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Cheap Business Insurance
Any business owner may be expected to seize the chance of reducing overhead costs. Reducing the expense of actually running your enterprise, of course contributes to the success of its bottom line.
With this target in mind, here are 5 ways you might approach the topic of getting cheap business insurance. Do note, however, that what you consider to be cheap business insurance may be different to that of a neighbouring business. While some business owners will put price first over everything, others may opt for more comprehensive cover that they perceive is cheap for what they are getting.
1. Value for money
Price may be important when comparing insurance for business risks, but it is likely to be only part of the story.
What is probably more important than price alone, is the need to match the insurance needs and requirements of your particular business to what might be a bewildering array of products available in the market.
The quest, therefore, is likely to be for business insurance that represents good value for money – the goal we are also striving for here at UKinsuranceNET.
2. Compare quotes
Although we search high and low for the best value for money for your business insurance, that does not mean you have to accept the first quote you receive.
Ask for more than one quote and establish to what extent one may offer better cover than another for a more competitive price.
You might be saving money in the longer run, for instance, if a particular insurer offers business interruption insurance as a standard feature of the policy and saves you the expense of having to arrange that particular element of cover separately.
3. Your record
Insurance, of course, is all about risk – and the longer you have been trading the more likely is any insurer to recognise your having steered clear of the more obvious risks for some time.
This recognition may lead to a discount on the premiums you pay, as may any no claims discount you may have been able to accumulate – and if you have earned it, you need to make sure that any insurer gives it due regard.
Sharing the risks with your insurer by taking on a greater excess sum is one of the conventional ways of reducing the cost of insurance premiums – and it is something which may work equally effectively when arranging your business insurance.
An excess is effectively an uninsured risk and you remain financially responsible for that amount in the event of a claim – you need to keep in mind, therefore, the additional costs you face in the event of having to make a claim.
You might also want to keep in mind the fact that excesses are typically not available for those elements of insurance cover which you might be legally obliged to hold – employers’ liability insurance, for instance, and in some cases professional liability insurance.
5. Security and safety
By a similar rationale, the more you are able to demonstrate to any insurer the attempts you have made to reduce the risks faced by you and your business, the greater the likelihood of your securing cover at a competitive rate.
This might apply to the physical security of your business premises and its contents – by improving the standard and quality of locks, fire and security alarms, for example – but also any steps you may have taken to improve your own safety whilst at work (safety harnesses you might be using, for instance, if you are working at heights as an aerial erector or tree surgeon).