How to compare business insurance quotes: 8 tips to keep in mind

Comparing business insurance quotes can save you loads of time (and money!) in the long run. It probably isn’t how most people want to spend their day, but the truth is a bit of extra effort now is worth it. 

We get it – you probably know comparing insurance is about more than the price tag. But whether you’re looking to renew your business insurance, or get a new quote, it can all start to look the same when you’re trying to find the best cover for the best price. 

That’s where this guide will help. We’ll talk you through the simple ways you can compare insurance quotes fairly and make sure you’re choosing the right insurance for your business. 

How to choose the best insurance 

Choosing business insurance isn’t a one-size-fits-all situation unfortunately. Getting the best coverage for your business will depend on things like your industry, business size, the way you work and who you work with. 

The long and short of it, the best way to choose the right insurance is: 

• Understand insurance types – knowing what each insurance policy can cover will help you figure out what your business might benefit from. 

• Learn what insurance terms mean – understanding common insurance terms is the best step towards getting your head around what a policy offers. 

• Don’t get stuck on price – tunnel vision on insurance premiums could lead to being underinsured and cost you more in the long run. Factor in price but focus on if the cover matches your risks. 

• Compare insurance quotes – don’t settle for the first quote you find. Comparing business insurance can help you narrow down the best package for your needs. 

How to compare business insurance quotes 

We said not to focus on price but it’s no secret that price is always going to be a massive factor for businesses – you have cashflow to manage after all. The important thing is knowing how to fairly compare insurance quotes so you can judge if they’re comparable, whatever the premium. 

The reality is cheaper insurance won’t save you money if it misses the mark with coverage, leaving your business to foot the bill following an unsuccessful claim. 

Though on the flip side, more expensive insurance won’t always equal superior coverage. 

So how do you fairly compare insurance quotes? 

1. Consider what protection your business needs 

List your main business risks to understand what you need to insure against. You should then compare this against what each provider’s insurance package covers. 

A cheaper deal might not include the policies you do need, and the most expensive all-in-one product might leave you paying for coverage you don’t need. 

And don’t forget contractual requirements! It’s not uncommon for clients to include stipulations relating to your insurance, like your public liability cover limit. 

2. Look at the cover limits offered 

This can be where a lot of people get caught out. 

Cover limits refer to how much the insurance provider will cover you for e.g. the maximum you can claim. When comparing quotes, check what limits each policy includes and if they match the level of indemnity your business needs. 

Also check the cover limit basis i.e. ‘any one claim’ vs ‘in the aggregate’. 

For example, you might have two quotes that say “Public Liability Insurance”, but: 

• one gives you £1m per claim but excludes US territories 

• one gives you £5m in the aggregate but includes international locations 

Same label, different safety net. 

Having limits that don’t suit your business could leave you underinsured – you won’t be able to claim for any compensation or fees you owe and could end up paying for it out of the business’ pocket. 

3. Weigh up any extra benefits included 

Many policies will look similar on the face of it. They’ll likely include combinations of common policies like public liability, professional indemnity and employers’ liability alongside other cover types depending on the insurance product. 

But check if you also get any extra benefits that could make a policy more worth it. These extras could tie everything together, giving you the insurance package you need, like: 

• Legal advice helpline 

• Cyber incident support helpline 

• IR35 status consultancy 

• IR35 contract reviews 

• Run-off cover 

• Retroactive cover 

If you spot any of these insurance benefits, check if they’re included with the package, only applicable to a single policy type or offered as optional extra cover. Some may only be available as add-ons but the ability to add them to your policy could be invaluable. 

4. Consider policy flexibility 

Businesses grow, so it’s good to pick a policy that can adapt too – like more employees, new risks or changes in circumstances. 

You may want to choose an insurance provider that also offers the ability to update your policy down the line as your risk exposures change. That could include increasing cover limits or adding extra cover types like cyber liability, legal expenses or IR35 insurance. 

5. Check the required excess 

Always check if there’s a compulsory excess with the policy (the amount you have to pay towards the claim before the insurer will pay out). A cheaper premium might hide a higher compulsory excess. 

Make sure you understand the excess with the policy and that the amount fits with your budget. 

6. Read policy documents for exclusions and conditions 

Make sure you have a clear idea of specific exclusions (circumstances the policy won’t cover) and conditions (to meet for a claim to be considered) and compare this to your business risks. 

The big takeaway is checking the policy does in fact cover you in the ways you need it to. 

Watch out for things like: 

• Height and depth limits 

• Security requirements 

• Poor workmanship exclusions 

• Cyber security conditions 

• Geographical location restrictions 

• “Wear and tear” exclusions 

Most providers will have generalised policy documents available to view online or on request to give you an idea. These will be standard terms and conditions and may differ to your actual policy documents. 

7. Research the insurance provider’s reputation 

A policy might fit your needs and offer the best benefits, but you should make sure the insurance provider’s reputation can be trusted. Price matters, but trust can matter more. 

Look for experienced providers with evidenced reliability and positive customer experiences. Have a look at things like: 

• Reviews (focus on claims feedback, not just sales)  

• How long they’ve been around 

• Whether they work with your type of business 

8. Look at what customer support the provider offers 

If something goes wrong, you’ll want an insurance provider you can contact straight away. 

Look at what customer support they offer and compare that to your preferences. You might prefer a company that: 

• you can call directly for quick responses 

• offers extra guidance alongside their products 

• offers flexible communication across email, phone or chat 

Ultimately, fast and clear communication is worth its weight in gold. 

Common mistakes when comparing business insurance 

From contractors to small businesses, you’re all busy with your day-to-day work. Sometimes things can slip through the net when you’re trying to tick “business insurance” off your list and get back to your job as quickly as possible. 

To help you dodge any blunders, some common mistakes to keep in mind (and avoid!) include: 

❌ Comparing quotes on price alone 

Researching insurance quotes can quickly get overwhelming and you might just pick the cheapest one thinking “that will do”. But cheap insurance is normally cheap for a reason. Use our comparison tips above to make sure you’re getting the cover you need alongside the price. 

❌ Assuming all insurers include the same cover 

Many insurers use common labels for their polices, but don’t assume they all cover exactly the same thing. Check cover limits, exclusions and conditions to see what sets them apart. 

❌ Forgetting contract requirements 

It’s easy to focus on the coverage your business needs to mitigate risks and overlook the insurance clients require you to hold as part of a contract. Be sure to factor this into your insurance search. 

❌ Not declaring all business activities 

Transparency is key when it comes to insurance. Being honest with yourself and your insurer about the risks you face is crucial. Not acknowledging (or disclosing) some business activities could void your coverage and leave you unable to make a claim. 

Get comprehensive business insurance with Kingsbridge 

While the info above is there to help you understand how to compare insurance quotes, we know you’re busy being the experts in your field, not insurance!

That’s why at Kingsbridge we have dedicated in-house experts ready to answer your questions and help you find the right coverage.

We offer:  

• Comprehensive policies designed for different industries

• Competitive pricing, quoting the same price for new and existing customers

• Price promise for eligible quotes

• Policies underwritten by A-rated insurers

• Nil excess on Professional Indemnity and Public Liability claims (as per policy schedule)

• Retroactive cover on Professional Indemnity insurance at no extra cost

Interested in a quote or need help finding the right cover for your business? Get a quote online in seconds or give us a call to discuss your needs on 01242 312 629.