08458 733 133
8 tips for cheap business insurance
UK business insurance premiums have risen steadily over the last few years and this trend is unlikely to change in the foreseeable future. With businesses being forced to review costs, finding cheap business insurance has never been more relevant.
Some factors in your industry that influence finding cheap business insurance are never going to change. If you operate in a high risk environment or high risk marketplace your business insurance premiums will no doubt reflect this. There will be little you can do to influence your general insurance rating. At the end of the day a librarian will always have a lower employers liability insurance premium when compared to an oil rig worker.
Likewise, you will not be able to do much to influence the claims history of your company which is another important factor in determining if you might find cheap business insurance.
There are however a number of things that you can do to make sure that your company is in the best position possible to find cheap business insurance or reduce your current premiums:
Double Insurance Check
You may not be aware of it, however your business could be paying for some insurance twice over. Many businesses are members of a Professional Body, Chamber of Commerce or Business Federation. Such organisations sometimes include insurance cover within their joining fees. Check with them, look at the small print and then reduce your business insurance premiums elsewhere accordingly.
Health & Safety
Implement a rigid health and safety policy that takes consideration of employee and business risks. Instil this into your employees with regular training whilst documenting the training and development of your programme. Some insurers will look at your records in this area and will take into account findings when considering your business insurance premiums. Of course the idea is to prevent accidents, so by having a functioning health & safety programme you will minimise accidents, reduce claims and thus have a better looking claims history which will count towards lowering your business insurance premiums and finding cheap business insurance at renewal time.
General Training
Apart from the obvious benefits of health & safety training, there will be insurance related benefits when paying special attention to providing other staff training. This especially relates to employees who work in customer facing roles, are engaged in hygiene related activity, work in advisory roles or are involved in any higher risk business processes. Try to identify the business risks due to shortfalls in training or employees neglect of using best practice. If you can do this you will be heading off situations that will lead to claims and thus reducing future business insurance premiums.
Documentation
Do you document your business processes, maintenance histories, signing in logs, staff training etc? The process of documenting your business activities is in essence being able to prove your history. When it comes to getting insurance quotes, if you cannot evidence some, or all of these elements then you may miss out on cheap business insurance offers and available discounts.
Contractors Policy
Should your business employ contractors, then you should require that they produce evidence of their insurance and liability cover before they commence any customer facing work. Failure to do so will leave your business open to the risk of litigation should your contractors ever be found to be at fault.
No Claims
Make sure that you document any incidents and accidents, however consider making a claims for them carefully. In finding cheap business insurance, your claims history is everything in terms of how you are perceived. Your insurance broker can advise on the likelihood of savings or premium increases depending on your claims history.
Risk Management Strategy
A forward looking approach to your commercial risks should enable you to determine a method of identifying risks and dealing with those risks. If you can show your insurer evidence of a developed risk management strategy, this will in most cases lead to lower premiums and cheap business insurance quotes. Often a first stage of addressing this would be to speak to your commercial insurance broker about quick wins. If you can indentify risks which can reduced easily then you would have an immediate reduction in business insurance premiums. EG. The simple installation a security system at your premises may lead to a significant reduction in your insurance premiums.
Getting The Insurance Right
If your business has developed but your insurance cover has not, then you may be underinsured or over insured. Either option presents potential issues of either exposing your business to unmitigated risks or paying out for unwanted services. Aim to meet your insurance broker for a commercial insurance review at least once a year in order to keep up to date. You will have the opportunity to assess your current risks as well as to examine new insurance products that might provide savings and ongoing cheap business insurance options.
Business Insurance for Limited Companies, Sole Trader, Small Business or Multi-million Pound Turnover.
Complex Risks Insurance ~ Property Investors Insurance ~ Directors & Officers Insurance ~ Commercial Liability Insurance
Business & Employee Travel Insurance ~ Office Insurance ~ Pub Insurance ~ Guest House Insurance ~ B&B Insurance Business Insurance Advice ~ Engineering Insurance ~ Professional Indemnity Insurance ~ Fleet Motor Insurance ~ Taxi Insurance ~ Hotel Insurance ~ Private Client Insurance ~ Landlords Insurance ~ Property Owners Insurance ~ Restaurant Insurance ~ Employers Liability Insurance ~ Public Liability Insurance ~ Product Liability Insurance ~ Commercial Property Insurance ~ Shop Insurance ~ Contractors Insurance ~ Tradesman Insurance ~ Courier Insurance ~ Retail Insurance ~ Haulier Insurance
High Net Worth Insurance ~ Commercial Insurance Cover ~ Commercial Motor Insurance
A single phone call and you can access our entire range of cheap business insurance policies.
Connect with Carvel, call us now on 08458 733 133
You are viewing the text version of this site.
To view the full version please install the Adobe Flash Player and ensure your web browser has JavaScript enabled.
Need help? check the requirements page.
