There are lots of things you can do to improve your risk management strategy and lower the cost of your business insurance.
However, navigating your way through the insurance industry can be a minefield for small business owners who are not educated or aware of their industry-specific risks.
Here are 3 simple steps you can take today to lower your business insurance and ensure that you’re getting the best value for your dollar!
1. Swap to industry-specific insurance
Choosing a ‘one size fits all’ insurance policy for your business can be a costly decision. For example, a large business in the agricultural industry faces very different risks to a small retail store at your local shopping centre. So why would you pay the same premium for two very different businesses?
Industry-specific insurance is designed so that you never need to fork out money for cover that you don’t really need. It’s tailored to meet your unique industry-specific requirements and protect your business from every possible angle.
The bottom line? Stop paying outrageous fees for an average product and start benefitting from lower fees and a policy that is tailored to suit your business. Chat with an industry-specific insurance broker today to find out how much you could be saving!
2. Review your policy annually
As the years roll by, your business is likely to grow and change. You might hire new staff, or move to new premises, or even purchase bigger assets and advanced equipment. But when was the last time you reviewed your insurance policy?
As tempting as it is to renew the same policy year after year, it’s actually in your best interest to sit down and methodically review it (or have us do it for you). The policy that you agreed to when you first started your business may no longer suit your needs, and an annual review is an excellent opportunity to find ways where you could reduce your costs.
3. Chat with an insurance broker
When all else fails, it’s best to speak with a professional. A good insurance broker can save you a lot of time, money, and hassle. They have years of experience and a wealth of knowledge to draw on, as well as being experts at navigating the insurance industry to find you the best policy at the best price.
Do you have a question about business insurance? At Western Insurance Brokers, we help businesses understand their industry-specific risks and find cost-effective solutions to protect them. To learn more, get in touch today!