Beware of online insurance deals

The popularity of purchasing insurance cover on-line is rising - but businesses should exercise caution when buying “off-the-shelf” insurance.

Experts at BiB in Darlington, Spiral’s approved insurance broker, are warning that many businesses are being attracted by low prices on the internet – only to discover later that when they need to make a claim, they are not covered.

Denis Pinnegar, Business Development Director at BiB, said: “This is this type of situation that leads to the insurance industry as a whole being criticised.  No-one wants to pay insurance premiums month in, month out, only to find that no payment is forthcoming when you need it.

“People have to understand that the adage ‘you get what you pay for’ is never more apt than for insurance. There are serious dangers and shortcomings in dealing with critical risk areas on the internet.  

“Many sites simply sell insurance like it’s any other product, with little or no expert guidance behind it.  Websites don’t ask the detailed questions needed, and this leads to policies being set up that do not meet the cover required.

“Brokers recognise the need for businesses to keep costs down, but policies that provide inadequate cover could prove to be false economy.

“Independent brokers not only have a wide and varied market to choose from, but will also take the time to learn about each individual business to ensure that a policy meets its specific needs.”

BiB can offer advice and quotations on a wide range of insurance policies.  If you would like to speak to a BiB representative, contact us here at Spiral.