Five Steps For Finding Affordable Business Insurance
As any successful entrepreneur will attest to
, trying to run a business without having adequate insurance cover in place is nothing short of complete madness. Of course you're going to have to pay for good insurance, but considering the stakes, it's an expense which is well worthwhile, and besides, there are certain steps you can take in order to ensure you don't pay more than you need to.
1. Higher Excess
Many business owners focus primarily on a low excess when they're shopping for commercial insurance. This is of course because they want to pay as little as possible should their business ever end up on the receiving end of a disaster. The excess is the amount you'll be required to pay out of your own pocket should you ever submit a claim, so of course, the lower the excess is, the less you'll be expected to pay.
Unfortunately however, this also means you'll be faced with higher premiums. A quick fix solution would be for you to have the excess set slightly higher, as this would mean lower premiums. One thing to bear in mind though, is that you should exercise extreme caution here, because if disaster does strike, and you need to make a claim, you need to know you are financially capable of paying the excess.
2. Bundle Insurance Policies
Bundling insurance policies can see a significant reduction in rates. In other words, try to use the same insurance company for all your insurance requirements. When it comes to saving money on commercial insurance, this is probably the best advice anyone could give you.
3. Make Inquiries Regarding Possible Discounts
Most insurance companies offer a range of discounts when it comes to commercial insurance, but unfortunately they don't always do a good job at making these discounts known to potential clients. For example if your business is accredited by a certain association, you may qualify for a discount. On other occasions, insurance companies may be willing to recognise the fact that all your employees undergo certain courses relating to workplace safety, and as such, further discounts may be available. Basically, you need to ask the insurance company if there's anything you can do in order to qualify for additional discounts should they be available.
4. Loss Prevention and Lower Premiums
Providing you can satisfy the insurance company that you've taken adequate steps in terms of loss prevention, insurance will inevitably cost less. For example, the premises should have a fire prevention system, complete alarms, smoke detectors, and also a professional installed sprinkler system. You also need to have a recognised burglar alarm system in place. Preferably, such a system should also include CCTV.
5. Shop Around and Get Several Quotes
As with all types of insurance, you'll be amazed at just how much difference there can be in price from one provider to the next. As such, it's imperative that you shop around, and that you get quotes from several different companies. Even though this may sound as if it could be very time consuming, it needn't be. For example, there are nowadays many insurance comparison sites on the internet, and providing you've got an hour or two to spare, you can easily get a ton of quotes which you can then compare at your leisure.
Even though it's perfectly understandable that you would want to find the lowest business insurance rates possible, you also need to bear in mind that sometimes it's worth paying a little bit more if it means better cover. After all, it's your business which is at stake.
by: Tom Jones
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