How buying a car can be like buying your SME insurance

Specialist advice from experienced professionals is invaluable. Whether it’s buying a car or selecting the right insurance product for your business.  We live in a time where technology gives us an option to deliver efficiencies in all our buying processes, but does efficiency always guarantee the right product?

Lewis Doyle, Associate Director at Aston Lark, shares his experience of the invaluable professional advice he received when purchasing a new car and demonstrates how the same theory applies to purchasing your SME business insurance.

Back in the summer, during the period where travelling was permitted, I had an appointment with a car dealer to enquire about a new car.  It was a bit of an odd experience, due to the strict social distancing and hygiene procedures in place.  The dealer had a slick working process, but it still wasn’t quite the experience I had in mind.

I’d already chosen which model I wanted and had lost many hours to YouTube video reviews. I’d watched videos about the interior design, the light clusters and the face-lifted front grille. I’d watched people drive the car at night, during the day, in snow, with left-hand drive versions and right-hand drive versions. I’d watched YouTubers wax lyrical about the exhaust tones and ambient lighting.

Having done my research, I thought I was pretty much good to go. Knowing the product well would mean I could get straight to the exciting part of driving the car and signing on the dotted line.

Then came the options list.  It wasn’t a simple menu of add-ons, as I’d anticipated, but rather it was ‘packs’ that included a selection of options. There was a technology pack, a comfort and sound pack. There were engine configurations, gear box choices, colours – which impact residual values, seat materials, lumber support, mechanical options that move interior components and many more…

At this point I realised that while my research helped, and was fun, I needed to stop and admit that I needed help to walk me through all of this.  The salesman took me back a few steps and started to get to know me and, through consultation, worked out what was important to me, what the non-negotiable elements were and where I could find value through these ‘packs’ rather than add-ons.  After a short amount of time, the car I wanted was laid out in front of me at a price I was happy with.

So, how does this compare to purchasing SME insurance?

As a small business owner, or operator, there’s no doubt you’ve spent a lot of time creating the successful business you’re in now, with long nights and early mornings to keep things running. But the truth is, accidents happen, fires start, litigation occurs and if you haven’t been given expert advice about the insurance protection you’ve bought, you might find yourself in a situation where you lack the cover you actually needed.  All those hours of business planning and sleep-deprived evenings may have counted for nothing, because that strict policy condition hidden on page 65 of the PDF policy you were emailed, wasn’t made clear.

As an insurance broker, our role is to help you protect your business to the level you’re happy with. We’ll give you the options of protection where you need it. We’ll walk you through the difference between an excess and a franchise, help you understand the difference between increased costs of working and additional increased costs of working.  We’ll help you understand that condition on page 65.

When it comes to buying insurance for your business, talk to a specialist. Call 0330 008 4956 to have a chat with the SME division about your SME business insurance.