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The new year is now in full swing, and if you’re like some of us in this office, you will probably have resolved to be a bit smarter with your money in 2016 and perhaps even save more! Whilst we are not qualified to draw up a savings plan for you we can help you with tips on getting the best value on your business insurance.
Check your insurance cover levels to see whether you have the right levels of cover. First let’s make it clear, it’s not a good idea to reduce cover just to save money (being underinsured could cost you a lot more in the long run). But if your business has changed you could be over insured. For example you may carry less stock these days, or the stock you carry may be worth less so you could be over insured on your contents. On the flip side if your business has grown you could be underinsured, and whilst you might be making a saving today, if you need to make a claim in the future and you don’t have enough cover, you could be in financial hot water!
Check the details of your policy match your business today. If you have downsized your team or you are earning less money you may be able to make a saving on your insurance. Also if you are no longer doing certain business activities – you may be able to take them off your insurance policy.
Check out the payment options available, there may be savings to be had by paying annually upfront. This should be balanced with the advantage of paying a bit more for monthly payments to help manage your cash flow and free up cash for the rest of your business.
Shop around to make sure you’re getting the right coverage at the right price. Each insurer has their preferred risk, so whilst one insurer may look at your business as risky and price your policy premium accordingly another may see your business as low risk and offer a lower premium. The easiest way to shop around is to visit a site like BizCover who let you compare quotes from multiple insurers online or over the phone. They also offer a price promise so you know you are getting the best price possible!
Getting good value doesn’t just mean saving $$$ on your insurance, it also means having the right levels of cover, because when it comes to making a claim having enough insurance could mean the difference between staying in business or going out of business.