5 ways to reduce your trader's insurance premium without cutting down on your cover!
In today’s challenging economic times, we’re always looking for ways to reduce overheads and bring our cost base down.
Insurance is a prominent area to review, and regardless of whether you are a car sales dealership, vehicle servicing or bodyshop, your Traders Insurance could be an excellent place to start.
1: Compare Motor Trade Insurance Quotes
It’s now much easier to compare motor trade insurance quotes. If you use a digital provider such as Insync they can compare prices from leading insurers online, or by phone, in minutes, saving you time as well as money.
Price isn’t everything though, and that cheap motor trade quote might be just that!
Hidden excesses or reduced can be a false economy, make sure you’re comparing apples with apples and don’t be afraid to ask your insurance broker for advice – after all, that’s what they’re there for!!
2: Get a full business insurance review
The world moves at a rapid pace and chances are your business looks very different now to how it looked 24 or even 12 months ago.
Your number of vehicles, sums insured, drivers, turnover and general business activities, in, all have a significant impact on your trader's Insurance premiums.
For example, Motor Trade Insurance for drivers under 25 can be significantly more expensive.
Set up a review with a trade insurance specialist who can advise you on core requirements and where you might be able to make savings.
3: Review your own business activities
- Vehicles - The types of vehicles you work on can impact your premiums. If you no longer work on HGV vehicles, high performance, imports, kit cars or motorcycles, for example, then this could reduce your cost and may also open up some alternative markets.
- Drivers - Do you need all your current drivers? Would a family member with social use only be better suited under their own private car insurance? If you have any driver cover, is this still required or could you restrict to named drivers?
- Vehicle Sums Insured - Review your inner limits for both your Road Risks Cover and stock of vehicles. Is this still adequate for your current needs?
- Public Liability and Employers Liability – Has your wage-roll or turnover changed? Do your insurers have the most up-to-date information?
4: Consider Package Trade cover
When we start-up in business, we tend to opt for the basic requirements while we develop a customer base, then as we grow, we purchase or add on additional items as required.
Insurance is no different, we have seen clients come to us with a Road Risks policy, separate tools and equipment or plant cover, another policy for Professional Indemnity Insurance and a 4th policy covering their home office!
By bringing all the different business insurance requirements together, it usually is possible to negotiate more favourable terms with insurers.
This not only reduces your insurance spend but also makes administration and claims management much more manageable.
5: Pay upfront for your Policy
Many insurers will impose a charge of 10% or more for paying your premium by monthly instalments, make sure you check your paperwork carefully to find out the correct annual business insurance cost.
If possible, try to pay up-front by credit or debit card to avoid costly credit charges.
Free Insurance Review
Insync Insurance will provide a free trade insurance consultation and review of your Insurance needs and have access to specialist underwriters providing policies from part-time road risks to full vehicle dealerships.
Book a free review via our website or call 0330 1240730 for more information.