subject: 10 Steps To Keeping The Cost Of Commercial Business Insurance Down [print this page] Insuring your business against unforeseen calamities can be a costly affair, but there is however certain measures you can take in order to keep the costs down as much as possible.
1 - Consider the Nature of Your Business:
It is estimated that approximately 40% of people starting out on a new business venture fail to budget for commercial insurance, with many believing that the cost of insurance is insignificant, and as such, it's of no real importance. To the contrary however, insuring your business again damage, losses and liability can run into thousands of pounds depending of course on the nature of your business.
2 - Liability Cover:
The importance of liability cover simply cannot be stressed enough, even if you only employ one or two people. In fact, even if you're the only person involved in the running of your business, it's equally important, because without suitable cover, you could face financial ruin due to a claim being made against you. With that said, don't be tempted to take out more cover than what you actually require.
3 - Bundle Policies:
Practically all insurance providers in the UK will offer substantial discounts to those who choose to bundle their insurance policies. In other words, if you already have one or more insurance policies with a specific company, you really should consider using that same company for your commercial insurance needs.
4 - Raise the Excess:
Basically speaking, the higher the excess, the lower your premiums will be, but of course if you ever need to claim, the amount you'll be expected to pay upfront will be higher as well. For this reason, don't be tempted to raise the excess too much, or else you may not be able to afford it should the need arise.
5 - Minimise the Risk of Liability Claims:
Make sure your business premises are safe. In other words, you need to ensure there are no electrical hazards such as exposed wires and/or connections which could result in someone getting electrocuted. Try and make sure there are no trip hazards, and also make sure there are handrails in place on all stairways. Even a minor injury resulting from a slippery surface could end in a claim costing you thousands of pounds.
6 - Have Alarm Systems Installed:
A good alarm system which includes CCTV will help to deter thieves, thus meaning there's less chance of you submitting a theft related claim. A fire prevention system should also be installed if you're serious about keeping the cost of commercial insurance down.
7 - Competency of Employees:
Having your employees do recognised safety related courses can also see a reduction in the cost of insurance, but this does of course vary from one provider to the next.
8 - Regular Evaluation:
As your business grows your insurance requirements will surely change as well. Perhaps you'll require additional cover, but of course there's also the possibility you'll require less.
9 - Embrace Change:
The cost of insurance changes from one year to the next, and what may have been the best deal last year, may not necessarily be the best any more. In other words, always consider the option changing to a different provider. Also, the area in which you operate may be considered high risk by providers, and in that case, it could be financially feasible to move your business to another part of the country.
10 - Don't Claim If You Don't Have To:
The more times you claim, the higher your commercial business insurance premiums are going to be, and even if you change providers, you won't qualify for certain discounts. Simply put, insurance companies don't like people who claim.
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