There have been many occasions over the years where we are quoting insurance solutions for a new client or an existing renewal where a business owner makes a final decision based on price alone.
Whilst I understand the attraction for any business to make savings and reduce costs, please don’t arbitrarily select the cheapest price at the expense of cover or service.
All to often we encounter situations where a business has obtained a quote that is dramatically cheaper than terms we provide and the simple fact of the matter is that this will more than likely be a far inferior product or service, there simply isn’t enough margin in any insurance policy to give you 25 or even 50% savings on like-for-like cover, regardless of provider.
Tempting as it maybe you cannot treat the purchase of insurance in the same way that you treat the purchase of stationary. If a pen or stapler doesn’t work it’s not the end of the world, but if your insurance cover is not comprehensive, that can have far more damaging implications for your business.
Of course the agent is going to tell you that it a suitable policy, why wouldn’t they after all they are trying to sell you something, but ask yourself this; how likely am I to get to deal with that same individual again in the event of a claim and are you equipped to understand the full implications of all those terms & conditions buried deep within the paperwork?
Try and establish a rapport with an agent that wants to understand your business before providing a solution with a cheap price.
The consequences are that when it comes to the time when you need it most, remember some incidents can be catastrophic at worst and at best expensive, your insurance arrangements may be found wanting and all that saving you made at inception will be worthless.
A local independent broker, free to make a search of all insurance markets will, I guarantee, always provide you with the most competitive solution and guess what, your business will matter to them, as opposed to the larger corporate insurers or faceless internet sites.
Remember, quality insurance isn’t expensive, it’s absolutely priceless!
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