If you're looking to buy Business Insurance you'll have a certain level of power over a number of insurance brokers, insurance companies and insurance providers all wanting to do business with you.

With this in mind we'll put you in the position of the dealer in our game of Business Insurance Poker so you can watch the game develop. Are you sitting comfortably? Then let's begin:

If you already have Business Insurance we'll give your existing insurance provider the dealer button as they really have the best seat at the table. They've already built some kind of relationship with you and they can sit back and wait to see what the competition does before they decide to act.

So next is the small blind. The small blind has an interest in your business as they've put in some of their own money in the hope they can win your business. You may have seen an advert for them, they may have sent you a letter or they may have called you to see if you'd like a quote for your Business Insurance.

Next is the big blind. The big blind when it comes to Business Insurance could well be an insurance provider you've heard of. They've spent a sizeable amount of money to get your attention (maybe a television advert or some promotion in the National press) and they aren't likely to give up without a struggle.

So those are the 3 insurance providers who definitely are interested in you and your Business Insurance:

Dealer button - Your existing insurance

Small blind – Maybe an insurance broker who would like to help you

Big blind – Perhaps an insurance company who has a large marketing spend and has got your attention.

It's possible that this is only a 3 player game but as is becoming more common with insurance brokers and insurance companies other parties enter the game. These other insurance providers generally fall into 2 categories:

1. They are likely to offer something (or have a hand) similar to either your existing insurance provider (who still has the button) or the small or big blind.

2. These new insurance providers will offer you something different. They get your attention as they have noticed an element of weakness with the other people at Business Insurance table and are planning on showing you how good they are. So how are they going to do this? Well more often than not they will raise and when it comes to Business Insurance this means they will give you more than the other people at the Business Insurance table.

Let's play the Business Insurance Poker hand to explain in more detail:

a. Your existing insurance provider sends you your renewal terms but you decide to look around for alternative insurance quotes as it's either more expensive than last year or you just want to see what else is available.

b. You receive a letter from an insurance broker who seems similar to your existing insurance broker but they save you a little on your insurance premium. It gets your attention but it is enough?

c. You are now contacted by a direct insurer. You know their name, you've seen their adverts and they knock even more off your renewal price. Sounds great yes? Well maybe but let's see how the game develops.

d. Another player enters the game and makes a bet (or in this case makes you an offer). Their offer is different in that:

1. They specialise in the type of business insurance you are actually looking for

2. They appear to focus more on you and your business rather than on how good they are and how cheap they can get your premium

3. They quote you a very good premium but in addition to this offer you advice, guidance and tell you that if you do suffer a loss with them they will be there to help you. They don't have call centres', they don't keep you waiting in queues. Instead they employ people who understand your business, understand your needs and are here to help you.

So with the bets (or business insurance quotes) all on the table it's possible you may want to play one off against the others with bluffs, raises (or in this case reductions in premiums) until everyone has played their hand and you have to decide who to look after your insurance for another year.
Will you choose?

1. Your existing insurance provider – who gave you your renewal premium but only really started to play when under threat from other providers

2. Someone who offers you the same thing but saves you a little money

3. A company who saves you a little more money but doesn't really stand out from crowd

4. An insurance broker who seems to understand what you need and will do whatever it takes to make sure you are satisfied

Insurance companies and insurance brokers need to pay attention as although insurance is still a very price sensitive business the reality is customers and people buying business insurance want more than a cheap premium.

They want cover tailored to their needs, they want an insurance provider who will work for them and with their interests at heart and they want someone to speak to when they need them most.

They don't want to be held waiting in queues or even worse be keep waiting only to be cut off. They also don't want to speak to someone they don't understand or who doesn't understand them.

Texas Holdem Poker is a great game but insurance for your business is a serious matter. Make sure you get the cover, service and insurance provider you deserve and don't muck it up.

Be honest.

It may sound the most obvious statement but forgotten or inaccurate information could affect your Business Insurance at a later date. Your motto should be, if in doubt, disclose it.

Use an Insurance Broker

If you can’t spare the time to phone or shop around yourself. An insurance broker will search a large number of leading insurers for you so you could save money as well as time. Not only this a good Insurance Broker should discuss your needs and offer advice and guidance to meet them. A good Insurance Broker will tell you what you need (and just as importantly - what you don't need).

Choose the right Insurance Provider

Whether you decide to use an Insurance Broker for your new Business Insurance or whether you decide to deal direct with an Insurance Company make sure you choose your Insurance Provider carefully.

A recent survey conducted by Holden Pearmain, the market research company, showed that 63% of small and medium sized businesses (SME’s) preferred using a local supplier when it came to choosing their insurance provider. And 42% surveyed felt using an insurance broker was the best way to get the best deal.

When choosing your insurance provider look for a company that understands your needs and has facilities with leading insurance companies to ensure you get the right cover, at the right price.

Make sure you’re covered correctly.

Business Insurance can be confusing so if you are unsure of anything, ask your Insurance Broker or insurance company to explain it before taking out a policy. They are the experts so take advantage of their knowledge. And make sure they explain it in a language you understand. The Insurance industry is known for it's use of Jargon so if you don't understand what they are telling you - ask.

Increase your excess.

Most new businesses will want to keep outgoings to a minimum. If you’re looking to reduce your premium without sacrificing cover, you could opt for an additional voluntary excess on top of your compulsory excess. When making the decision on whether to increase your Insurance excess or not though make sure the amount you agree on is affordable.

Put it all together

Consider putting all your insurance policies with the same insurance broker or company. Not only will this make your administration far easier (vital for any new business), but you may also qualify for discounts for having more than one policy with them.

The cheapest isn’t always the best.

As Business Insurance isn’t a "sexy" purchase, many new businesses opt for the cheapest is best option. Don’t always assume this is the case. Make sure the policy you buy gives you the level of cover you require. Don’t leave it until you make a claim to find out if the policy meets your needs. Make a list of what you need from an insurance policy and make sure the policy you buy includes it. And if in doubt, ask.

Finally, your insurance provider should give you advice and guide you through your options so you end up with the correct cover, at the right premium and ultimately have peace of mind that your new business is protected against the unexpected.

So what exactly is Commercial Insurance?

Seems like a pretty straightforward question so here goes:

Put very simply, Commercial Insurance is protection for your business. From new start businesses to those well established; an unexpected event could destroy your business if adequate cover isn’t in place.

With so many insurance products and providers, it would be easy to think Commercial Insurance was a complicated matter. It doesn’t however need to be this way. Commercial Insurance can easily be broken down into 3 keys areas:

1.Keep it legal
2.Protection
3.How to buy

Keep it legal

Certain types of cover are required by law. Employers Liability insurance, which covers claims from employees for accidents and sickness they may suffer as a result of working for your business, is one type of cover that must be purchased. You will also need to purchase at least third-party motor insurance for all motor vehicles used by the company.

Protection

Ensuring you have the right cover and protection is vital so time should be taken to ensure you find a policy (or policies) that give you exactly the level of cover you require. This again need not be a complicated task if you break down your requirements:

A. Insure your people – many firms are often dependent on the people they employ. Insurance is available which will protect the business in the event of employees being unable to work. Types of cover available include Keyman insurance, income protection, directors & officers insurance and private health & critical illness cover.

B. Insure the common risks – certain risks are common to all businesses. These include fire, theft and equipment failure. It is worth investigating (or getting someone to investigate for you) whether common risks such as buildings and contents insurance, cover for money and goods in transit and business interruption insurance can be covered under an all-risks type policy. This may save your business time as well as money.

C. Specialist cover – depending on your industry and requirements, policies can often be packaged together with some even being industry specific with packages tailored to cover specialist sectors like engineering or manufacturing. Other specialist cover available includes public and product liability and professional indemnity cover.

How to buy

Commercial Insurance is more often than not purchased using an Insurance Broker. The benefit of using an Insurance Broker as opposed to buying Business Insurance direct is that they are insurance professionals who can recommend policies to you whilst searching the market to find you the best possible deal.

A good Insurance Broker will offer a personalized service and will understand your needs and that of your business. When looking for an insurance provider it is often worth checking to see if they are well established, have schemes with the leading insurance companies and whether they offer a local and personalized service.

Employers Liability

This is required by law and it covers personal injuries sustained in the course of their employment by your employees. It will also cover an employee (current or former) if they become ill as a result of their work. Failure to take out an employer’s liability policy can result in fines of up to £2500 for any day you are without suitable cover.

Public Liability

This covers injury to a member of the public or damage to their property caused by you or your business. Premiums depend on the type of business you run, your turnover and the number of employees you have.

Products Liability

If you sell (or give away) a product you are legally responsible for any damage or injury that the product you supply may cause. Products Liability will cover you against any compensation awarded as a result of damage or injury caused by your product. Cover is also available to protect you against costs incurred in having to recall a product. With some recent high profile product recalls (SAAB recently announced it was recalling 33,100 cars in the UK and 297,000 units Worldwide due to a ignition problem) now, more than more, is it crucial to ensure you have the correct level of cover.

Directors & Officers Insurance

Directors & Officers Insurance (or D & O) is a policy that protects officers and directors of a corporation from liability in the event of a claim or lawsuit against them claiming wrongdoing in connection with the company's business. Premiums for this type of cover have risen dramatically in recent times so the use of a good insurance broker is highly recommended to ensure you get the best deal.