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Thursday, 17 April 2014

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Saving money on your business insurance

Whatever the size of your business you will always have some necessary expenses. From your business insurance to the rent for your premises there are certain costs that you simply have to pay in order to keep your business afloat. But while many SMEs are struggling with cash flow problems, it makes sense to try and cut these costs where you can. You clearly have to still pay them, but that doesn’t mean you shouldn’t look for a better deal.

Here are some great ways to save money on your business insurance.

Compare a range of quotes from different insurers

You shouldn’t simply go for the first quote you’re provided with, it always pays to shop around a little. For example, you may have received several business insurance quotes before you choose  to buy business insurance from Swinton Commercial. Once you start shopping around, this will help you gauge the kind of premiums you should be paying and help you make an informed decision.

Make sure you get the correct level of insurance protection

Initially it may seem like good sense to simply opt for the highest level of cover when it comes to public liability insurance for example. However, this may not always suit the requirements of your business. It’s vital that you get an understanding of the type and levels of cover you actually need and make the right decision based on this.

Declare your age and history

If you’re obtaining a quote from a new insurance company or broker you need to be truthful. For example, tell them how long the business has been operating for and declare whether or not you have made a claim on your business insurance before. If you haven’t, it should help you to get a better deal.

Conduct regular risk management

It’s important to be aware of all of the potential risks that your business faces. Not only should you be aware of the risks, it’s important to put adequate contingency plans in place. If you can demonstrate evidence of this when securing your insurance it will assist with securing the correct premium.

Understand your health and safety obligations

As a business owner you have a variety of health and safety obligations towards your staff and those that work on your business premises. This includes conducting regular inspections, detailing the findings of these inspections and putting procedures in place to guarantee the health and safety of those on the premises. Demonstrating you have done this is vital when looking to get the most suitable cover for your business.

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