Everyone knows, that any product or service can, if you spend enough time looking, be bought cheaper. We also know that the adage that you get what you pay for is true.
This certainly applies to business insurance. The two greatest selling points for commercial insurance policies are the quality of the product and how much the product costs. It is far too easy to concentrate on arranging the cheapest business insurance. At face value, it may appear that all business, hotel, shop and pub insurance policies are the same. This is not true. Every policy will have slightly different warranties, excesses, terms and conditions. Certainly there are similarities between policies, but only in the event of a claim do you realise that the £50 you shaved off your premium means you are not covered for something at £500.
One of the areas where companies may go to try and save money is to a website that promotes it’s ability to compare business insurance quotes. These are similar to the home and motor websites where you fill in a load of boxes, press a button and choose the cheapest.
There are two fact that must be remembered when looking at these sites. Firstly, at no point in the process do you have an interaction with a human being whose job is to advise you on the suitability of a product for your business. Secondly, in the vast majority of cases if you went to an independent business insurance broker they could beat all of the prices, for similar cover, on these websites.
We are not trying to pretend that business, commercial and combined liability insurance is rocket science. But, you really do need to have a conversation, over the phone or face to face, with someone to receive professional advice. The good thing is that you are not paying a premium for this advice as a broker can get you the same sorts of price. The great thing is that the broker does the running around for you, so you don’t have to spend much of your valuable time looking for a cheaper quote.