Cutting the Cost of Your Business Insurance

By Webb Ward

Posted: 15th May 2014 09:36

It’s not cheap to run a business.  From the cost of premises to staff wages, even the smallest of companies can result in a huge hole in a business owner’s bank balance.  For new companies these costs tend to be compounded, as most companies won’t turn a profit in their first year and some remain in this state for two years or more.
 
It’s therefore vital that all businesses are aware of the measures they can take to reduce operational costs, without compromising the integrity of the company or the safety of either employees or customers.  And one of the best places to start is with your insurance.
 
Insurance as Requirement
 
Insurance may be expensive but it’s required by law.  So don’t think that you can reduce costs by simply doing away with your insurance.  But there are ways in which businesses can reduce the cost of their insurance, simply by attending to a few important factors.
 
Increasing Confidence
 
Increasing the amount of confidence that your insurance company has in your business will go a very long way to helping reducing the cost of your business insurance premiums.  Much in the same way that a car insurer’s black box works, taking certain steps to protect your business will almost certainly help instil trust in your insurance provider that they won’t be making any large payouts anytime soon.  Installing a JMC Secure security camera system is just one example of a way in which you can make your business less of an insurance risk.
 
Obtain a Top Notch Health & Safety Plan
 
Companies who have outstanding health and safety policies are much less likely to pay tremendous insurance premiums.  But health and safety isn’t just about risk assessments and fire drills.  Instead, you should have a comprehensive plan in place which is overseen by a member of your human resources team.  Training should be reinforced amongst all staff at regular intervals, and you should have a dedicated file which both you and your insurance company may refer to.
 
Shop Around for Insurance
 
Possibly the best way to reduce your business insurance premiums is simply to shop around for a provider.  Utilise both on and offline resource to find the best deal for you, and don’t be afraid to play independent brokers off against one another until you are able to obtain the best possible quote.  Having a well organised health and safety file, as well as a comprehensive insurance history for your company, will ensure insurance providers have no reason to not offer you their best policies.

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