7 Steps To Cheaper Commercial Business Insurance
Making sure your business is fully covered against disasters and unforeseen events
is not something you'll be able to do if you're not willing to invest a bit of money, but with that said, there are several things business owners can do in order to keep insurance costs as low as possible.Let's go ahead and take a look at seven steps you can take in order to stay ahead of the game.
Step 1 - Establish a Good Working Relationship with One Specific Company:
Commercial business insurance will inevitably cost you a small fortune if you have to rely on several companies for adequate cover. Instead, you need to find one particular company you're happy with, and then you need to entrust them with all your insurance requirements. In fact, if you take this approach, you could very well end up saving a few thousand pounds per year, depending of course on the type of business you run.
Step 2 - Never Fail to Include Insurance Costs in Your Budget:
As strange as what it may seem, many budding entrepreneurs tend to overlook the importance of including insurance costs in their business plan. They budget for employees, they budget for commercial vehicles, they budget for equipment and merchandise, but they seem to forget all about insurance. The reason for this is because they're under the impression that commercial business insurance is a relatively minor expense. Unfortunately however, most who fall into this league end up having a rude awakening, in that insuring a business can run into thousands of pounds annually.
Step 3 - Make Your Business and Business Premises Safe:
If anyone can simply stroll onto your business premises, and then help themselves to whatever they want, there's a strong possibility you'll end up submitting regular claims because of theft. The risk of vandalism is also greater, and of course insurance companies take all this into consideration. If you want to keeps costs down, get a good alarm system fitted; get security lighting installed, together with CCTV.
Step 4 - Avoid Unnecessary Insurance Claims:
If your premises are broken into, you need to weigh up the odds. In other words, how much did your business loose? If the loss is quite small, it may be better to pick up the tab yourself rather than submitting a claim. If you do claim, you could end up seeing a sudden spike in your premiums.
Step 5 - Let's Talk Liability Cover:
Liability cover is perhaps one of the most important aspects of commercial business insurance. If any member of the public gets injured on your premises, or because of goods you manufacture, you can be rest assured they're going to claim.
Step 6 - Settling On a Suitable Excess Amount:
The higher you have your excess set, the lower your premiums will be. Of course this also means you'll have to pay a bigger amount up front if you ever do submit a claim. Basically, you should never set your excess higher than you can afford.
Step 7 - Getting Rid Of Safety Hazards:
This is particularly relevant if your business deals with the public. Simply put, you need to ensure that nobody is in danger when entering your premises. That means there should be no slippery surfaces, there should be no trip hazards, no electrical hazards etc.
The premises should be made as safe as possible in order to minimize the chances of you being held liable for an injury to a third party. You can then have your premises inspected by a health and safety officer. If you have met all their requirements, you'll be given a certificate, and if you can show this to the business insurance company, you'll inevitably qualify for reduced rates.
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