Money Saving Tips For Insurance!
Reducing your business insurance premiums without compromising coverage is possible with a strategic approach.
Here are some examples of how this can be done:
- Increase Deductibles: Opting for a higher excess can lower your premiums. Just ensure that you can comfortably afford it in the event of a claim.
- Bundle Policies: Many insurers offer discounts if you bundle multiple types of insurance (eg. property, liability, and business interruption) with the same provider. This can simplify management and reduce overall costs.
- Implement Additional Risk Management Measures: Enhance safety and security at your business to lower the risk of claims. This could include installing fire alarms, security systems, and surveillance cameras, as well as regular maintenance and staff training on safety protocols. You may qualify for a discount when extra safety/security measures are implemented.
- Regularly Review and Update Coverage: Periodically review your policies to ensure you’re not over-insured or paying for unnecessary coverage. Adjust coverage to reflect any changes in your business, such as downsizing or removing obsolete equipment.
- Maintain a Good Claims History: Insurers may offer lower premiums to businesses with a good claims’ history. Implementing risk management practices that reduce the likelihood of claims can help maintain a clean record.
If you’re not sure whether you are properly covered, please don’t leave it to chance. Get expert advice before it’s too late and speak to the team at David J Miller Insurance Brokers. We can arrange a review of your details when it’s due for renewal so get in touch!