What Will I Need For a Public Liability Quote?

This may seem like an easy question to answer, but in reality, this couldn’t be further from the truth, for one main reason. All insurance companies ask for different information. There is no need to worry, however, there is hope. Whilst all insurance companies ask for different information, there are some core questions asked by most of them. So here is a list of information you may need to provide in order to receive a public liability quote:

• Name: This will depend if you are a limited company, partnership or sole trader. If you are a limited company you will need to provide the full name of your company as it appears on companies house. If you are a sole trader, you will need to provide your given name (not your nickname) i.e. if your name is Steven, this is what you will need to state and not Ste. If you are a partnership you will need to state your given name and that of all the partners involved within the business. It is vital you get this information right as this is your legal entity. If you have a trading as name now would be the perfect time to give this.

• Risk Address: This is the address your business operates from. If this changes during your insurance period it is imperative you inform your insurance company, failure to do so could lead to a rejection of a claim.

• Renewal date/current insurance company/target: The reason your broker will ask this information is they will need to know the following; when to start your new policy from, a broker will not want to approach your current Employers liability insurance Stockport UK company for a quote, and brokers can get much better rates from insurance companies if they have a target to work towards.

• Level of Liability: The standard cover comes in the following increments – 1, 2 and 5 million. You can get higher than 5 million but this is non-standard cover and would require a specialist broker.

• Estimated annual turnover: This is so the insurance company can evaluate the amount of work your company does.

• Wage roll: This wage roll should include all wages paid out including directors and partner’s wages. The Professional indemnity insurance Stockport UK Company may also need a breakdown of where those wages are going, for example how many driving staff do you employ and what are their wages? Or how many woodworking staff do you employ along with their wages? Different employee types will pose a different risk as far as the insurance company is concerned and they will charge appropriately.

• Any claims or claims refused, criminal convictions, insolvencies, bankruptcies, CCJs, insurance refused or cancelled: This information is called a material fact, ensuring you answer these questions honestly and correctly is vital, failure to do so can result in your policy being cancelled or the pay out of a claim refused.

• Business description: Not all insurance companies cover the same occupations, some industries such as the spacecraft industry is considered high risk. This could affect not only the price of the policy but also the insurance company willing to quote. So being accurate is important.

• Anything out of the ordinary: There can be a lot of options to think about, from do you handle any dangerous chemicals, to do you work with heat, and anything in between, this could affect how the insurance company rates your quote.

These are the main pieces of information your insurance company or broker will want to know, so if you have this ready you will be one step ahead and more prepared.

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