As an entrepreneur, starting the search for an insurance policy might be the hardest part of running your own business. Picking out the best policy from the different quotes you’ve received can be a close second. That’s why we’re here to talk about how to compare small business insurance quotes effectively. Get ready to understand every quote you get, pick the right one for your business, and do it with confidence and expert help.
It’s essential to do your due diligence and protect your best interests. When comparing quotes between carriers or brokerages, one of the most critical steps is to ensure that the coverage you receive is the same across quotes. This doesn’t necessarily equate to monetary coverage limits or aggregates, although considerable discrepancies in how much different carriers are willing to cover may be something you want to address.
For example, two quotes could each have a $1 million coverage limit, but one may cover erroneous assault while the other does not. Here are a few steps you can take to ensure that your coverage is matched across carriers.
Suppose you’re currently insured and looking to get small business insurance with a new carrier. In that case, you can take your current policy to potential new carriers as a baseline for what you would expect out of a new policy. Some factors can affect what a new carrier can offer you, but we’ll get into those later in the article.
You can also use a quote from one insurance carrier to ensure another insurance carrier gives you the best policy option possible. Say you get one quote from Carrier A. You can take that quote to Carrier B. Show them what you’ve been quoted and express that you’d like their quote to match that.
You can take Carrier B’s quote back to Carrier A and ask Carrier A to ensure their quote matches Carrier B’s coverage. Using one insurance carrier’s quote to ensure coverage is matched from another can be used as you get quotes from multiple carriers.
As you work to get the best small business insurance coverage possible, remember you aren’t alone in your search. An insurance agent’s job is to show you that their policy holds up to the one you’re asking them to match.
They should explain the reasoning behind any price differences regarding your premiums, differences in coverage limits between their policy and another policy, and all of the other details of an insurance policy. While it’s essential that you do your due diligence, remember that you can use insurance experts as you compare small business insurance quotes.
You can’t compare small business insurance quotes effectively if you don’t have all your options in front of you. Did you know that some insurance carriers specialize in specific industries? There’s no guarantee that a specialized insurance carrier can give you a more attractive quote.
However, it’s worth talking to an insurance carrier specializing in your industry to get insight into how their pricing differs from that of a general insurance carrier. Working with someone with in-depth industry knowledge can help reliably protect your business. Don’t forget to add a specialized quote to your comparison.
Anytime you get an insurance quote, it’s essential to understand the factors that go into a carrier’s pricing. Understanding how these factors affect your pricing can give you a better idea of what to expect from a quote and help you compare quotes.
Here are the four main factors that drive the price of insurance up:
Knowing that any of these four things can raise the insurance price can help you understand why the quotes you’re getting may be higher than you expected. It can also prompt you to ask questions if a quote seems lower than expected, given that you lapsed in coverage or have a high-risk business. You want to make sure you’re getting the coverage your business needs.
You can have an insurance agent walk you through how any of these factors, if applicable, are or are not affecting your quote so you can compare small business insurance quotes effectively.
Have you ever wondered if your current policy covers all your business's risks? If you’re looking at new policies, we recommend working with an insurance expert like those at CoverHound. While you can do your due diligence, an insurance expert can help you comb through the finer details of every quote you receive.
Sit down with your insurance advisor to explore each quote's payment plan options. Not every insurance carrier offers a payment plan, but you can earmark this as something you prefer and ask different insurance carriers about the potential for one.
Every policy has common limitations regarding what it covers. An insurance expert can help you determine if each potential policy you look at truly offers enough coverage. For example, consider you’re a medical care facility with a general liability policy covering injuries to third parties at your facility.
However, your policy has an exclusion that makes any patient injuries exempt from coverage – no matter what circumstances they occurred under. This real-life example could have easily put this medical facility out of business. Take a page from their book and use our experts at CoverHound to ensure you aren’t missing anything that could hurt your business down the line.
Find a competitive rate without sacrificing coverage when you do your due diligence to ensure coverage is matched between carriers. Explore different carrier options, understand what’s affecting your insurance pricing, and work with a CoverHound insurance expert to find the best insurance for your business.
CoverHound simplifies insurance solutions with an all-in-one online platform that offers policy options from 50+ carriers. Our experts help you compare the cost of small business insurance, streamlining the insurance process. Start your comparison now with our quick online quiz and get a quote that fits your business’s unique needs today.
Insurance shopping simplified
Insurance shopping simplified
