Business Insurance Minefield

Starting your own business means having to sort out lots of legal things, food hygiene, registering with HMRC, registering with Southwark environmental health and, of course, business insurance. And what a minefield that is. As a newbie to all of this I wanted to get an idea of how much this sort of thing costs. I know what I need, public and product liability insurance but there are a whole host of other coverage that I might need too. To the interweb.

A few searches later I went on to the Money Supermarket website where they can compare quotes for you based on basic information that you provide. This turned up two quotes, one for £289pa and one for £307pa. Ok, so that is my ball park, right? I went to Simply Business, a similar comparison website but it specialises in business insurance and got a couple of similar quotes.

One of the pieces on information you have to provide is a telephone number, it’s one of the mandatory fields and you can guess why. Within 10 minutes of getting the quote on Money Supermarket I got a call from them asking if I wanted to proceed. I politely told them I was shopping around and would be in touch when I had made a decision. Next to call were Simply Business, I gave the same polite reply. However, they didn’t stop calling me for the next week and not just once a day it was at least twice a day. Eventually, after me ignoring them for a week they stopped. Don’t they know that I will now NEVER contact them again? At least Money Supermarket only called once. I know that this is someone’s job but they must realise how counter productive it is? No?

But, at least I had a number in mind for what I would have to pay, right? Again NO! One of my other jobs last week was to open a business bank account and after research NatWest came up on top (I’m already a NatWest customer which makes it all slightly easier). I had a meeting with a business advisor last week and as part of that they offer business insurance with 15% off for new customers. Result, I can get that £300 down a bit more. After about 20 minutes on the phone being asked many questions (will you be using asbestos, is there an ATM on the premises!!) I got the quote. £45, for the year! You could have knocked me down with a feather.

At first I thought that there must be something wrong but reading the policy it was the same cover that the £300 quotes were offering (give or take). After a few adjustments I took the cover out last week and even better there were no constant phone calls asking me if I wanted to proceed, they gave the information, allowed me to make my decision and were very helpful when I wanted to go ahead. Not sure what the moral of this story is but the internet is not always the best place to get good information! And NatWest were great!

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