Saving on Your Business Insurance

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.

Online Public Liability Insurance

Over the years it has become possible to obtain quotes and take out cover on a range of insurance products online.

Initially it was the basic products such as home and car insurance, followed by more complex covers such as life insurance and income protection.

The next logical step was business insurance, and today there are a range of business insurance types which can be quoted and applied for online.

Whilst not all forms of business insurance are suited to the online world, public liability insurance is now available online for a growing number of business types.

Online Services Available

There are a range of services available when it comes to online public liability insurance, and not all providers are the same.

The most basic level when it comes to online services is the simple information website. These sites offer information on public liability and in many cases the ability to make an online enquiry.

The next level up allows you to submit a detailed online quote request for your insurance. The level of information required can vary, but generally the more information you provide, the more comprehensive quote you will receive.

Whilst these websites do not offer instant online quotes, they can generally provide you with a quote within a 24 to 48 hour period.

At the top of the tree are a small number of websites which offer instant online quotes for public liability insurance. Whilst not all business types can obtain an instant quote, many uncomplicated business types are catered for.

Some of the online services which offer instant quotes also give you the ability to take out your cover and receive your policy documents instantly online.

Is It Safe?

There are some very reputable players when it comes to online public liability insurance, so it’s fair to say that overall it should be considered safe. But as with everything online, you need to be careful.

Whilst some websites are run by licensed or authorised insurance brokers and advisers, there are also many which are operated by people outside of the industry simply to generate leads which they can sell.

Websites operated by or affiliated with licensed or authorised insurance professionals are generally the better option, as you know you are dealing with a business which has met certain requirements and is subject to the financial services laws in Australia.

Another consideration for business owners is whether or not they feel comfortable in taking out such an important form of insurance via the internet.

The laws surrounding legal liability are complex, and therefore public liability insurance also has to be considered as a complex form of cover.

Obtaining an instant quote and proceeding with cover online may seem convenient, however you will not have the assistance of a qualified insurance broker or adviser to guide you through the process, and if something goes wrong with a claim you could be left on your own.

Plenty of businesses do safely take out cover online, but you need to be aware of the risks when taking on the responsibility yourself.

Public Liability Insurance Australia

Here at Public Liability Insurance Australia we believe we have the right structure in place to ensure that business owners and operators can cover themselves in the most effective way.

We believe that it is important to speak with a qualified insurance adviser before you take out cover to ensure that you are getting the right cover for your needs.

We allow business owners to request a quote via our website, and we obtain sufficient information to ensure that our insurance experts can put together a detailed picture of your business and provide quotes accordingly.

Our partners are experts in their field when it comes to public liability insurance, and their qualified insurance brokers and advisers will be able to assist you with quotes and advice on your insurance needs.

One such partner of ours is Trade Risk. They are considered to be the experts when it comes to insurance for tradesmen, so all such quote requests are forwarded to them for completion.

This approach helps to ensure that when you request a quote from our website you are receiving expert advice from a qualified insurance professional who specialises in your industry.

If you would like to obtain a quote on cover for your business please complete our online public liability quote request or contact our office.