If you’re starting your insurance journey, you’ll probably have come across online insurance calculators. These tools are a quick and convenient way to get a quote, ideal if you’re looking for simple personal cover.
However, if you’re looking for insurance for a small business, you may find that these online calculators aren’t quite suitable for your specific needs. In this article, we take a closer look at online insurance calculators and explore why relying on them can be risky.
One reason you may choose to use an online insurance calculator is that it simply saves time. Answering a few quick questions on an online form is much faster than talking to an advisor, and you can receive a quote in a matter of minutes.
They’re often available for many kinds of personal insurance, making them a convenient and straightforward way to get a quote. Online calculators also let you tweak the details of your policy – for example, increasing the excess – so you can get a better idea of what’s best for you.
Online insurance calculators may offer a good jumping-off point for your insurance journey, but it’s important not to rely on them when sorting a policy for your small business. An insurance calculator’s data is often limited by the information you provide, so it may be missing key factors relevant to your business which will affect the price and product offered.
And of course, there’s always the possibility that you may enter your information incorrectly in the form, especially in some instances where certain terms or phrases may not be understood.
Ultimately, an online insurance calculator is less likely to give you the specifically tailored advice and quote that an insurance specialist can. That’s why it’s so important to speak to your insurance advisor – they’ll know about the risks of running a small business and how to cover you for those risks.
Insurance specialists work with the most relevant and up-to-date insurance rates and regulations, and your quote will be based around this information. If you’re at all confused or unclear about the terms of your policy, they’ll also be able to help you understand.
Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems, we recommend that professional advice be sought.
The key areas to a management liability policy.
Dedicated to making the complex simple and talking about insurance in a way that everyone can understand.
PI insurance covers you if a client makes a claim against you for financial loss
