I recently set up a business and had to get liability insurance to make sure I would be covered if I were to get the Australian Government contract I was looking for.
I love the internet and use it to find and buy many things, including insurance, but trying to compare a commercial insurance online was almost impossible. I looked at the US and UK and found this to be a common problem. There are many websites that compare other insurance products like car, medical or travel insurance but almost none when it comes to getting some business insurance quotes.
There is a simple reason for this; It is more difficult to offer online quotes for commercial insurance. This is because most businesses are different, and if insurance companies classify every business, they will almost always talk to a customer or email them before proceeding with the sale. This is to ensure that there are no details you have overlooked that could cause you or your business a financial loss. In fact, if an item is damaged or stolen and is not covered, you should not cover it. Similar to when you do a task (like a plumber doing electrical work), you can also not be covered. You should talk to an insurance broker or person and advise them on all your requirements and what should be covered with commercial insurance.
Car insurance, on the other hand, which is probably the most widely used insurance product online, is relatively easy if you want a quote. Each insurer asks different questions based on the mathematical formulas they use, but they almost always ask you questions; Age, car type, gender, address and driving record or rating; About 90% of the car insurance quote consists of these 5 things. The value of your car is what is insured and every insurer places a value on your car, you will see this value when you get a car insurance quote online, it is usually referred to as insured. The insurance amount for a car is relatively easy to calculate. Find out what the car is and its condition and you get a pretty good idea of the value of a car. There are companies that offer this service, such as Redbook and Glass, but the information is also available online to the public.
For example, if I told you that I have a 1978 Datsun 280ZX in good condition, you can give me an idea of what it's worth just by doing a quick Google search or search. But try to figure out the value of a business. Say a florist with an income of 700k per year? With just this small amount of information it is impossible.
Insurance companies face the same dilemma; The sum required to calculate a company is much more difficult than for a car. And for this reason, you can hardly get an insurance quote online for commercial insurance and the reason why it is very difficult to compare commercial insurance online. The best thing to do is fill out and contact a form with a commercial insurance broker or broker website. Often times, insurance brokers cover a number of insurance companies, so by contacting them, you can still get a comparison. When you call a broker, ask how many insurers they cover because the insurer determines the price. If they offer multi-subscriber business insurance, ask them to give you a quote. It may not be as convenient as buying car insurance, but the end result is often the same: a better deal on your insurance premium.
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