If you’re starting your insurance journey, you’ll more than likely have come across online insurance calculators. These are a quick and convenient way to get a quote, ideal for individuals looking for straightforward 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 requirements. In this article, we take a closer look at online insurance calculators and explore why relying on them can be risky.

The benefits of online insurance calculators

One key reason you may opt 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 allow you to tweak the details of your policy – for example, increasing the excess – so you can get a better idea of what’s best for you.

Why online insurance calculators are not suitable for most small businesses

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. You should remember that because an insurance calculator’s data is often limited by the information you provide, it may be potentially missing key factors relevant to your business and so 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 terminology or phrases may not be understood.

The importance of tailored advice and speaking to a specialist

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 be more likely to 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.

Small business insurance from Towergate

Don’t rely on online calculators to find the best policy for you – our specialist advisors can tailor your cover to fit your small business’ unique needs. Speak to your Towergate adviser to find out more.

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.