The first step in the business insurance buying process is obtaining quotes. This is the first step toward having insurance companies aggressively compete for your business. Here are the best ways to obtain business insurance quotes and get the best coverage for your business.

Talk to Others Who Do What You Do

If you have friends in the same business, when you ask them what insurance company their business coverage is with, also ask if they are satisfied with their service, coverage and premium. This will help you learn the names of insurance companies that are competing for your type of business and who you should contact for a business insurance quote.

Talk to Your Current Insurance Company

Okay, so maybe you don’t have business insurance yet. Regardless, there is probably some type of insurance e.g., auto, home, etc.) you currently have. Contact your current insurance company and ask if they sell business insurance. If they do, purchasing a policy through this company may get you a multiple-policy discount.

Look for Association-Endorsed Companies

If your business is or will become part of a professional or trade association ask the association’s leaders if they endorse a specific insurance company. If so, the endorsed company may provide a discount or favorable coverage terms to members of the association. Getting a business insurance quote from this company will be a good place to start.

Go Online

The Internet is the most convenient and quickest way to get business insurance quotes. Many insurance companies will issue you a quote directly from their website. Other organizations, like NetQuote, make it easy to complete and submit an online request for quotes form. These organizations will send your information to several insurance companies that will compete for your business.
 

Contact an Independent Agent

An independent insurance agent has access to several different insurance companies. The agent will collect information about your business and send it to the insurance companies he or she feels would be the best fit for your business. Also, many independent agents will continue to shop for deals, even after you purchase your initial business insurance policy through their agency.

Business insurance broker

Firstly, a word about brokers. Brokers are insurance experts, regulated by the Financial Conduct Authority (FCA), who find cover for customers. Brokers should be impartial (they shouldn’t give preference to particular providers), and their aim is to find policies that suit the insurance needs of the customer.

That customer could be an individual searching for a life insurance policy or a company looking for business insurance, but most brokers have a specialism.

Brokers are experienced negotiators and they have in-depth knowledge of the market and access to lots of providers, so they can often find prices that are more competitive than you’d be able to get yourself.

Brokers can be particularly useful if your insurance needs are a bit unusual and you’re struggling to find a provider, as they can scour parts of the market that you may not be able to access on your own.

Business insurance providers

While a broker can help you find a policy, the business insurance company that actually provides your insurance and pays out for claims is your insurance underwriter.

The term ‘underwriter’ is an old one, going back to the earliest days of insurance when an individual would literally write their name under the risk information to agree that they had taken on some or all of the risk for payment of money known as a ‘premium’.

In the case of modern business insurance, the underwriter uses a formula to assess your business’ risks. Your premium will be based on the underwriter’s calculation of how likely you are to make a claim.

If you make a claim on your business insurance, your provider will assess your claim and pay based on the coverage set out in the policy terms.

Following is a list of top 7 business insurance providers.

• CommercialInsurance.net

This Company offers to build a custom insurance plan for your business, whether you need commercial property and vehicle insurance, or just a general liability policy. If it doesn’t offer what you need, CommercialInsurance.net will locate an insurance group for you to cover what it doesn’t.

• Insureon

Insureon allows you to search for insurance quotes by specific industry and business type. You can also live chat with a specialist to find policies that match your specific business needs.

• NetQuote

Based on your business’s location, number of full- and part-time employees, and whether you have an existing policy, NetQuote pulls up quotes for a wide array of business insurance policies from top agencies near you. If you want to learn more about a specific type of insurance, you can read one of the site’s reference articles.

• Progressive

This Company doesn’t just help you find the best home and auto insurance rates, but also offers comparisons for general liability, business owners’ policies (BOPs), commercial vehicle insurance and workers’ compensation.

• BizInsure

Once you complete a short application, Bizinsure shows you a comprehensive list of possible coverages from the very beginning, giving you detailed information from which to make decisions and determine what fits your needs. You can compare multiple quotes, purchase the one you want, and instantly receive your policy via email.
 

• Compare the market

This site asks you questions to help narrow down your industry, number of employees and other rate determining factors. From there, Compare the Market offers you a list of possible insurances you may need, and who offers them.

• The Hartford

In answer to your responses regarding inquiries about your industry and number of employees, The Hartford tells you all the different types of insurance you could need, plus optional policies to customize to your particular situation. Each is accompanied by a clear description, and recommendations.