If your business insurance renewal documents have arrived and the premium has gone up again, take action. Here are ten things you can do that might save you money.
- Compare the insurance premium to last year’s. If it has gone up a lot, ask why.
- If you’ve had any claims, ask for settlement figures or the latest estimates.
- Ask an independent business insurance broker to search for alternative quotes (they will usually do this for free and are able to compare prices from a wide range of insurers)
- Start the process well before renewal date, so there is plenty of time to get quotations. Set a reminder note in your diary.
- Have a look at the premium breakdown. If administrative fees have been added, they may be negotiable.
- Check the interest rate if you pay by direct debit. You might be able to save money by using a different payment method or reducing the number of instalments.
- You may be able to reduce the premium by increasing the excess.
- If there has been an increase, it’s worth asking your existing insurer or insurance broker if the premium can be reduced at all to reward you for your loyalty
- Are you paying for any insurance you don’t need?
- Remember that though price is important, a cheap insurance quote isn’t always the best. You want a policy that will pay out when a claim is made.
At Breathe, we specialise in providing quality business insurance solutions at the most competitive rates in the marketplace. If you would like to discuss your business insurance renewal with us or if you would like to receive a quote for your commercial insurance please give us a call at 01622 620531 or you can click here to get started by email.
Breathe Insurance Brokers
Innovation Centre Medway
Kent ME14 2PX