Business insurance

[Eric R32]

As the newly appointed commercial manager of a small engineering consulting firm, I am researching potential better deals regarding our business insurance premiums (professional indemnity and public liability). What sort of criteria have other businesses used to select their insurance besides cost? Have they gone the way of three quotes and pick, or has the assessment been done more formerly? I am also considering the use of insurance comparison sites for researching this. Have other businesses used or considered these avenues? Many thanks for your comments and / or experience story.

[Business Coaching Sydney]

I would look for reviews or recommendations, no good getting cheap insurance if they don't like to pay! And having seen the mess in QLD with all the flood affected people not having the correct cover, make sure you read your policy and ensure you are covered in the way you wish to be!
Ben

[bwendo]

I had some terrible interactions with a certain insurer, and it dragged on for a year before they refunded all my premiums!
Complete and utter waste of my time! But was a real wrangle to get any result.

Use insurance as a last result and don't over insure, remember you're betting that things will go pear shaped.
And if you have that mentality, perhaps you shouldn't have resigned from your salary...

[Rick Mapperson]

I recommend the use of a good broker. I specialise in insuring people, e.g. life Insurance and Income Protection so I cannot help you with Public Liability etc. From my experience many of the comparision sites are owned by insurance companies and are NOT objective enough, plus there is more to consider than just cost.

[v2Media]

I have to agree with researching customer's past experiences with claims. Too many times I have purchased insurance with overstated benefits and when it comes to claim time, the insurance company quotes section 2675 paragraph 456, "you're screwed" and no payment.