When searching for a quote for public liability insurance, you might think the easy thing to do is to visit the individual providers online. However, given the time and effort required to research each individual company and their roster of insurance products, a more efficient method is utilise the database of an online comparison site. These sites do all the heavy lifting for you, sorting by a variety of factors including price, customer rating, and coverage type.
What is Public Liability Insurance?
The first thing you need to determine is whether public liability insurance is even necessary. Public liability insurance protects your business from a lawsuit or claim due to a breach of negligence. As no business can predict when damages or accidents will occur, or the amount of blame apportioned to them as a a result, insurance is there to prevent a single such incident from crippling your finances and even bankrupting your business. While public liability insurance is not compulsory for all business types, you can see why many opt for the insurance anyway.
In addition to research, comparison sites also saves time by eliminating redundancy. When you visit each provider individually, you must enter your business information once per provider. Considering how lengthy the information required for public liability is, this can be quite an exhausting process. Comparison sites afford you the opportunity to enter your information just once, and even purchase a policy directly through the website.
Finding a Quote
A number comparison sites are geared specifically for aiding small and burgeoning business in the UK. They compare quotes and rate companies based on a number of different criteria. Here are some of the more popular UK comparison sites online:
- Simply Business – One of the most celebrated comparison sites on the internet, Simply Business was ranked in the Top 100 of fastest growing tech companies in the UK for the fourth straight year. The company also won the Young Broker of the Year award at the 2011 UK Broker Awards.
- Comparethemarket.com – Compare the Market compares and contrasts quotes from leading providers over 750 different trades. You can buy directly from the site or request advice from one of their UK based customer sales consultants.
- Constructaquote.com – 2 minutes, 2 clicks, multiple prices is the site’s moniker, with an easy to use, five field form available right on the front page.
- Contractorscompare.com – Everything from public liability protection to van and life insurance
Before Purchasing a Policy
It may be tempting to purchase the cheapest available offering generated by the comparison site. However, often times the cheapest insurance is cheap because it carries a number of exclusions and conditions that may leave you exposed in the event of an accident. Make sure the policy you are applying for covers you in areas that you are most at risk. If you are still unsure whether a policy is right for you, it is best to consult with a qualified insurance broker and member of the British Insurance Brokers’ Association (BIBA). A broker will help guide you through the morass of small print and help you determine whether you are fully covered for the areas you are most at risk.
You also have the option of dealing directly with the insurer. Typically an insurance company will have a number of certified brokers on staff to help you find the most appropriate policy. However, be sure to verify in advance that the insurance company is a member of the Association of British Insurers (ABI) before soliciting advice. Visit their website for more details and a list of current members.