Five ways to save money on your business insurance

Insurance is a must have for any business. The earlier you make a decision about having insurance, the earlier you avoid unnecessary costs on lawsuits, injuries and other unfortunate events. Also, getting informed regarding your insurance plans can help you to cut down the costs. Not considering the level of your business, you too want to lower the costs while protecting your business without feeling pressured. We will make it easier for you. In this unbiased article, we will share simple ways to save money on your business insurance.

Maintain good health and safety standards

You are accountable for the health and security of your workers while they are at work. To prove you care, you should have Employer Liability Compulsory Insurance to cover for injuries and sickness suffered by your employees while at work. Maintaining proper safety and health standards in your place of work can indicate lower insurance premiums. You should demonstrate the right use of Risk Assessments and Method Statements, and confirm that these methods authentically lessen accidents in the workplace.

Compare business insurance

Comparing is the best way to choosing a product that fits your needs. Due to the advanced technology, businesses are going online. If you want to get the right deal for your business, consider comparing the insurance quotes online. It is just simple, and you can get a low-cost quote for your business. As a business owner, you need a matching commercial insurance cover for your business. It is, therefore, good to carry out deep research and compare the quotes before choosing one. This way you can avoid going for the high coverage.

Inform your insurer about your business experience

Your business insurance experience is crucial if you want to reduce the costs. Tell your insurer how long you have been doing business and show him that you run a successful and productive business. It might help you to negotiate the premium costs with your insurer as he might take this into account. It is noteworthy that for every succeeding year you have been trading, your business insurance should fall a bit to reflect that.

Pay your premiums on time

Always remember that poor business credit history or unpaid insurance premiums will, without a doubt, haunt you no matter where you are. Some insurance providers do not offer forgiveness even for a slip-up. Late payments will only add expenses that might make you see insurance policy as a burden. Paying on time can help to sort out this problem. You can as well choose to pay earlier or ask your insurer to send you a reminder each time of payment.

Calculate your risks and protection

Ensure you do not have an additional cover. For example, if you do not use a car for your business, then you do not need commercial auto insurance. Similarly, if you do not have workers, you don’t need to have employment practices liability coverage. Only insure yourself for the risk you face.

Conclusion

Treat your business insurance as a planned expense and not an afterthought. It might help you to reduce the amount you spend on your full coverage. A successful commercial insurance requires a strategic approach.

Factors to consider when picking an insurance provider

It is common for any business person to ask about the factors he or she should consider when choosing an insurance provider. This is because there are several business insurance firms that make it difficult to decide on which one is the best. Some companies have incurred losses in the past because of choosing the wrong insurance provider. You would save more of your time and funds if you invest time doing research before settling on your preferred company. Read this entire article to find out the factors that you should consider when choosing an insurance firm.

Experience

They say experience is the best teacher. And so it is when it comes to choosing an insurance company. Take your time to find out if your preferred insurance company has all the experience to provide for your needs. An experienced firm could help you to avoid unnecessary risk or loss. It is, therefore, crucial that you do deep research so as to find an experienced business insurance company that can that can meet your needs.

Price

This is worth mentioning. Insurance companies have different prices for different public liability insurance coverage. You should thus find the firm that has the prices that fit your budget, a cost-effective package. You can achieve this by comparing the quotes online from many businesses until you find one that fits your needs. Don’t just settle on the first company because when the deal is too good, just think twice.

Customer service

You don’t want to hire the services of a company whose support team is not available or has a poor customer service. Investigate on how this insurance firm handles its customers. A good company should be able to respond promptly to their clients regardless of the time of the inquiry. This is an essential thing to consider. Don’t settle for an insurance company that won’t be available to answer your queries when you urgently need their help.

Financial stability

This element is vital. A company that is financially unstable may result in you incurring losses and losing your insurance policy.  More often financially unstable companies fail, and this can be painful if it happens to you. You can request them to provide you a financial statement, or you can search on the internet on their stability.

Legal accreditation

An insurance company that is accredited by the government is the best to choose because you have a guarantee you will not be conned. Certified companies stick to the insurance regulations, rules, guidelines and policies as compared to the illegal ones. It also makes it simpler to trace the company in case something happens because its details can be easily available.

Conclusion

Every company has a reputation. It is up to you to find out the reputation of your intended business insurance company. Using the internet, you can find all the information you need regarding the company. Check the reviews that clients give on their website all across the web, especially negative reviews. Some of the reviews that you should be interested to find out about include compensation policy. If they have a negative review on such issues, you should avoid the company.

Business interruption insurance: What should you know?

If you are a business personality, then you know what it means to have business insurance. A disaster such as fire always comes at the least expected time. You can lower the effects of such catastrophic events by including business interruption to your business insurance coverage to protect your business from loss of income arising as a result of these hazards.

What is business interruption insurance?

Well, the name speaks it all. This type of insurance covers for loss of income which may occur as a result of business interruptions due to a disaster like a fire. In such occasion, your business running may be interrupted as you will be forced to stop working due to damaged equipment or other reason. During this period, you will have lost income.

Does it matter that I have one?

An insurance cover is essential for every business because it protects businesses against unforeseen or unpredictable circumstances that strike without notice. Business interruption insurance reduces your worry about additional expenses triggered by interruptions. Therefore this type of insurance is very crucial, and every business owner should consider purchasing one. And yes, it matters that you have one.

What to consider when buying business interruption insurance

Loss of revenue can result in complete loss closure of business especially if it is a startup. Just like other business owners, you too value the need to make sure the industry will continue to exist during the period of shut down and even afterward. Business costs like lease payments, salaries for staff retained during this period, loans, and utilities are some of the expenses that require to be taken care of even as repairs for the property are going on. It has been confirmed that businesses that do not have this type of insurance have a hard time restoring their business to their early state in the event of a catastrophic incident.

The business interruption policy can protect much more than just loss of income. It can cover the following as well:

  • Supplementary costs incurred to restore the business to its earlier state
  • Claims preparation costs for example auditors and accountants fees
  • Prevention or impediment of access to your premises caused by an insured event,
  • Interruption caused by a failure of supply from a public authority resulting from a covered event, or even a murder at your property

Business interruption insurance may also cover your losses after any of the following:

  • Damage to possessions used by you at your site caused by an insured incident for example the landlord’s structure, a sub-station on your location owned by a power or telecommunication company
  • Damage to a client’s area triggered by a covered risk
  • Loss to a supplier’s property caused by an insured threat

Insurance costs for this type of coverage depend on the risk elements involved. However, it is averagely affordable and can safeguard your business.

Bottom line

While you think of whether or not to include Business Interruption Insurance to your commercial insurance coverage, it is crucial to keep in mind that it is necessary. Just a short closure is enough to wipe away your business without a trace.