Sunday, April 29, 2012

How to Get a Low Small Business Insurance Quote

If you are looking to insure a brand new business, or increase the level of insurance your already existing business caries, you should be aware of the fact that there are certain steps you can take to make sure that you are offered the lowest rates possible. Before you apply for a small business insurance quote, take the time and spend the money necessary to do the following things. Your investment will result in lower quotes and the money you save on your premiums year after year will make it worthwhile.

1) Protect your business establishment. The business insurance companies love to insure companies that have protected their place of business from fire and theft as well as the can. Installing things like burglar alarms, fire sprinkler systems, deadbolt locks, etc. will make your establishment much safer. In turn, it will make all of the contents within it safer as well. Every respectable insurance company will give low quotes to companies that do this because they really want to insure safe businesses. The odds of a well protected business ever making a claim are small.

2) Stay in good standing. Make sure that your business is in good standing and that its record is a matter of public record. Join your local chamber of commerce and the BBB in order to prove to the insurance companies that you are doing things right. Companies in good standing are much less likely to be sued. The quote you receive will reflect this.

3) Safety classes for your employees. Before getting a quote, find out from the insurance company that you are applying to, what safety courses they give discounts for. Have your employees take them. Not only will this reduce your small business quote, it will also be beneficial to your employees and their own personal safety.

Business Insurance Quotes - The Hidden Costs of Acquisition

Obtaining Business Insurance Quotes have many facets and are a complex process. One facet that must be scrutinized rigorously in getting your free business insurance quote is that of the hidden cost that affect your overall total cost of insurance.

Getting small business liability quotes for your company is unfortunately something that must be done on an annual basis. Being diligent and prudent about how you obtain your insurance coverages can save you a lot of money in the end.

Let us take a look at how most insurance brokers are compensated in this industry.

  • A commission on the premium-depending on the type of coverage the commission is usually in the 15% range
  • Broker fees- some brokers at fees to the existing premiums in order to increase their compensation. This is totally negotiable between the client and the broker but normally the client is not aware that it is up for negotiation
  • Insurance company overrides-most standard market insurance carriers offer their brokers bonuses, sometimes called overrides, sometimes called contingencies, to their brokers.
  • The finance agreement fees-usually this is 1% to 2% in additional interest points
  • Fee-for-service contracts-this can be for specific services that you have requested

Knowing some of these hidden costs within your business insurance quotes can help you obtain your goal of getting the most competitive proposal possible. Asking a broker upfront to show you where if any of these areas he or she is compensated in will protect you from the hidden costs within the your total cost of your insurance program.

Wednesday, April 18, 2012

Business Insurance Quotes - Some Easy Tips

Business Insurance Quotes can be easy if you follow a few simple tips and steps. Because insurance is an intangible product it lends itself to being very difficult to visualize what kind of product it is. To help in this visualization process we have listed a few quick and easy steps for this complicated process to become easier to navigate.

It is a general saying but a true fact if you have no plan that wherever you go there you are. Planning this process mentally in your head will help you internally from being confused as well as help you reject any confusing communications coming from outside parties which tend to present their proposals and confusing format.

One of the easiest tools to use is that of insisting upon a one page executive summary for your business liability insurance quotes. Trying to weed through a 50 page proposal of resumes, testimonials, pictures, and basically useless verbiage is a waste of your time. Don't allow someone to waste your time. Google is one example of a very large company that on their home page has no pictures and very little text.

A business insurance quote should also be in a format that is easy to read and very clear and concise in its terminology. The term should be in plain English or at least an explanation should be provided in layman's terms.

Getting business insurance quotes online should be a simple process but normally it tends to be way more complicated than buying something on Amazon online. The binding strands online in getting your free business insurance quote normally will be

Adhering to a format of a one-page proposal that is easy-to-read will go a long way in taking the stress out of this process.

Thursday, April 12, 2012

What to Consider When Requesting a Business Insurance Quote

If you have decided to ask for Business Insurance Quotes, then the first step is to find out what kinds of insurance there are. With Insurance your company's property will be protected in case of fires, theft or losses. Your best choice as a business owner is to choose from a variety of insurances and buy more than one type. It is only reasonable to protect your investments against any unexpected inconvenience. Additionally, it is a legal obligation.

In your Business Insurance Quotes look for information about how to insure your Liabilities. If your business day to day activities deal with production, then your should consider paying for product insurance. In general, these types of insurance cover your industry against physical or psychological harm done to your customers or employees. These liabilities are constantly changing. You might want to revise the operations of your company before determining the level of protection, and on what areas you need more protection on. You can also hire a professional to perform a thorough analysis.

The main objective of some policies is to protect Intellectual Property. If this is something that interests your company then you should find available Business Insurance Quotes on that topic. Remember to research the activities of your company to find out what specific areas are more vulnerable and ponder the costs of protecting them. Think about what actions you would expect the Insurance Company to take if your company's Intellectual Property was harmed. Always make sure you understand the terms and conditions of the agreement.

A Business Insurance Quote can also deal with insurance that gives indemnity not only for damaged or destroyed property, but also that covers the implications that those damages could have in the activities of your business. Consider the value of the different services you need to pay for example, taxes, water, electricity, gas, etc. There is also a cost to replacing your property. Think about the cost of stopping your factory or not working for a few days until your business is back to normal. During that period you will need insurance that covers your inactive time.

Make sure to also compare the Business Insurance Quotes when it comes to choosing a policy for your car or business vehicles. There are many types of policies out there that offer protection from many factors. Find out what your policy covers and whether it makes a different if you are using your own car for company business.

There are also policies that protect your company from mistakes made by Officers and Director. The kind of policy you choose should clarify what actions directors and other officers and top executives.

Five Steps to Get The Best Business Insurance Quote

Whether you are setting up a new business or that annual renewal reminder has come through already, buying business insurance is often something that is fitted around the day to day hassles of running a business. Having been a Business Insurance Broker for 20 years, I've put together my top five tips to help you get the best business insurance deal quickly so it doesn't detract from your day to day focus.

  1. Firstly give yourself plenty of time to obtain a business insurance quote. Ideally if you start the process two months before your renewal is due (or your cover is required for start ups) this will give you the best possible chance of obtaining the right quote.

  2. Use an Independent Insurance Broker rather than going direct to one insurer or online site - they understand the market better than anyone and more importantly have the relationships with a wide range of insurers and have the ability and experience to negotiate on your behalf. A word of warning, brokers can offer different levels of service - so find out how they help you in the event of a claim and which insurers they have approached for quotes.

  3. When you are getting your Business Insurance quotes, request a visit to your premises by the broker - in my experience this is the 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. You can also discuss measure you can put in place to reduce the premium and any examine any trade specific schemes.

  4. Tell the broker everything - do not withhold important information about your business or about 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.

  5. Compare cover first then price second. ASK WHAT'S NOT COVERED. It's not about the cheapest quote but rather the business insurance quote that gives you value for money. There are lots of different cover options available and you need to ensure you've got the right cover in place. Cover options include:

  • Protection of your stock, contents, fixtures & fittings and computer equipment
  • Protection against Legal Liabilities such as Employers, Public and Products Liability.
  • Loss of Revenue resulting from incidents such as fire, theft & flood
  • Cover for theft & loss of money
  • Cover for lap tops and gadgets away from your premises
  • Legal Expenses protection

If in doubt about what cover you need, speak to your local business insurance broker to see what they advise.