Getting small business insurance quotes is easy enough as it’s just a matter of getting in touch with one’s insurance broker and then going through the motions with them. But what isn’t easy is getting hold of low insurance quotes. This is a little harder, but by breaking it up into small and more manageable pieces things become much easier.
Three Types of Cover
There are three types of cover that are usually included in most insurance policies, however some businesses can get away with two. These types of cover are:
• Public Liability insurance, which protects any business against legal claims made by members of the general public who are injured whilst on the company’s premises.
• Employer’s Liability insurance is for employers who have one or more people working for them. This is a legal requirement and protects them against any injury or illness that they may suffer from whilst in the work place.
• Professional Indemnity insurance is for those who give out professional advice to clients. This could include a solicitor or a dentist as they are open to legal action if the individual isn’t satisfied with the outcome from the advice they were given.
Lowering the Quotes
Small business insurance quotes can be tricky to lower, but it’s possible. The first method to lower the quotes is to simply take out a lower level of insurance. If the company is only looking for the bare bones and to meet the legal minimum requirements they can just opt for Employer’s Liability insurance. However, most companies are best just not getting Professional Indemnity insurance. Most of the time it isn’t necessary and it isn’t required by law.
Another way to lower the quotes is to look at how business is carried out. For example, outsourcing work on a freelance basis doesn’t require Employer’s Liability insurance. The question a company should be asking themselves is: “Do we need to employ full-time staff?”
The same tactics can apply to Public Liability insurance. If possible, why not just deal with clients online instead and save on the insurance?
Specialistrisks are happy to provide small business insurance quotes