Get multiple quotes
Shopping around for insurance prices is key for making savings. Business insurance providers do not all follow the same pricing structure, so you may find cover much cheaper by obtaining quotes from multiple insurers. It’s important to ensure you compare like for like policies however, as not all insurers offer the same standard level of protection.
An easy way to compare insurance prices is to use a price comparison tool such as Compare Business Prices. Tools such as these make obtaining multiple quotes quick and easy, and can save you significant amounts of money.
Review your excess
Like many insurance policies, business insurance generally requires the policyholder to pay an excess in the event of a claim. Different insurers have different minimum criteria when it comes to excess fees, but most will let you choose to increase it to bring down the cost of the insurance premium.
This can be a good way of reducing your overall policy cost, but it’s vital to make sure you only raise it to what you can afford, or are willing to pay, if the time comes.
Cut unnecessary coverage
Many business insurers offer an abundance of extras when it comes to taking out a policy, but it’s worth reviewing what extras you really want, and whether they are worth paying the additional costs for.
Typically, the more cover you have in place, the less an unexpected event is likely to harm your business, but adding on multiple insurance additions can soon hike up the price. The decision comes down to how much risk you are willing to take, so it’s a good idea to carefully consider any potential impacts before proceeding with any policies.
Reduce your risk
Generally, business insurance policies premiums are based on how much risk your business is perceived to pose to the insurer, the more risk your business carries, the higher your premiums will be. It’s worth speaking to your insurance company to discuss what measures you can put in place to help reduce your business’s level of risk.
- Ways to reduce business risk can include:
Reducing the level of risk your business threatens will likely result in fewer claims for lower amounts against your business insurance policies. This can result in your insurer willing to reduce their premiums, so speak to your provider to find out their recommendations.
Pay in advance
Many insurance providers will offer a discounts to those who pay in advance for their cover, such as purchasing 3, 6 or 12-months at a time.
This will result in having to pay a large lump sum at the start, but doing so can make a significant saving in the long term. If you’re not in a position to do so straight away, start budgeting for the renewal so you can next time round.
Negotiate
Great negotiation skills are built into many successful business owners, so why not use them? There is no guarantee that insurers will negotiate on their prices, but there is no harm in asking if they can reduce their costs. Even if they are unable to reduce it straight away, they provide you with some helpful tips, or offer to review the policies with you to help reduce the cost in another way.
Look for package deals
Many business insurers will offer a variety of business insurance types, and if your business needs more than one type of insurance, ask your provider if they will offer a discount when purchasing together. Many insurers offer package deals that work out cheaper than buying the policies individually, so you may be able to reduce the overall cost by sticking with one insurer.
Summary
Yes, business insurance can be expensive. But the cost of not having the right policies in place can be destructive. Finding the right policies at the price can be easier than you think with tools available to help such as Compare Business Quotes insurance comparison service.
Start comparing policies for your business now.
