Archive for the ‘cheap business insurance quote’ Category

Where to get, not the cheapest, but the right business insurance quote.

Tuesday, November 23rd, 2010

Getting a cheap business insurance quote, for most types of trade, is easy. You just need to go onto one of the many websites that offer to compare commercial insurance, spend 15 or 20 minutes of your hard earned time ticking and filling in boxes. Then, if you are lucky, they will give you a quote at the end of this. Have a look at a few of these sites and the premium quoted is always in the brightest fonts, usually flashing. This is to entice you to the price. It is, unfortunately, not quite the same situation as far as the cover goes.

So, you have got your cheap quote and decide to proceed with cover. So, at what point do you find out that teh cover is not quite as good as it could be? We need to point out here that you can find a good insurance quote with good cover on the net, but you sometimes need someone with a trained eye to help you decide which quote to go for.

So, going back to the cover. As you are not being advised by a business insurance broker, it falls upon you to read through the whole policy schedule and wording to ensure that it is giving you the financial protection you are looking for. This usually means that you find out how good the cover is at exactly the point you need it to help you, when you have a claim. This is when you may find out that you either have a high excess, you have an onerous condition to comply with or worse still, you have no cover at all.

For example, many policies will allow you to have a flat felt roof, say up to 50 square feet or 10 square metres. This is usually hidden deep in the wording. But, if you have a flat roof and the area is in excess of this, even by a few percent, there is the potential of a claim being repudiated.

Speak to a broker though and when they ask about the type of construction, they will go into greater detail asking what type of materials the roof is, the size of any non-standard proportions, the age, when it was last replaced and whether you have a maintenance process in place. Based on all of these questions, they should then get you a quote that will provide cover, based on the construction details you have declared.

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Three steps to a cheaper business insurance quote

Wednesday, July 7th, 2010

If you have been in business for a while, you will know the drill. You need to have insurance, you don’t really want to pay for it (because it is not a “product” you can see, feel or touch) and the prices always seem to be too high.

You can change this though, follow these three steps and you will be able to find a cheap business insurance quote.

Step 1 – Be prepared

The more information you can have available about your business, the better your quote will be. Insurers want to know things about your business that reduce the likelihood of a claim. The sorts of things you can declare, that will reduce your price are:-

a) Whether you have the full quota of fire extinguishers

b) What type of intruder alarm do you have, who installs and maintains it and importantly, do you have Level 1, Level 2 or Level 3 Police response.

c) Do you have fire and smoke alarms and are they monitored by a third party, in the event of an activation.

d) Have you undertaken a full Health and Safety and Fire risk assessment?

e) Do you have external grilles or shutters and do they cover every door and window (that is accessible to an intruder)?

f) Do you have CCTV inside and/or is there a council run scheme covering the front and/or rear of your property?

These are just some of the points that certain commercial insurance companies will allow discounts for. But if they don’t know about it, you can’t get a discount.

Step 2 – Get up to date figures.

You only need to insure for the maximum stock or business computers replacement cost. If your stock levels have been reducing, then you only need to insure for these.

Your business computers may be insured for what you paid for them, but costs have been reducing. How much would it cost to replace every single piece of computer equipment? Usually this will be less than half what you paid for it, if you have had it for more than a year.

Step 3 – Go online.

Don’t rely on you local broker or the policy that your bank tries to sell you. Get on the net, find yourself an independent business insurance broker and get them to search and search for you. It does not matter where you are nowadays, you will find a broker that is keen to serve you and they can do this quicker than ever before.

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Save money with a competitive business insurance quote.

Friday, June 4th, 2010

Businesses are still finding things tough as we hit the tail end of the recession. The problem with actually being formally in a recession is that it takes up to two years for the growth to gradually slow down to get the point of being negative.

Entering and exiting recession is like an oil tanker going through a slalom. It takes ages and ages to turn and build up speed again. In 2010, and probably going into 2011, we will still find that tough times are amongst us.

One way though that you can help yourself, is to look around for a cheap business insurance quote. Whether you are paying £500 or £5,000 (or more), if you can shave 10% off your premium, this is better in your pocket than going to your insurer.

A word of caution though. Cheap does not always mean best. Everyone knows this, but the problem with business insurance is that how can you tell the quality of 80 page insurance policy compared to another?

The secret is, always, always, always use a business insurance broker to get an alternative quote. A broker is legally obliged to do the best for you, if they offer you a worse product (ie higher excess, less cover) without pointing this out, you can complain in the event of a claim being repudiated or not paid.

If you are looking to compare business insurance, then you need to get an expert to do this for you. The best starting point is to get hold of your current schedule of insurance, tippex out the premium, and fax this through to a broker and ask them to get you a comparison. You may need to confirm that you have had no claims or losses in the past five years (or give details of these), but a schedule usually gives as much information as a broker needs to at least give an indication.

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