Let’s face it. No one likes paying for an insurance policy, but it is an absolute necessity for every business no matter what the size. Particularly for businesses that employ people as it is a legal requirement to have insurance in place.
Insurance should certainly not be a ‘race to the bottom’ in terms of policy cost as it is vital to make sure that you have the appropriate level of cover, however, there is also no needs to pay over the odds.
This is a big reason that we recommend using a reputable broker and we have outlined a few tips below.
Paying in one go annually rather than monthly for your policy will save you paying an additional cost. It may seem like quite a large payment, however as your monthly payments are often made up of a loan the additional cost will be attributed to interest.
You should review your policy annually as this will not only make sure that your cover remains appropriate, but also that your premium does not creep up every year.
Minimize The Risk
It is important to remember that preventable losses are avoidable losses and things such as safety training, driver training, telematics, CCTV, sprinklers, and other actions to minimize risk can help reduce your premium.
We recommend that you carry out regular risk management reviews to help guide these processes and highlight any additional measures that should be put in place.
Only Pay For What You Need
The last tip is to get the right coverage and only pay for what you need. However, whilst you should not pay to cover things, which are not required, you will also want to make sure your cover does not leave you with gaps and exposed.
A reputable broker will make sure that you have the right level of cover in place and that you not only do not overpay for your policy but have the right level of cover for your business.