Thanks to the perception of insurance being complicated and insurance jargon, it can be confusing comparing business insurance quotes. Many business owners find it difficult to decide the on level of cover and what covers they need.
When comparing quotes you get offered by different companies, it is important to compare service, premium and cover.
This can sound complicated.
That is why we have broken down the process to compare business insurance quotes below. Let us get started.
Identify Your Liability Needs:
First things first, make sure your business insurance policies cover all your work activities and business requirements.
For example, you may have an existing public liability insurance policy for your construction activities. Now that you also supply hardware and sanitary items, you need to have your two new activities listed on your PL policy. You also need to ensure that you have product liability insurance.
The point is that as your business changes over time, your policy needs to reflect the changes in activities, equipment, or assets.
Ask for Several Liability Insurance Quotes:
Once you identify your current business requirements, the next step is to obtain quotes from different insurers.
For sole traders and many small businesses, you can source business insurance quotes online direct from insurance companies, their agents, or from a broker, whether it is public liability insurance or product liability insurance.
While this is useful for a simple comparison between prices, for correct cover it is recommended that you talk to a good business insurance broker. Insurance brokers are equipped with broad knowledge about various insurance products and if experienced in your industry, can advise you on typical cover requirements.
Compare the Business Insurance Quotes:
Make sure when comparing business insurance quotes that you compare apples for apples. You will find that there are different types and levels of cover, as well as certain inclusions and exclusions that might increase or decrease the rates.
A good business insurance broker can help you do this.
Check the Prices:
Like inclusions and exclusions, prices generally are not the same from all business insurance providers. Some quotes may appear significantly lower while some are expensive.
An extremely cheaper quote might be cutting corners on the coverage. An expensive one might make you pay for extras you do not need. Without help, it may be tempting to choose a policy based on price.
A good insurance broker can help you compare price and cover.
Claim Settlement Record:
Frankly speaking, a key objective of having a business insurance policy is for it to respond when you have a claim.
That is what insurance policies are for.
Therefore, find out the insurance company’s claim settlement record. It can be determined online by looking into their reviews or asking your peers.
Discuss Policy choices with an Insurance Broker:
Make sure to contact your insurance broker if things are not clear. For example, insurance jargon can be complicated and difficult to understand.
We hope this helped you understand how to compare business insurance quotes. Although it is not the easiest process, it can help you choose a suitable policy that will respond when it is time to make a claim.
What do you think? Let us know by commenting below!
*Important: Cover may be available subject to meeting insurers underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations. Talk to a business insurance broker for more information.
Author Bio:Romit Malhotra is the brand representative of Smart Business Insurance, a leading Australian insurance broker. A big foodie, he loves to travel the world. Also, a diligent businessman, Romit likes to pen down his thoughts on related topics whenever he finds some free time