The Top Ten Tips to Get the Best Business Insurance Quotes

If you are in the process of setting up a business for the first time or have an established business you will go through the process of getting Business Insurance quotes once a year. This is often something that is fitted around the day to day hassles of running a business. My top ten tips for getting the best Business Insurance quotes will provide a base to work from to ensure that you get the best possible Business Insurance quotes deal.

Here are my top ten tips for getting the best business insurance quotes from your “man on the inside” having been a Business Insurance broker for 20 years.

Allow plenty of time to obtain Business Insurance quotes. Most insurers will not quote more than 30 days in advance, however for small to medium sized businesses I would recommend that you start the process 2 months before renewal. This will give you the best possible chance of obtaining the right Business Insurance quotes.
Use an Independent Insurance Broker – they understand the market better than anyone and more importantly have the relationships with a wide range insurers and the ability to negotiate on your behalf. One word of warning, service levels do vary between brokers – ask what they will do for you in the event of a claim and which insurers they have approached for quotes.
Only use 2 Insurance Brokers for your Business Insurance quotes. There are only a small number of Business Insurers in the market place and if your business insurance quote is seen by more than 2 Brokers they generally decline to offer a quote.
Request a visit to your premises at the time of getting your Business Insurance quotes – in my experience this is the only and best way to ensure that you have the right cover with the correct sums insured. It will also ensure that you obtain the best possible premium as the broker will be able to discuss your business in detail and pick out areas of potential discount in premium.
Have your current schedule of insurance and claims history to hand when obtaining quotes – this will ensure that you are getting like for like quotes.
Do not withhold important information about your business or the Directors of the business. Withholding information can result in a claim being declined at a later stage. Common areas include – financial background of Directors, building construction and claims history.
Ask what can help reduce the premium – focus on areas such as Health & Safety / Risk Management and premises security. Something as simple as having a review structure for your Health & Safety policy can result in a premium discount.
Look for a trade specific insurance scheme. For most industry sectors there is a specific Business Insurance Product that will provide enhanced cover specific to your sector without additional cost and being a trade specific scheme generally the premiums are extremely competitive.
Compare cover first then price second. Look for value for money rather than the cheapest quote.
Most importantly ……ASK WHAT’S NOT COVERED.