Make sure your cheap public liability insurance isn’t just that…
We’re all looking for ways to bring our costs down in these challenging times. As a business owner, your Public Liability Insurance could be an excellent place to start. However, it’s extremely important not to be tempted by a low-price tag alone.
Price isn’t everything. That cheap Public Liability quote might be just that! Hidden excesses or reduced premiums can be a false economy. Underinsurance can be catastrophic for businesses in the event of a claim.
Here are some helpful tips on saving on the cover without worrying about under insurance.
How can I save on my Public Liability Insurance?
1. Compare Business Insurance
As mentioned above, it’s important not to let a too-good-to-be-true pricetag tempt you. When comparing policies, make sure you’re comparing apples with apples. Remember to compare like-for-like policies or speak to a broker!
Don’t be afraid to ask your insurance broker for advice – after all, that’s what they’re there for! At Insync, we can compare prices from leading insurers online or by phone in minutes – saving you time as well as money. What’s more, we can assure you that you are getting quality cover.
2. Get a Full Business Insurance Review
The world moves rapidly, arguably never more so than in the last couple of years. Chances are your business looks very different now from how it looked 24 or even 12 months ago. These changing factors may impact your liability insurance premiums.
Set up a review with a business insurance specialist who can advise you on core requirements and where you might be able to make savings.
3. Review Your Business Activities
After your insurance review, you should feel much more informed on how your Liability Insurance is calculated and what’s driving costs up.
In some cases, you may then want to overlay that with your financials. For example, suppose you have one contract to work on a ten-storey office block, which requires specialist liability cover. In that case, you may find that the additional cost of the public or employers’ liability insurance exceeds your profit from the contract.
4. Consider Business Insurance Package Cover
When we start in business, we tend to opt for the basic requirements while developing a customer base. Then, as we grow, we purchase or add on additional items as required.
Insurance is no different. Unfortunately, this can result in a haphazard collection of insurance policies that overlap. Covering your business insurance needs in a package deal can be more efficient, not only in cost but also in claims management and admin.
5. Pay Upfront For Your Insurance Policy
Many insurers will impose a charge of 10% or more for paying your premium in monthly instalments. Make sure you check your paperwork carefully to determine the actual annual cost.
If possible, try to pay up-front by credit or debit card to avoid costly credit charges.