Compare Business Insurance Quotes from Australian Insurers
Every business owner knows the huge number of risks their company faces. From storm or fire damage to public liability and everything in between, a multitude of potential problems can cause chaos for your business. And if you don’t have any protection in place, those problems could turn into catastrophes for the financial position and future survival of your business.
This is where business insurance comes in. It is specifically designed to protect you and your business against a wide range of risks that could ruin the financial strength you have worked so hard to build up. This type of cover offers the peace of mind you need to simply continue running your business, safe in the knowledge that you have protection in place should things ever go wrong.
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Small Business Insurance Quotes
If you’re a small business owner, having the right type and level of insurance cover in place is crucial. However, before you decide on the right policy to suit your needs, it’s important to compare quotes from multiple insurance providers and weigh up the pros and cons of competing policies.
Seek advice from fellow small business owners who have already taken care of their own insurance needs and even look for companies that specialise in providing cover for your industry.
When applying for quotes, take the time to consider just how much cover your business requires. How many employees do you have? What are your assets? What risks do you face and what is the likelihood of those risks becoming reality? What consequences would you face if and when they did occur?
Once you are aware of your specific risks you will be better equipped to compare small business insurance quotes and assess the coverage offered under different policies.
Business Insurance Application Process
The mere thought of enduring a long and tiresome application process is enough to put many people off seeking out business insurance cover. However, depending on the type of cover you’re looking for and the insurance provider you choose, taking out cover does not necessarily have to be a time-consuming exercise.
Insurance companies are all competing for your dollar, so they obviously will not want to make the application process more difficult than it has to be. These days, advances in modern technology have been embraced by modern technology and it’s easy to apply for cover online. You need to answer questions about your business and supply any information the insurer requires and the process of being approved for cover can actually be completed quite quickly. Just because some forms of cover sound complicated and confusing doesn’t mean that applying for them is.
However, if you’d prefer to take a more traditional application route, the process will take a little longer. You can choose to meet with an insurance company representative directly if you wish to take a more hands-on approach to taking out small business insurance cover.
How to Streamline the Process
The first step is to make sure you fully understand the insurance needs of your business. This is something you need to do before you even start looking for cover, so that when the time comes to choose a policy you are aware of the features and options you need.
When it comes to filling out an application form, be as thorough as possible. Provide as much detail as you can for every question, providing supporting evidence whenever it is required. Be upfront and honest about everything now, as failing to disclose any relevant information can lead to serious consequences in the future.
It’s usually a good idea to put together any information or supporting documentation you may need for an application well in advance. The information you’ll need to provide will obviously vary depending on the policy you choose, but will typically include details of your employees, assets, turnover, the risks your business faces and a history of any previous claims.
You also shouldn’t be afraid to contact your insurer to ask for advice. If there is a particular term or policy benefit that you don’t fully understand, ask your insurance provider to explain it to you. This is a vital part of ensuring that you end up with an adequate level of cover.
Direct Business Insurance Quotes Vs Quotes from a Broker
When you’re shopping for small business insurance quotes you can go about it in one of two ways: you can compare direct business insurance quotes online or obtain multiple quotes from an insurance broker.
The biggest advantage of dealing with a broker is that you’re dealing with an expert whose job is to find the most suitable insurance cover for your business. A broker will take the time to understand the ins and outs of your business, the risks you face and your specific insurance needs. Brokers have years of experience tailoring insurance solutions to the needs of business owners and they also have access to a wide variety of products through different insurers.
Using a broker means that you have someone to hold your hand throughout the entire process and take the stress and hassle out of the situation. Brokers offer personal contact, expert advice and help you cut through any red tape.
Buying business insurance direct, on the other hand, has its own benefits. Direct insurance is designed to make taking out cover as easy as possible. Policies are simple and straightforward to understand, while the application process is quick and hassle-free. The downside is that the responsibility for taking out cover lies entirely with you and if you’re not sure of what you’re doing you could end up taking out too little or too much cover.
Determining the best approach will depend on you and your business, so consider your various needs before deciding to buy direct or seek advice from a broker.
How are Business Insurance Online Quotes Determined?
When you apply for small business insurance quotes online, you need to remember that there are a number of factors that will influence just how much your policy will cost. Basically, the greater the number of risks your company is exposed to, the higher your premiums will be.
Different fees and government charges apply in different states, so this can also play a part in determining how much you have to fork out for cover. The nature of your business, the security and risk management measures your business has in place and any additional excess you choose to pay can all have an impact.
The industry you work in is another factor, as some professions will regularly expose you to much larger array of risks than others. Other contributing factors include professional fees you may incur, along with your current insurer and the expiry date of your current business insurance policy.
Tips for Getting the Best* Business Insurance Quotes Online
- Understand your insurance needs. Before you even go looking for quotes, it’s vital that you take the time to sit down and assess the various risks your business faces. What situations and events could potentially damage the financial position of your business? What is the likelihood of those events happening? How severe would the financial damage be if those events were to occur?
- Provide all relevant information. Answer all questions truthfully and honestly, making sure not to leave out any details about your business. Being upfront is a legal requirement and it’s also vital to ensuring you end up with an adequate level of cover.
- Obtain multiple quotes. Shopping around is key. Instead of simply applying for the first policy you receive a quote for, obtain and compare quotes from a number of different insurance providers. This will help you get a better idea of which provider offers the best coverage.
- Do your research. The Internet is an incredibly useful tool for comparing insurance products. Seek advice on Internet forums and product review sites.
- Look beyond the cost. With insurance, just as with most other things in life, you really do get what you pay for. A cheap business insurance quote might sound attractive on the surface, but just because a policy is cheap doesn’t necessarily mean it is right for you. Compare closely what each policy covers to help determine the true value of the cover being offered.
- Read the policy documents closely. It may be a painful and time-consuming task, but reading through the PDS's of a couple of competing policies is a good idea. Policies have certain exclusions and limits and you may be surprised to find the different level of coverage available from one policy to the next. Doing your research now will prevent you getting a nasty surprise down the line.
- Seek advice from a broker. If you need any help finding the right insurance policy, enlist the services of an insurance broker. Brokers have specialised knowledge and a wealth of experience in tailoring coverage to suit the insurance needs of an array of businesses, so this can ensure you end up with adequate cover.
Business insurance is essential for small businesses and large corporations, but finding the right policy and the right level of cover can be a difficult task. Obtain multiple business insurance quotes online and compare your available options before you make any decision on which policy offers the best coverage for you and your business.
* The offers compared on this page are chosen from a range of products finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.