How long does it take to get business insurance?

May 4, 2023

Gone are the days of meeting an insurance agent in person whenever you want to purchase a policy. Today, you can arrange your business insurance yourself either online or over the phone in less than an hour.

So how long does it take to get business insurance? The answer depends on the product and the type of business you run. With most insurers, you should be able to get a quote in as little as five minutes. Once you’ve decided to go ahead with your policy, you’ll need to give the insurer more information about yourself and your business, to ensure your policy covers you for what you need it to. That way, you’ll have the reassurance that your policy will cover you and your employees should the unexpected happen.

Here, we’ll explore the factors that affect how quickly you can get your business insured, the wait times for different types of coverage and how to speed up the process.

Factors that affect wait times for business insurance coverage

When it comes to your business, you’ll want to make sure it’s protected should the unexpected happen and you need some support. That’s why it’s important you get your business insurance as quickly as possible, to protect your livelihood and your employees.

There are several factors that can affect how long it takes to get your business insured, including:

  • Type of insurance coverage: The type of business insurance you require may take longer to be approved than others due to its specific nature. Here at Protectivity, we offer tailor-made insurance for different types of businesses, from hairdressing insurance to dog walking insurance. Certain types of insurance can take longer to get set up, such as Sports Business Insurance, whereby we need to complete a form and send it to our underwriters to approve first.
  • Size and complexity of the business: The larger or more complex your business, the more information you’ll need to provide, which can make the application process that bit longer.
  • Level of risk: When getting your quote, insurers will look at your annual turnover, as well as the number of employees you have, to determine your level of risk. The more you potentially have to lose, the longer it can take to arrange.
  • Availability of insurance providers: You may prefer a tailor-made approach to your insurance policy that suits the type of business you have. While these specialist niche insurance products can cover the ins and outs of your business, they may take longer to apply for. They can also be harder to find due to their limited availability. Here at Protectivity, we specialise in the niche insurance market, offering insurance for specific types of businesses to ensure you get personalised cover, tailored to your individual needs.

How to expedite the business insurance coverage process

If you’re looking to speed up the insurance application process, it’s a good idea to be prepared. Be sure to have your business’ details to hand to make the application as straightforward as possible. Insurers will usually need to know the nature of your business, the number of employees you have and your annual turnover.

It also helps to be clued up on what different insurance terms mean, and the different types of business insurance available beforehand. In the UK, it’s compulsory for all businesses to have employers’ liability insurance. You may also choose to take out public liability insurance to cover you for claims made against you by members of the public. While it’s not a legal requirement, it can help you to cover the legal fees and compensation costs if you or a member of your team accidentally causes injury to a member of the public, or damages their property. With this in mind, it’s important you know exactly what business insurance your company needs, to make the application process as straightforward as possible.

When getting business insurance, you’ll also want to feel confident that you’ve chosen a reputable and trusted provider. Be sure to investigate the insurer’s reputation and read reviews to get an idea of how likely they are to pay out in the event of a claim. Also, make sure you understand exactly what the insurer will cover you for and your policy limits. This can give you the reassurance that you can rely on your provider to pick up the pieces if disaster were to strike and you needed some support.

How soon can you get business insurance coverage?

Taking out business insurance shouldn’t be a long or complicated process. In fact, you should be able to have your insurance ready to go in no time, provided you have all the necessary documents to hand. Most insurance providers give you the option to get a quote online which should take around five minutes. The sooner you get your insurance, the sooner you’ll be protected should something go wrong. It’s also worth noting that having employers’ liability insurance in place is a legal requirement, and the Health and Safety Executive (HSE) can fine you £2,500 for every day you’re unprotected. So it’s worth getting your insurance sorted as soon as possible.

Here at Protectivity, you can get an instant quote for most of our insurance policies. How long this process will take depends on the type of business insurance you require. For those purchasing Gym Insurance, you’ll need to fill out a form which helps us get to know you and your business a bit better, which can take between 30 and 45 minutes. If you need Sports Business Insurance, the process can take a bit longer as we’ll need to complete a form for you and send it to our underwriters. Once approved, they’ll return it back to us within 48 hours.

Get insured fast

Here at Protectivity, we pride ourselves on our quick and efficient service, so you can protect your business with ease. Request a quote for small business insurance with Protectivity and get the peace of mind you deserve.