How to reduce your business insurance by up to 30%
Commercial business insurance is a key and important piece of insurance for any and all businesses. Every year commercial business insurance costs vary from £50 to upwards of £1000 depending on the type of insurance. Many people are unaware, though, that there are many ways that they could reduce the cost of business insurance year-in and year-out; here’s how.
1. Ensure employee and public safety
Employer’s liability insurance and public liability insurance are two important parts of any business insurance package. The more often your insurance is claimed, the more often the premium on it will increase yearly. As such, one of the best ways you can keep the cost of these two insurances down is by implementing infrastructure to keep your employees and the public safe and away from harm. On average businesses pay £110 each year in both employer’s liability insurance and public liability insurance; keeping their safety in mind will help you to cut down on these costs.
2. Use a broker
When it comes to insurance, it can be very difficult to find what kind you need. There’s a high likelihood that the insurance you have could be redundant or unnecessary. A broker is someone who will give you advice and help to tailor the insurance to your company’s exact needs.
3. Improve security systems
Each year, businesses spend £132 on cyber insurance. With the world being at the peak of the digital age it is highly likely that your business could be targeted. Any breach of security or data leak could be damaging to your company. Having sufficient protection (i.e. firewalls and other such security) could help reduce the cost of your cyber insurance.
4. Compare rates yearly
Insurance costs can fluctuate yearly, as well as between insurers. Some businesses may think that they are insured perfectly and have may have no issues with their current insurance. But, they might be able to get lower costs on their insurance if they speak to other brokers and insurers.
5. Adjust your deductible
Deductibles are a very simple way to adjust the price of your premium. Obviously when you increase the price of your deductible, you lower the cost of your premium. This can be an effective way of lowering your overall costs if you can afford it. Larger businesses may have a much higher deductible, compared to smaller businesses that may have a much smaller one.
How we can help
Trevellyan insurance brokers aim to secure the best prices for insurance. The cost of business insurance can be a very finicky thing, but we aim to secure the best price for businesses of any size. This includes cyber insurance, public liability insurance and more. If you’d like find out more about lowering the cost of business insurance, you can send us an email at email@example.com or contact us directly.
October 21, 2021
October 21, 2021
October 18, 2021