The 3 R’s of Buying Insurance
Insurance may be boring but it could turn out to be one of the most important purchases you’ll ever make. Whether you are a personal trainer, sports coach, sports business or gym owner or you run a pet business it is vital to have adequate insurance cover in place should you be in the unfortunate position of something going wrong. There are many types of insurance out there and it may be hard to know what type and amount of cover you will need. Therefore, we have put together a guide to help you find the correct insurance cover for you.
It is important to know the exact type of insurance you need. If you are self-employed research what type of cover others in your industry take out and if they feel this is adequate for all their activities. If you are going to work for someone else who requires you to take out your own cover, more than likely they will have a standard amount and type of cover they require. If you are setting up your own business research into business insurance and ask yourself questions like, do you need equipment cover? Will you be using rented facilities? Will you be employing staff? All of these will be important factors in making sure the policy you take out is appropriate. If you do employ one or more members of staff it is a legal requirement to have employer’s liability insurance.
When getting a quote or purchasing insurance it is important to read all the terms and conditions and any small print. There may be exclusions in some policies which means you are not fully covered for all your activities. If you are unsure, ask the insurance company – they are there to help you find the right policy. It is also of paramount importance to have all necessary figures and details correct and ready when taking out cover. When running a business this will include such things like turnover, wage payments, etc. If you get any of these details wrong, it could result in your policy being invalid so check and double check that every figure you put in is accurate and correct.
As with any cover it is important to update your insurance company if there are any changes while the policy is in place. This could be anything from employing more staff or moving premises. If you are unsure if you need to update them, it is best to let them know anyway and that way you avoid any invalid policies.
We hope the 3 R’s of insurance will help you when taking out your next insurance policy. We hope you never have to use it but it is better to be safe in the knowledge that your policy will be there should anything go wrong.