbursing. Checking through online reviews can be a good starting point in your research.

3. Incorrect business description
This problem mainly occurs with online insurance quotes because most businesses fail to capture the exact value of what they want to insure. It’s good to ensure that your description captures all the business property and activities as required by the insurance company. Omitting essential information can lead to under insurance, which can bring some misunderstanding when demanding compensation.

4. Not purchasing business interruption insurance policy
Small businesses can suffer great losses in the event of an accident, especially if it takes longer to go back to the normal operations. This greatly affects start-ups that are struggling to break even. Even though the insurance can replace the lost property through a normal policy, the time lost is significant to the venture. Taking an interruption policy will cover the income lost when the business is closed for renovation or other activities.

5. Paying for policies that the business can do without
Insurance companies are determined to talk you into insuring everything, sometimes things that are not necessary. You need a genuine insurance broker who will advise you on what is necessary for your small business. Do not let insurance policies eat all your profits because you will end up making nothing. Seek the assistance of reliable brokers such as The Insurance Octopus to know what is worth insuring.

6. Not reviewing your business insurance
A regular review of your business insurance helps you to make the right adjustments as your business grows. For instance, if you have moved your business to a new location or acquired some new assets, it’s essential to capture all the changes. Meet with your insurance agent on an annual basis to review all the changes.

Avoiding these simple mistakes can improve your business. If you need insurance on your new business or existing, please call 01732 378 909 or contact me via email

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    Clarke Williams Ltd are authorised and regulated by the Financial Conduct Authority under reference 758683. The Financial Conduct Authority’s Register can be accessed through . We are registered in England and Wales with Companies House under number 10317065. Our registered office address is 194 High Street, Tonbridge, Kent, TN9 1BE

    Clarke Williams Ltd
    194 High Street
    TN9 1BE

    Tel: 01732 252 898

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