While getting the right cover from your business insurance is essential, you will still want to keep your insurance premiums down. We've put together a list of things you can do to reduce your insurance premiums without compromising your cover.
Reduce workplace risk
The best way to keep your insurance premiums down is to reduce the risk in your workplace. By ensuring that equipment is regularly maintained, health and safety standards are met and staff are well trained, you'll be able to reduce the risk of an accident in the workplace, in turn, reducing your insurance premiums.
Take advantage of a no claims bonus
Some insurers offer a no claims bonus, so by maintaining a good record with them you can cut the cost of your insurance premiums even further.
Don't insure unnecessary risks
Paying for extras that you don't really need pushes up your insurance premiums, and wastes your money. Think about what really needs to be covered - for example, a law firm might not need goods in transit insurance, but will definitely need professional indemnity cover.
Beware of false economy
Although you want to keep insurance premiums down, make sure you don't cut corners. While false economies such as under-insuring your assets will reduce your monthly insurance premiums, any claims you make will be equally reduced and could end up costing you far more than you saved.
Increase your excess
If you can afford to bear some of the costs of a claim, then increasing your excess will lower your insurance premiums.
Find best buys
Comparing providers so that you get the best deal is a great way of reducing your insurance premiums but make sure that you still get a good level of cover with any cheaper deal.
How uSwitch for business can help
uSwitch for business compares business insurance on your behalf to save your business time and money. We'll work out exactly what you need - and we'll take care of all the paperwork too.
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