Getting insurance quotes and buying a policy without leaving your office with only a few clicks of the mouse is nothing new these days. Many insurance companies have their activities ran online, and while the real-world negotiations are still prevailing, the number of businesses employing online insurance services is steadily growing. In case a business owner follows certain tips on quoting and buying insurance online, this form of insurance purchase can offer significant saving options.
What you won’t find online is an insurance agent or broker that will offer valuable tips and solutions right when they are needed. It is said that having an agent or a broker to represent your insurance interests is a good investment for the business in the long run. On the other hand, the savings, offered by online insurance vendors can eliminate this difference. What’s really needed is a closer look and a detailed comparison of online vendors and insurance agent services from different perspectives.
What the client gets
When employing the services of a real agent or broker there are certain advantages he or she may offer to the business:
1. Pay visits in person to your enterprise.
2. Undertake a financial analysis of your assets and liabilities to determine what kind of policy your business requires.
3. Give advice concerning local and state laws.
4. Represent your interest when filing claims.
5. Suggest solutions for avoiding possible claims.
When getting your insurance online, you will get such services only in case the online vendor has a contract with a local insurance agent you will be referred to.
This is where online insurance rules the stage. Starting with auto insurance services, insurance companies have observed that people are looking into online insurance services because of the significant advantage – the price. This is why buying insurance online can be cheaper:
1. No agent or broker commissions.
2. Overheads are lower.
3. Automatic payment systems very easy to use.
4. Insurance is sold through a lower number or no intermediaries at all.
Selection of insurance providers
There’s no definite win here. On one hand insurance agents and brokers offer a limited number of business insurance providers. Agents in general are tied to a particular company, representing only its services. However, the knowledge and expertise in these services is very profound and vast, allowing you to receive very detailed analysis and suggestions regarding your policy.
On the other hand, insurance quote sites offer a far more diverse selection of insurance providers but without the profession in-depth look into the offers. It is up to you to decide which offer is good and which is not.
Quality and security of services
By looking at search results in Google for business insurance, you will clearly see that there are many well-established insurance companies offering their services online. But the number of questionable sites that have no valid proof of their quality and safety is far more overwhelming.
Here insurance professionals take their lead in terms of safety and quality because:
1. Insurance professionals are regulated by the state.
2. Insurance agents and brokers are accountable and should follow the insurer’s guidelines.
3. Insurance professionals wield their own workers’ insurance.
4. Insurance brokers typically analyze the financial situation of the enterprise before offering insurance services.
After taking such an analysis there is still no clear win in this battle. Both sources for business insurance have their pros and cons and it’s up to the business owner to decide what his or her business really needs and what is more welcome and why. As always, it’s a matter of personal choice within a particular situation.