Public Liability - 5 ways to SAVE without cutting down on your cover
In these challenging economic times we’re always looking for ways to reduce overheads and bring our cost base down. Insurance is an obvious area to review and if you are a Tradesman or Professional chances are your Public Liability Insurance could be a good place to start.
1: Compare Business Insurance
It’s now much easier to compare public liability insurance quotes, if you’ve been with your current insurer for more than 3 years without reviewing both the cover and cost, it’s time to set aside half an hour to see if you can save money and in many cases improve your cover. If you use a digital provider such as Insync they can compare prices from leading Public Liability insurers online, or by phone, in minutes, saving you time as well as money.
Price isn’t everything though and that cheap Public Liability 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 advisor 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 employees, turnover and general business activities, in terms of the work being carried out and types of contracts you’re involved in, all has a significant impact on your Liability Insurance premiums. Set up a review with a business insurance specialist who can advise you on core requirements and where you might be able to make savings.
3: Review your own business activities
After your insurance review you should feel much more informed on how your Liability Insurance is calculated and what’s driving cost. In some cases you may then want to overlay that with your own financials. For example, if you have one contract working on the outside of a 10 storey office block and this is driving a requirement for specialist liability cover, you may find that the additional cost of the public and / or employers liability insurance exceeds the profit you are making from the contract. Knowledge is king, at least you’ll then be able to make an informed choice in terms of renegotiating or terminating the contract.
4: Consider Business Insurance Package cover
When we start-up in business we tend to opt for the basic requirements whilst 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 Public Liability Insurance, separate tools and equipment or plant cover, another policy for Professional Indemnity Insurance and a 4th policy covering their office! By bringing all the different business insurance requirements together it is normally possible to negotiate more favourable terms with insurers. This not only reduces your insurance spend, but also makes administration and claims management much easier.
5: Pay upfront for your Insurance policy
Many insurers will impose a charge of 10% or more for paying your premium by monthly instalments, make sure you check your paperwork closely to find out the true annual 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 consultation and review of your Business and Public and Employers Liability Insurance. Insync has access to specialist underwriters for 99% of trades including so called “high risk” liability trades. Book a free review at www.insyncinsurance.co.uk or call 0330 1240730 for more information.
- 5 Myths about Public Liability Insurance
- Liability Insurance - The highs and Lows of working at Height!
About the Author
I’m passionate about family, sport, technology and business.
In fact, I have always been fascinated by business, whether it was running the school tuck-shop or my Saturday job in the local store, I was always looking for ways to improve or view things differently.
I have enjoyed an amazing career fast approaching 25 years in the insurance industry, which has given me real insight into the challenges and opportunities faced by SME businesses in today’s ever-evolving marketplace.
I co-founded Insync Insurance, to offer companies a new way to buy and manage their business insurance. A synergy of digital servicing and personal expertise - utilising the latest technology to enhance relationships, not to replace them.