How to save money on your business insurance
Business insurance is a necessary expense that few business owners would resent, although there are times when the premiums you’re required to pay can seem a little onerous. Fortunately, there are ways in which proactive business owners can look to minimise their business insurance premiums without leaving themselves at risk, and more often than not, our security services can help. Take a look at just some of the ways that you could look to reduce your business insurance rates this year…
Reduce your coverage
Many businesses across the UK pay too much for their business insurance simply because the level of coverage they have purchased is a little excessive. If you feel like you’re paying too much, it’s worth taking a look at your insurance policy in detail and asking yourself whether you need to be covered in all of those areas. Of course, some levels of coverage are completely necessary for both practical and legal reasons, but others aren’t quite so essential. Unnecessary collision insurance on your older fleet vehicles or pipe insurance for your company’s plumbing may be costing your business hundreds or even thousands of pounds every year. If your business or those around you have changed – for example, empty properties becoming occupied or vice versa – you may find that your insurance coverage, much like your security measures, will need to be reassessed.
Minimise liability risk
The higher your company’s liability risk, the higher the insurance premiums you’ll be expected to pay. There are numerous steps one can take in order to minimise your business’ liability risk, but one of the most effective methods of doing so is to ensure that your company’s security is of a high standard. Effective security solutions that act as deterrents to thieves and vandals – such as CCTV monitoring systems, mobile patrols and manned guarding – will help to keep your premises and corporate property safe from harm, thus minimising the chances that you’ll make an insurance claim. Security solutions will often pay for themselves thanks to the money you’ll save on your business insurance premiums.
It’s an unfortunate truth of the industry that premiums are frequently calculated based on the location of your business premises. If your company is based in an area where crime rates are high, then your insurance premiums will no doubt mirror that increased risk. It’s worth considering a move if for no other reason than to restore your peace of mind and reduce your insurance premiums; take a look at the UKCrimeStats.com website to find out which areas near you are particularly high risk. If relocation isn’t an option, improving your security services may be the only logical choice remaining.
Update security coverage
We mentioned earlier that up-to-date security coverage will help to keep your premiums down, but it’s important to select your security systems carefully. It’s important to ensure that your business’ security solutions are effective and up-to-date if you want to keep your security premiums down. Innovative solutions that can prove their effectiveness (such as GuardSafe) may lead to further decreased premiums.
Business insurance can be an onerous expense, but our security solutions can help you to save money in future. To find out more about how we can help, don’t hesitate to contact us today.