When looking for your insurance, the chances are that the answers to some of these questions will be influence your decision:
• Who gives the best service?
• Who understands my needs?
• Who do I like?
• Who has the best policies?
• Who is the cheapest?
When purchasing insurance many businesses focus on "Who is the cheapest?" Whilst this is understandable, making a decision based on price alone can often lead to more harm than good. Any good insurance provider would recommend you look for a company who can provide you with a mix of all the above factors so you end up with someone you trust, who has found you the right policy and at the right price.
Here are a few tips to help you understand insurance providers and to ensure you get the best deal:
Answer their questions honestly: Many people when buying insurance hold back information for fear that it will affect their chance of getting the best deal. The truth is it won’t! The more correct information you give your insurance provider, the better deal they will be able to get for you. If they ask what premium you are currently paying or who you are insured with - tell them (and be honest). If you make up a really low premium, the chances are they won’t be able to beat it. If however you tell them your genuine best price, they will often give you an immediate indication whether they feel they can improve on it.
Use a broker: A good insurance broker can be worth their weight in gold for local businesses. They should understand your needs, your business and your industry. And because of this, they can recommend the correct level of cover you need. They will also search the entire market for you so it saves you time and possibly money.
Recommendations: If you’re happy with your insurance provider, tell people about it. Not only will this allow your friends and family to benefit from their services but you may also receive reductions and further discounts on your policies because of it.
Multiple policies: The more policies you have with one particular insurance provider, the more likely it is that they will benefit from discounts and reductions in premium. It also makes your administration far easier.
Rapport: This is an obvious thing to say but the better your relationship with your insurance provider the more likely it is that they will help you get the best policy and price.
Insurance for your business can be minefield but by following the above simply guidelines, there is every chance that your business will get the best deal possible.
Published: 11/1/2006
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