How To Get a Public Liability Insurance Quote

You want to be prepared when you are looking for a public liability insurance quote. The first thing to keep in mind is that this type of insurance is also known as liability insurance, general liability insurance, or indemnity insurance. They all mean the same thing, so don't be put off. You need public liability insurance to protect your business in case there is an injury to a third party or property damage.

Here are the top 5 things you will need to prepare to get an accurate quote:

  1. Occupation. What occupation(s) do you need to be covered for? Be prepared to explain exactly what you do or indicate what type of occupations yours is similar to, as you cannot expect the insurance company to understand the intricacies of your business.
  2. Workers. Prepare a list of everyone involved with your company. First, write them down in one of four categories being either a director, principal, partner or employee. Second, put down whether their work is manual or clerical.
  3. Trading. What date did your company start trading?
  4. Experience. How many years' experience do the directors/principals/partners in the company have?
  5. Indemnity. Know what level of indemnity you need, whether it be $1, $2 or $5 million. Most people opt for $1 million although some jobs (such as working for the council) require $5 million.

The insurance companies are going to ask you other questions as well. Being the company owner, you should know the answers off the top of your head, but it might be worth having some general business information and previous insurance history at hand. As each company differs in its question set, all you can do is prepare the best you can. Insurance for small businesses is out there, and can be affordable.

You will be given a variety of quotes from the insurance companies, but cheapest doesn't normally mean best. Check the level of coverage you are getting and find the best option for you. One key type of coverage to look out for is a "legal helpline." This is not available on most policies, but can be very useful in the event of a tricky claim where legal advice is needed. Top liability insurance companies often have this legal helpline available. 

Another tip: Don't agree to or sign anything until you have read all the terms and conditions, as in most cases you are entering into an annual agreement. Some insurers may charge a fee for early cancellation so be sure of what you signing up for.

Visit Steve Smith's Ashburnham Insurance Services for more information about public liability insurance. You can also obtain a quick public liability insurance quote.

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