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We know that insurance is probably one of the last things that most small business owners like to think about.
We also know that spending money on insurance is not something that anyone likes, let alone a small business owner trying to balance the books.
The reason we know all this is because we are a small business, and we go through all of the same things ourselves!
But the fact is that insurance IS important for small businesses, and we want to make it as easy as possible for you to get competitive quotes on your cover.
Quick, Easy and Cheap…
There are two things that most small business owners will want when it comes to their insurance quotes:
They want them to be quick and easy to obtain, and they want them to be cheap!
We would never recommend ‘cheap and nasty’ business insurance, but we can help to make it faster and easier to get covered, and whilst cheap isn’t the best word, we can certainly do our best to save you money.
How To Get Your Quotes
There are two main ways in which most small business owners obtain advice and take out their business insurance policies.
The first is the traditional method. This involves making an appointment with a local insurance broker and discussing your needs.
Whilst this method is a little outdated compared with today’s technology, it is still a popular way of taking out business insurance, and it certainly does help to build a relationship between you and your broker.
The second method is to go direct to the insurance company and bypass the broker.
Traditionally this would have been done by visiting the local branch or phoning the call centre, but increasingly this is done online directly through the insurance company websites.
There is a third method however, which is something of a hybrid between the first two methods that takes the best from both worlds.
This is the model we operate under here at publicliabilityinsurance.com.au.
Our system allows you to request quotes online using the convenience and power of the internet, but still retaining access the knowledge, experience and flexibility of qualified insurance brokers behind the scenes.
But this guide isn’t just about us, so we’ll stop with the self-promotion and move on…
Comparing Small Business Insurance Quotes
No matter how you obtain your small business insurance quotes, it is highly recommended that you compare the quotes to ensure you’re not paying too much.
When comparing quotes it’s important to compare ‘apples with apples’ as the saying goes.
This simply means comparing policies that offer the same coverage, features and benefits.
When it comes to public liability insurance there are very few differences between each policy, but for other forms of business insurance there can be major differences in the level of protection offered.
There’s no point going with a ‘cheap’ quote if the policy is not going to provide the level of coverage that you and your small business needs.
This is where using a qualified insurance broker can help, as they will know each policy well and can tell you whether the cheaper policy is still adequate for your needs or if it should be avoided.
What’s The Best Method?
I can’t tell you definitively what the best method is for a small business in obtaining quotes and taking out cover, but I can give my opinion.
Here are the steps that I believe a small business owner should take when looking at insurance:
1. Educate yourself.
This doesn’t mean completing months of study, but more so just spending a few hours reading and researching on reputable insurance websites to get a feel for the different forms of cover.
2. Choose a broker.
I know insurance brokers aren’t for everyone, but this is my list and I think they’re the best way to go! When choosing a broker you need to look at their experience and their areas of speciality to ensure they are right for you and your business. I would go with an online broker for the convenience.
3. Request quotes.
Ask the broker to provide you with insurance quotes that meet your needs. Some brokers will provide you with options, whilst others will just provide you with the single option they believe is the best. Personally I think the broker should choose a single option since they are the expert, rather than passing the buck to you.
4. Understand the cover.
Take the time to read through the policy wordings and the Product Disclosure Statement (PDS). If you have questions at this point you should ask your broker for clarification. If you opted not to use a broker, you better hope you have a very good understanding of insurance terminology.
5. Take out the cover.
If you’re happy with the quote or quotes provided, ask the broker to put the cover in place for you. You can rely on the broker’s experience to ensure your new policies have been put in place properly.
These steps won’t be right for everyone, and they are very much just an outline rather than being a definitive guide on every step you need to take.
Getting small business insurance quotes does not have to be difficult or time consuming, but it is worth taking the time to get it right rather than rushing through and taking the risk that your insurance might not quite be right.
If you would like us to assist you with quotes on your small business insurance please call us on 1300 542 245 or complete our online quote request.