How to compare business insurance

Comparing commercial insurance policies is a crucial part of ensuring that the cover you buy is the one best matched to the risks unique to your business. By investing in the right combined business insurance package or stand alone covers, business owners protect the longevity of their venture, as well as their personal finances.

Fortunately, it's never been easy to compare insurance online. But in order for business owners to make the most of the comparison support out there, they must know exactly what it is they are looking for. While insurance comparison websites often provide a brief overview of what different policies entail, it’s worth doing your own research to identify the types of commercial cover your business could benefit from and what level of cover you may need.


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There’s a lot to take into account before comparing insurance quotes, so we've compiled some of the key considerations here to help business owners make the most of insurance comparison tools. Follow the link to our commercial cover hub to find out more about how our business insurance compares.


Comparing business liability insurance

When you come to compare public liability insurance quotes, you'll be made aware that it is not a legal requirement. However, that should not influence the level of importance you assign to the type of liability cover. Not only could it be crucial in the event of a compensation claim for injury or damage, but many business clients will stipulate that a business must have a certain level of public liability insurance in place before working with them.

Consider your businesses’ protection needs when comparing quotes from different insurance providers. If you’re likely to have a client with public liability stipulations in place, make sure you’re getting enough cover to fulfil their potential requirements.

The level of excess you require should also be thought about carefully. By their nature, different businesses will face different levels of risk in their day-to-day operations, and it’s key to make sure you get the appropriate amount of protection for your unique needs.
To form an idea about how much excess your business could benefit from, think about how much it would cost to cover a liability case in the worst-case scenario and use this as a guide. Commonly, the larger the clients or the higher the risk level, the more excess a business will need.


Comparing business indemnity insurance

Professional indemnity insurance is compulsory for some professions, and for others, simply advisable. Unlike public liability insurance (which covers you for physical damages caused as a result of your work), professional indemnity protects your business against claims that you have damaged the finances or reputation of another entity. When you compare professional indemnity insurance quotes your main concern should be how much cover is offered by the different providers and whether this is appropriate for the kind of work you are undertaking, and the clients that you work with.


How do I find the best insurance rates for my business?

Once you know what it is you're looking for - and what warning signs to look out for - finding the best business insurance rates should be straightforward. One of the limitations of using insurance comparison sites is the emphasis on price point. Consumers need to be encouraged to dig deeper and understand what those prices represent.

That’s why we’d recommend doing your research before you begin comparing prices – read up on the types of cover you need and make a list of insurance requirements that you can cross-compare with policies at different price points.

Once you know exactly which policies your business requires and the minimum level of cover that you need, you can start making the best insurance comparisons. Keep in mind that the quotes you see online might not be giving you the full picture – in fact, for the best rates, and guidance on complementary insurance products, you will probably want to contact the insurers directly.


How to compare commercial insurance quotes

We recommend keeping a spreadsheet of the different companies, prices and features you are offered. That way you will be able to make a direct like-for-like comparison.

Remember, the price attached to business insurance – while important – shouldn’t be your only consideration. Research the ratings, reviews and reputation of your different options and don’t forget to look at the small print. Some insurers, for example, will charge expensive admin fees if you need to change or amend your policy, something which can easily cause an unexpected and unwelcome financial impact.

Selecting your business insurance package is one of the most important choices you will make for your company - it is not a decision to be taken lightly. Be thorough in your research and compare packages based on the unique requirements of your business. 

No matter how big or small your business, it's usually a case of when and not if that you'll find yourself facing a compensation claim. Having the support of a business insurance policy, provided by a recommended and reliable insurance broker, can mean the difference between being forced to slam on the breaks and keeping things running smoothly.

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Our FAQ pages provide general information and background around the topic covered. FAQ pages are reviewed and monitored periodically by our insurance experts. But the content is not intended to be read as advice and any material is for general information purposes only. If you would like advice for any content, please seek professional assistance.