You may have always been taught to worry if something you are looking to buy, or a service you are looking to use, is too cheap. This is of course true, with the consumer led lifestyle we have developed in the UK over the past 20 years, we are buying more and more “things” that we really do not need, will never wear or will never use. As a result, we do not mind if we sometimes buy something cheap that doesn’t last very long.
There are some products and services though that you really should not scrimp and save on because, whatever you save at the beginning, in the long run it is likely to cost you money.
One of these services is business insurance. The internet has proved to be a double edged sword for many. Going back to the dot.com boom (and bust), very few people had easy, quick or cheap internet access and most of the internet start-ups were no more than glorified mail order companies.
As things have grown though, more and more people have the ability to access the internet anywhere and at any time. Even the EU and the UK government have targets to increase the number of broadband users, throughout the country.
This has resulted in a huge and expanding number of companies offering their insurance products through the internet. There is far too much choice. As with many products and services, when competing in a mass market, there are certain common denominators upon which products are sold. This can be the product, the service provided or the price.
It can be difficult for many to understand the in’s and out’s, excesses, warranties, terms and conditions of a business insurance policy. Therefore, when faced with two competing quotes, one of which is considerably cheaper than the other, it can be tempting to choose the one at the lower price.
In many cases, it can be true that the lower priced quote is the better one. You do need to make sure that this is the case though. Assumptions can cause problems later on. Do not assume that because it is cheap, it is best. How can you check and compare the two? You can either do this yourself, which speaking as someone who works in the industry, can take a while to decide between two competing 25 page quotes.
The second, and preferable, option, is to get someone to do this for you, for nothing! Difficult as it may seem, there are thousands of people just waiting to do this for you. The people are business insurance brokers, and their role in the chain of business life, is to sift through the numerous different options.
If they receive three quotes, they can recommend whichever they feel is more appropriate. If you are looking to cut costs, then they can suggest ways for you to do this, usually through not having certain covers in place. They will always do this with a caveat that they do no recommend you cutting down cover, as it could lead your business to be vulnerable in the event of a loss which is not covered.
So, to answer the question about whether you should accept the cheaper quote, in the vast majority of cases, the answer will be no. But, the choice is yours at the end of the day.
Looking for call Jeff Cline toll free 888.533.3254
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