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Insurance can be a huge cost for most businesses. Whilst Employer Liability Insurance is the only compulsory insurance scheme that you need to pay, others are generally recommended to keep your company secure. Keeping on top of payments for all these different schemes can be difficult. Fortunately, there are ways in which you can cut costs.
Secure your business against risks
The easiest way to cut costs is to minimise potential risks. If you’re taking out car insurance for a company car, fit it with safety features such as steering locks to minimise the chance of getting stolen. If you’re insuring your property against theft, fit a burglar alarm and put important information in a safe. For employer liability insurance, keep your employees safe with necessary equipment such as protective clothing. Installing these safety features will lower your insurance premiums. You may wish to hire a risk assessor to let you know of any other places where your safety could be tightened helping to lower your insurance costs all the more.
Look for package deals
Some insurance companies will bundle multiple insurance types into one Business Insurance scheme. Not only does this make it much easier to keep track of your insurance payments, it can also work out much less costly. Some of these schemes may only offer the most basic cover, but if you’re a small business with few real risks this kind of insurance may be all you need. Shop around online and see what you can find.
Consider captive insurance
For companies dealing with high risks, insurance premiums can be extortionate. Some insurance companies may not offer to insure you at all. In these cases, it may be worth pursuing a captive insurance program for your business. Captive insurance is basically a method of self-insurance, in which you pay money into a scheme set up by yourself to cover any risks. You can decide how much you pay into it, instead of being limited to the prices set by official insurance companies. It is increasingly becoming a more popular form of insurance for self-reliant businesses.
Invest in an insurance broker
Another method of keeping one’s insurance costs low is to invest in an insurance broker. These brokers compare the market for every possible insurance deal in order to get you the cheapest deal. Keeping an eye on fluctuating insurance prices, they are able to pull you out of schemes the moment a cheaper alternative arrives, so that you are never being ripped off. Many are also able to assess your company’s risks, as well as negotiating directly with insurance companies.
Insurance brokers can specialise in certain areas, so it pays to research into their previous clients. Many will make it clear on their website if they have a specialism as well as offering testimonials. Finding a trustworthy insurance broker is important so take your time when hiring.
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