Clever Ways to Slash your Business Insurance Costs

Posted on 18th August 2017

Business insurance is a necessity for businesses of all sizes. The correct business insurance will cover you against losses and give you protection against third-party lawsuits for damages. If you object to the cost of your business insurance then you might be pleased to find out that significantly lower business insurance premiums are available to those who are willing to make certain subtle changes to the way their businesses operate. If you are interested in saving money, read on, we have 10 clever ways to slash your business insurance.

business insurance costs

Check you have adequate cover

This may not seem like a way of reducing business insurance costs but if your level of cover is inadequate, the money you are laying out in insurance premiums may well prove to be wasted. Shop around by all means but never be tempted to go for a cheaper policy that doesn’t offer your business the protection it needs.

Appraise policies regularly

When you are busy the click of a button to renew your policy can be tempting but this would be avoiding a great opportunity to review your business insurance costs. Use your annual renewal time to discuss changes in your business with your insurance provider and look around for lower business insurance premiums.

Avoid payment plans

Most monthly or quarterly insurance payment plans carry an additional cost. You can often save money by paying for a year’s insurance up front. If your cash flow will not allow you to make a one off payment for this year’s cycle then take the opportunity to put a fund aside for next year’s insurance.

lower insurance costs

Be flexible with the excess

Annual business insurance costs can often be lowered if you are prepared to accept an increased excess on your policy. When looking at this you should carefully consider the amount that your business could realistically afford to lay out should the necessity arise and balance the relative costs of this against your on going business insurance costs.

Complete regular security audits

By exposing your business to the possibility of crime, you risk not only the cost and inconvenience of repair but also the likelihood of increased insurance premiums. A regular security audit of your premises should include checks that you have security cameras placed for the maximum protection of both your assets and your employees.

Consider off-site security monitoring

The ability to remotely monitor your site is important when it comes to lower business insurance costs. It can also help to protect you against personal injury claims. If you already have traditional CCTV cameras, consider an upgrade to IP cameras that will allow you to do this.

Work with your neighbours

One of the most significant factors in business insurance costs is the insurance company’s perception of the crime rate in your area. By working together with local organisations to install security cameras, share security cover and improve visibility you will start to improve the crime rate and eventually attain lower business insurance costs.

business security cameras

Be thorough in your policy search

Time spent looking for lower business insurance costs will be time well spent. As well as online searches, consider looking at industry specific publications and organisations for options and possible discounts. Word of mouth can also be useful so make sure you maintain a regular contact with other business owners with similar insurance needs.

Invest in training

Security and safety are not all about security devices or security personnel. Ensuring that your business is adequately protected and you have no need to make claims will eventually bring down your business insurance costs. One way to do this is to invest in a regular program of employee training in safety awareness, security procedures and security camera usage.

Seek expert security advice

Nobody can protect against all crimes or accidents, but by seeking the advice of experts in security fields you will be doing your best to ensure the safety of your business and your employees. At Alert CCTV we have over 30 years of experience in the security industry and offer flexible security solutions. Contact us here for free advice and start reducing your business insurance costs today.
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