Top 6 tips to Reduce your Business Insurance Premiums
Published: March 4, 2017
Business insurance policies are a necessity for any organisation – unfortunately, sometimes premises are broken into and claiming on an insurance policy must happen.
Overall, there are many factors that can determine the likelihood that a business will be affected by crime.
Putting in place effective security procedures will have a huge impact on keeping your business premises secure.
Insurance can quite frequently become very expensive – here are our top 6 tips to reduce your business insurance premiums.
6 Tips To Reduce Your Business Insurance Premiums
1). Shop around
As with any substantial business purchase, time should be spent scoping the market in order to find the best possible deal.
In an age of pricing comparison websites, this has never been easier.
However, it’s important to make sure that your requirements aren’t compromised, so before embarking on your search make sure you determine exactly what coverage you will need.
2). Increase your excess
Insurance companies tend to offer lower premiums if you choose to have a higher excess.
The excess you pay is the amount that you are responsible for should an accident or other qualifying event occur.
Make sure your excess is an amount that you could realistically pay if an accident was to happen.
3). Look for group rates
If your business is situated over multiple sites, it might be a good idea to look to see the insurance policy can be bundled over one policy.
Having one policy for multiple locations is a sure-fire way to reduce your business insurance premiums.
4). Reducing your risk will reduce your business insurance premiums
The rates you are offered by insurance companies depends on a number of factors:
- The insurance provider
- The type of business that you run
- The area that your business premises is situated in
- The amount of risk there is of an attack to your business
A great way to reduce your risk of an attack and therefore reduce your business insurance premiums is to fit a security system to protect your premises.
There are many security systems available, so it’s important to consider the pros and cons for each of them.
CCTV systems are a great visual deterrent for opportunists and can be monitored remotely. However, CCTV systems don’t offer any physical security.
Similarly, alarm systems are great for raising an alert but it’s sometimes too late to take action once they’ve been sounded.
Physical security, however, provide both a visual deterrent and physically will protect a business premises from an attack.
Charter Global’s comprehensive range of physical security solutions means that the company has a suitable system for your business needs. Charter Global have extensive experience in fitting security shutter systems, from retail premises to high value buildings.
The shutters have been designed to come in a range of different colour schemes to suit any business’ preference and can be integrated into the building so they do not obstruct the overall look of the premises.
5). Pay your business insurance premium upfront
If you’re involved in a pre-payment plan, you’re probably paying for that privilege. Planning to pay off an insurance contract all at once is a way to reduce your business insurance premiums.
6). Review, review & review again
Once you’ve purchased a policy, a good practice to partake in annually is reviewing your contract. Before instantly renewing a policy, check that all coverage is still relevant and that your business is adequately covered despite any changes that you may have made.
Further information on how to reduce your business insurance premiums
For more information on how Charter Global can help secure your business premises and reduce your business insurance premiums, please contact the team on 0845 050 8705 or request a quote below.