Before embarking on your search for business insurance, identify your company’s exact needs

The number of business owners who apply for insurance without actually knowing what they are covered for is surprising. Before seeking out insurers, it is important to have a clear idea of the exact policies your business requires.

For instance, there’s no point in having the highest level of travel insurance if you very rarely travel abroad. Sit down with your directors or senior members of staff and work out your exact needs.

Related: Small business insurance: An essential guide

Look further than the big household name insurers

It may be tempting to go with the most well known insurer, or the first name that pops into your head, but shopping around could save you a large sum of money.

Narrow your search down to a selection of insurance companies and compare their policies. Do your research. Read up on each insurer, look at online reviews, and view any case studies of businesses they’ve previously helped.

Open multiple policies with separate insurers, if it’s cost effective

While it may be convenient to have all your insurance policies with one provider, it may not be the most cost-effective way of doing things. Make a list of the pros and cons of each insurance provider and match their relevance to your business.

What does your insurance policy offer in the form of loyalty schemes? Is it time to switch?

It’s a well-known fact that you receive a no claims discount with your car insurance, so naturally you should receive some form of loyalty reward scheme with your business insurance.

Some providers offer loyalty schemes and incentives to get you to join, so always check which companies are offering the best possible deals and promotions. If you’ve already got a policy with one provider, don’t afraid to inquire about switching.

Seek professional advice for help choosing an insurer

Business and employee protection insurance should be taken seriously. An adequate level of cover can really protect your business against claims, damage and any other unfortunate instances.

If you’re unsure about what you require, it’s worth speaking to a financial adviser, insurance specialist or broker who can give independent and impartial advice about the insurance policies available to your business.

Andrew Rigby is a business insurance expert at Rigby Financial.