Saving Money on Business Insurance
Heres a selection of tips on how to make finding a business insurance policy that little bit easier.
The most important factor when choosing business insurance is making sure your business is adequately covered. Check in detail that a policy and its conditions cover you for your needs and the laws for your state. Certain types of business insurance are mandatory by law.
Once youve made this assessment you should then only consider the price difference between the insurance companies that provide the correct level of cover.
How many business insurance quotes will I receive?
There are a lot less business insurance companies compared to the home and car insurance industry, so dont worry if you only receive a handful of business insurance quotes. There may also be some companies that you havent heard of.
For your assurance, read the details of the insurance policy carefully, and look at the insurers that back each of the brands listed.
Reducing the risk of your business.
Reducing your businesses (and your propertys) risk, will help you reduce the premium. There are a number of factors that may contribute to cost.
Some examples are; the types security and alarm system your business has, the location of your property and the type of work you do (e.g. height and heat can be considered high risk).
How long has your company been trading?
If you have been trading for longer and have subsequently demonstrated that you run a successful business, an insurer may offer you a small discount in recognition of this.
Equally, if your company is a recent start-up, you may find that your first year of cover is a little more expensive than average, but this should drop with each successive year of operation.
Cheapest isn’t always best
Dont try to reduce the price of insurance by reducing the levels of insurance on your property cover if you underinsure its unlikely you will get the full payout when you make a claim.
Pay attention to the different levels of cover that each insurer provides, and relate this back to the price.