Recently, I started a company and needed liability insurance in order to be covered for the Australian government contract that I wanted. While I love the internet and it allows me to search for and buy insurance, it is nearly impossible to compare business coverage online. This is a problem that I found in both the UK and USA. Many websites allow you to compare different insurance products, such as travel, health and car insurance. However, it is difficult to find business insurance quotes.
It is difficult to get business insurance quotes online. Because every business is different, even though insurance companies categorise them individually, they will almost always contact a customer by email or phone before closing the deal. This is to make sure you don’t miss any details that could cause financial loss for your company or you. You may not be covered if an item is stolen or damaged. If you’re performing a service (e.g. a plumber doing electric work), you might not be covered. Talk to an agent or insurance representative to discuss all of your requirements and how you want to be covered with business insurance.
Car insurance is, however, the easiest to compare online. Different insurers ask different questions depending on the mathematical formulas used, but they almost always ask for your age, car model, address, driving history, or rating. This is about 90% of the car insurance quote. Each insurer assigns a value to your car. This value is often called the Sum Insured. It’s easy to find the sum insured for a car. Once you have determined the vehicle’s condition and its value, you can get an idea of the car’s worth. This information is available online through Redbook or Glass, as well as companies such as Glass that offer it. You can easily find out the value of a Datsun 280ZX 1978 in good condition by performing a Google search. You can also calculate the value of a company. Let’s take for example a Florist making 700k annually. It is impossible to do with this little information.
Insurance companies are faced with the same problem. Calculating the Sum Insured for a business is more difficult than it is for a car. It is difficult to get business insurance quotes online. It is best to fill out a form at a broker website or to a business insurance broker and ask them to contact you. Many insurance brokers cover many insurance companies, so you can contact them to get a comparison. Ask a broker how many underwriters are they covering. This will help you determine the price. Ask them for a quote if they offer business insurance from multiple underwriters. While it may not be as easy as comparing car insurers, the end result will usually be the same – a better premium.
