Will I get a better rate for my business insurance through an online quote or in-person?
Purchasing products and services has never been more accessible. Instead of traveling to a physical store and talking to a person, consumers can research prices through an online quote and purchase on the spot.
Although it may be more convenient for consumers to purchase online, there are several advantages to purchasing through an expert representative. Especially when it comes to business insurance, it is essential for owners to protect themselves and their employees with the plan that best fits their needs.
Getting an insurance quote from an online insurance agency is usually easy. But is it better for your business?
Why an Online Insurance Quote is Attractive
Businesses tend to be attracted to online insurance agencies because they can get an online price quote and summary of coverages in minutes rather than days. In some cases, a buyer may just need to “check a few boxes” to satisfy requirements for a lender or customer. In other cases, online quotes may be used to comparison shop with prices from a broker.
In the moment, it may seem like you’re getting a lower rate. However, in reality, you could actually be overpaying for minimum coverage, getting the wrong coverage for your company’s needs, or missing out on better coverage altogether.
What an Online Insurance Quotes Don’t Tell You
Commonly overlooked items in quick online quotes are exclusions, specialty coverage, and cyber security issues that your business potentially won’t be protected from. Talking to an experienced agent allows you to get proper business coverage that is tailored to your specific, unique needs.
An agent will also gain a better understanding of your business’s unique characteristics so they can recommend the best coverage types and levels.
There’s no way a quick online quote can provide that level of depth.
Exclusions
Virtually every insurance policy contains a list of exclusions. Unless you read the whole policy, you may think you have coverage where you actually don’t. You could end up paying for coverage you’re not actually getting.
An agent can explain all the fine print so you can get the coverage you really need. And agents may also give access to options that are not available online.
Specialty Coverage
Specialty coverage entitles protection from possible lawsuits. Whether a small business or a large corporation, there are many liabilities that a company may encounter. Specifically in service-oriented businesses, errors and omissions coverage is of the utmost importance to shield your interests.
Each business requires different specialty coverage based on the risks in their field. Having basic specialty coverage makes your business vulnerable to more specific risks.
Online specialty insurance quotes are less accurate, since each business requires unique coverage combinations.
Cyber Security
From 2020 to 2021, business-related cyber crimes increased from 38% to 43%. In today’s environment of increasing ransomware attacks and invoice manipulation, it is imperative that a business is protected with proper cyber coverage.
Most commercial policies have basic cyber coverage. However, in most cases, you need a separate policy that fills in the gaps that a basic policy lacks. Considering that we live in a world that is run by technology, it is integral for the company to be protected from cyber attacks, which could affect their success.
Which Should You Use for Business Insurance?
Online shopping for property casualty insurance may get you a quick price and instant benefits. However, consultation from an experienced agent is the only way to get coverage that is tailored to the needs of your company, with the transparency and clarity you need to make the best decision.
Looking to better protect your business assets? Contact BlueStone Advisors today for a free consultation on how to switch business insurance providers for better coverage and transparent policies.