Is Going Direct Really Cheaper Than A Broker Or Price Comparison For Small Business Insurance?

The UK media is currently awash with advertising slogans from direct commercial insurance companies targeting small business owners in an attempt to make them switch their provider of business insurance.

‘Get 12 months cover for the price of ten’ and ‘You won’t find us on price comparison websites’ are typical of the slogans emanating from these companies, in a language more akin to the selling of car insurance than the traditional professional and almost stoic approach to the selling of business insurance cover.

In the current recession, price has become the determining factor in winning the war of market share for all goods and services and insurance is no exception. Prudent small businessmen and women are looking to cut costs in all areas of their business and the large direct insurance companies are well aware of this.

The large insurers are also aware that the UK market has over five million small businesses of which a fifth are sole traders, self-employed and people working from home, many of whom are familiar with purchasing their personal insurance direct with the provider, either by phone or on the Internet.

There are three types of provider in the current market for business insurance in the UK.

Intermediaries such as insurance brokers and agents, price comparison sites and direct commercial and business insurers.

Each has their own advantage and disadvantages, however whether one distribution channel is cheaper than another is often a subjective view from a particular trade, or dependent upon factors many of which cannot be quantified in price.

Direct Insurance companies claim to be able to offer cheaper polices because the cut out the costs of the middleman. It is certainly true that direct insurers do not have to pay an intermediary for the cost of the lead or introduction, however it is questionable whether this cost saving is actually reflected in the prices offered to the public.

Certainly there are economies of scale to be made by centralising the life-cycle of a policy from sales point to claim and renewal, however all those functions that are performed by an intermediary still have to be carried out in-house by the direct company and these have a cost.

Many large composite insurers often have distinct direct divisions with their own target market and premium rates. The same company may also have a broker or intermediary division or channel.

It is quite often the case that a large broker with a large book of business of, for example, small builders liability, will receive much more preferential rates then the same companies direct channel, because that insurance company wishes to retain that brokers clients.

Commercial Insurance brokers then are often able to offer preferential rates because they have more flexible schemes and arrangements than the direct channel.

One of the main benefits of using an insurance broker or intermediary in purchasing commercial insurance for small business, cannot be quantified in price and is worth the commission or fee that they may charge. That is advice, market and product information and knowledge, access to various markets such as Lloyds and some human help if the worst happens to a business and a claim is needed.

A commercial or business insurance broker is often able to negotiate far better claims settlements than if an individual were to deal direct with the insurer. The main reason for this is once again the insurer wishes to retain that brokers share of the total risk pool and will often pay out to a broker on an ex-gratia basis. This cost of this service is not quantifiable at the quote stage where small business cover may well just be valued for the price paid or the covers bought.

The third major way in which small business owners can purchase cover is by visiting a price comparison website. All the major UK comparison sites have recently begun to offer online cover aimed particularly at the small business sector, with under 50 employees. This is in direct competition with the direct insurers for television and media advertising space, aimed in particular at self-employed tradesmen and women who require business liability insurance and perhaps commercial van cover.

The comparison price proposition is that they can compare the market or at least a small section of it, to find the cheapest business insurance. They often do not provide any assistance in the purchasing decision-making process and the reality often is, that the cheapest commercial and small business insurance can be found in one of the other distribution channels.

It is therefore important that a small businessman shops around and takes some time to compare offerings including premiums, covers and services from all three sales channels. Prices tend to vary immensely by trade across the direct, broker and comparison markets and often it is a case of finding the provider or supplier who is the industry leader for a particular business type or trade in order to make large savings.

5 Internet Marketing Tips Small Business Owners Need to Know

Online corporate giants almost always intimidate small business owners who are starting a business online. After all, these corporate giants have the money, time, and professionals in order to make their website businesses profitable. Online marketing for business may cost thousands of dollars, and because of this discourages some small business owners to not follow through with the e-business strategies they have in mind.

However, most people don’t know that business internet marketing is not always costly- it just always has to be effective. For small business owners who want to figure out business marketing online by themselves, here are five internet marketing tips that can help you work on internet business marketing effectively and for FREE:

Why Spend When There are FREE Tools?
Inexperienced small business owners can easily be persuaded to purchase expensive internet marketing tools because of advertisements with “flowery” and promising words. Our advice to SMO’s is this: use Free Internet Marketing Tools to market your site, generate traffic, and learn the Internet Marketing process through experience. You may purchase professional Internet Marketing software only when you understand how it works, lest you want to waste money on a product whose potential you cannot maximize.

Work on Your Email Campaign
The email campaign is the most intimate and effective approach for internet marketing for business. Connect with people who are already interested in your products or services. In this way, your marketing efforts will pay off through direct sales that are most likely made from customers who have subscribed to updates from you (which means that they want your products and services).

Embrace Social Media Marketing
Connect with as many people as you can for FREE by using Facebook, Twitter, and any other social networking site. Signing up is free and it’s easy to find contacts (and prospective clients) by simply adding friends and regularly posting updates. The beauty of social media marketing is this: the network of contacts is virtually endless and it’s up to you to make your own network grow.

“Give in order to receive”
A clean method of internet marketing for small business is offering free eBooks and software downloads that can lure interested site visitors. Join forums and share your knowledge and expertise. Prove that you are a company with a genuine interest in your clients rather than merely being a money-making effort by a work-at-home individual.

Let YouTube Help Your Business
People have the tendency to watch videos over reading boring text, so make it a point to be active in YouTube and post related videos. This approach for internet marketing for local business is especially effective in reaching out to young audiences.

VoIP Business Solution – Today’s Modern Office

With today’s current communication technology many businesses are seeking out a Business VoIP solution to connect their office VoIP PBX with a VoIP provider service to decrease cost of company calls dramatically. This is obvious from the fact that a traveling sales representative once had to report to the corporate office about the sales figures through public phones or mobile phones.

The most rewarding benefit of a VoIP business solution provides your company with the ability to virtually operate your business operation from any location, plus having the flexibility allowing your employees to work from home or wherever them may desire.

Wireless VoIP provides huge flexibility to a workforce that is geographically spread out, VoIP solution employees can be connected to a WiFi-based home and office networks, meaning they can be quickly reached wherever they are. Users can easily activate any working telephone into their office phone, allowing them to place and receive calls from remote phones, have the ability to display a business line ID and route billing calls back to the office.

Wireless VoIP can also dramatically improve call quality, especially in congested areas such as office blocks; basements etc where traditional mobile network coverage is usually patchy at best.

The advantages of a VoIP business phone system, all the offices on a LAN or WAN can share the benefits of having a common office phone system. In addition, even if you have offices at different locations, Business VoIP allows calls between them via extension dialing, making it a zero cost call. VoIP also allows you to safely set up a fully functioning office anywhere a broadband connection is available including the home office and telecommuters.

Today’s office voice communication systems feature call forwarding, voice mail, conferencing, hunt groups, hold and divert, and more. VoIP business services allow company offices to make calls to one another by dialing extensions that may be in the same office or at a remote office without incurring long-distance charges. This modern day technology also allows business managers now to conduct meetings with full audio-visual interaction from the safety and comfort of their office or home or anywhere there is a high speed internet connection.

Many companies use a central office exchange service know as Centrex, which is basically a VoIP PBX solution in which all routing occurs not on company premises, but at the local telephone company. With a business class VoIP T1 system, service is usually delivered to your office and provides both VoIP voice lines and Internet service.

Businesses with Centralized Operations: Since VOIP Hosted PBX service combines all business locations and remote employees together under one system, if a business has an office in an area affected by a disaster, they can easily direct one of the other office locations to handle all calls being made to the affected location. Make sure to compile a list of all the features your business or office and may benefit from today, and possible future expansions as your business grows.

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