Traditionally a business owner that required insurance would approach an insurance broker, who would discuss with them what type of cover they required and would then search the market on their behalf. Some firms still do this, however it's now increasingly common, and often more cost-efficient, to purchase insurance online yourself.
Indeed, 20 years ago everyone bought car insurance via a broker, whereas almost no-one does that now. It's probably stretching the analogy to suggest the role of the business broker is now also redundant, but businesses are certainly switched on to finding their own cover, and internet is the main marketplace.
There's been a giant leap in the number of insurers providing business cover and while a series of natural disasters and a struggling economy have kept premiums high, competition and the reduced operational costs of an online business model has brought better value offerings to the consumer - or in this instance, you, the business owner.
For complex insurance packages, brokers might still be the sensible option though. They provide independent advice as well, whereas insurance companies, no matter how good their customer service is, are trying to secure your business.
The insurance market is a busy and competitive one. It is advisable to shop around and see what cover you can get for your money. But don’t base your buying decision solely on cost. Getting fully covered is the first priority and finding a good price is secondary; in the long-term a cheaper policy could turn out to be far more expensive.
Look for insurers with experience in your field, as they'll be more able to offer the understanding and support you'll need should your business experience difficulties.
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