Posted on: 29 December 2020

Tips for ensuring your business is covered at the right price

We all love saving money where we can, but did you know that cutting costs on your business insurance could lead to your business not having the levels of cover that you need?

Here is a quick guide to some of the ways that you can find the right price for your business insurance, without compromising on insurance cover.

Making sure your business is covered

Speak to a professional

By speaking to an insurance professional, you will be able to discuss your insurance needs and get advice on the different insurance covers that can protect different aspects of your business.

By using an insurance broker such as Premierline, you can get this kind of advice, but they will also hunt for a competitive price for the covers you need amongst a multitude of insurers.

Be prepared to dig out additional information

When speaking to a broker, inputting your details into a quote system or using a price comparison site, you will need to give accurate information such as your name, address, contact details and some business details. If you are unsure about any information you are providing, it’s important to take the time to have the correct information to hand. It’s your responsibility to make a fair presentation of the risk to the insurer before you take out a policy. This means you must answer all questions accurately and take reasonable care not to misrepresent any information.

If you are comparing prices online,  did you know that, in most cases, by providing further information to your broker or insurer, they may be able to find you more comprehensive cover at a competitive price to provide you with the peace of mind that your business is protected?

Tell your broker or insurer about additional security measures you have implemented, such as safety training that your staff have passed or additional driving qualifications to show how low risk you are as a business.

Explore additional covers

It is estimated that 40% of businesses in the UK are underinsured, meaning that their business insurance won’t cover the total cost in the event that a claim is made against their business.

Part of the reason that businesses are underinsured is that they aren’t aware of some of the specialist covers, such as cyber insurance, business emergency cover or tool insurance.

Speak to an insurance broker to see if other specialist insurance covers can protect your business, as they will be able to assess your business needs and search for competitively priced quotes on your behalf.

Ensure that calculations are accurate

In a similar way to miscalculations leading to underinsurance, calculating more cover than necessary is likely to raise your insurance premium.

When talking to an insurance professional or inputting information into a quote system, make sure that any figures you enter regarding sums insured or the level of public liability insurance required are accurate to ensure that your premium is a fair reflection of the cover you need.  An insurance broker, such as Premierline, can also provide you with advice and recommendations regarding your insurance coverage.

Business insurance with Premierline

At Premierline, we are passionate about helping you protect the business you have built. This is why we offer a bespoke service to assess your business needs and make sure you are covered should the worst happen.

Our business advisors will work with some of the UK’s most well-known insurance providers to find a quote that provides the right cover for your business needs. Get in touch and speak with one of our trained insurance experts to discuss your insurance requirements.

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The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.