As a small business owner a major part of your role is to keep your company operating profitably.
There are various ways to do this, and in today’s uncertain economic times a common method is to find saving within the business. One of the areas that major savings can be made is insurance.
Insurance is important to small business, and arguably it is far more important for micro and small businesses than it is for larger businesses.
Saving money on your business insurance doesn’t mean cancelling your insurance or reducing your cover. Instead it means reviewing your insurance and ensuring your cover is right for your needs.
In this guide we will look at some of the popular methods that small businesses can use to save on their insurance.
Review Your Needs
Step one for reducing your business insurance costs should be to review your current needs and compare that with your current insurance coverage.
As the years pass by businesses can change in different ways. Perhaps you no longer need as much cover as you have? Perhaps you no longer undertake some of the higher risk activities that you did when you originally took out your insurance?
If your insurance needs have changed you may well find that a new insurance package can be put together that actually reduces your costs.
Of course in some cases your review may find that you actually need more insurance, but in the long run this will still save you money, as without the increased insurance you may have been left exposed in the event of a claim.
Some business owners may be in a position to assess their own insurance needs, but in many cases it is better to use the services of a qualified business insurance broker.
A business insurance broker will be able to assess your business needs as well as your current insurance package, and will then make recommendations on any changes which are required.
Shop Around
Once you have a better idea of your current insurance needs the next step is to shop around for the most competitive premium.
The competitiveness of the different insurance companies change as time goes by. Whilst your current insurance provider may have been the cheapest at the time, there is a good chance that someone else is now cheaper.
If your business needs have changed, you may find that another insurance company is now a better match for your business and can offer you a better deal.
Whilst finding a better deal on your insurance is important, it is also important to ensure that your cover is still adequate for your business needs rather than simple choosing the cheapest public liability insurance available.
You can shop around for new insurance quotes on your own, however many business owners use the services of insurance brokers.
Your insurance broker will be able to obtain quotes from multiple insurance companies, therefore saving you all the running around. They can also make recommendations on which companies are better to deal with.
If you don’t already have a broker, here at Public Liability Insurance Australia we can help to put you in touch with a qualified insurance adviser.
To obtain quotes on your public liability and other forms of business insurance please complete our online insurance quote form or give us a call.
Other Useful Tips
There are a number of other ways you can save on your business insurance.
If you are paying your insurance monthly you will most likely be paying extra. In some cases it can cost between 10% and 20% more to pay monthly, so if you can afford to pay annually it may be a better option.
For more information on saving on your business insurance needs please speak with your insurance broker or get in contact with us via our online contact form.