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Insuring your Business – What’s Important?

Troy Stevens 06 October 2020

We asked, you answered. If you are looking to take out business insurance, there are a number of factors to consider, whether it be the price you are paying, the reputation of the firm you are buying from, or the service that you receive, a decision must be made before purchasing or renewing your insurance cover. We asked tradesmen to vote on the most important factor when buying business insurance. Read on to find out what came out on top. The people have spoken.

We at Rhino fully realise that we do not know everything. When looking at the most important aspects of our business we hold our hands up to the fact that we probably aren’t the best judge of judging ourselves. In fact, we feel that you are.

We posted a poll on our Twitter page recently (feel free to give us a follow) and posed the following question:

If you’re looking to renew your business insurance, what factor is most important to you?

Such a question can grow arms and legs depending on who it is voting on such a subject, so we thought that we’d narrow it down a bit to the following three categories.

what's important?

What's the defining factor when it comes to buying insurance?

Price – You’d think it’d all be about price, wouldn’t you? I suppose price is a very important factor when taking out insurance, I mean as long as the right level of cover is there then why would you look at anything else? Insurance is certainly something that tradesmen need to buy as opposed to want to buy, so price is undoubtedly a massive factor when choosing the right insurance policy for your business.

Reputation – The reputation of the broker that you approach when choosing your business insurance provider should play a massive part in your decision making. Reputation is gauged by a business’s visibility on the market (make sure at least one person has heard of the company you are going for), their customer satisfaction (keeping an eye out for their independent review score is a perfect indication of this) and their partner network (if they’re working with the right people in the business then you’re on the right track).

Service – Regardless of whether you’re buying insurance, ice cream, or igloos, receiving a positive service from the business you are dealing with goes a long way in helping you make a decision to purchase from that provider.

Customer service is the oldest and arguably the most important aspect when selling to a business or an individual so make sure that you are dealing with a business that treats you with respect, answers any questions that you may have, and does not pressure you into purchasing something that you don’t feel 100% comfortable. All insurance providers have a duty of care that they are not forcing products onto their customers, so a good customer service should also reflect this.

The Results
Price – 53%
Reputation – 11%
Service – 36%

Well there you have it, there’s proof in the premium. When purchasing insurance, whether its liability insurance, tools cover or employers liability insurance, the price you pay is the main factor that tradesmen consider before signing on the bottom line.

We at Rhino are very proud of our premiums, and we strive to ensure that we are offering insurance at the lowest possible prices to our customers, from new business to renewals. We also consider our service and reputation to be at a very high level also, so we are happy that we have our bases covered. We always welcome client feedback however (just check our reviews!) so please let us know if there is any room for improvement.

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