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Taking our business insurance? Like most business owners you’ll probably want to get the best price on your cover.
Of course price isn’t everything, and the quality of the cover is also very important, but in the current economy it is important for businesses to make savings wherever they can.
Here at publicliabilityinsurance.com.au we aim to help Australian businesses to find the best deal on their business insurance needs, and in this guide we’ll run through a few tips to help you do the same.
Our Three Tips
There are many things you can do in order to get a great price on your insurance, but basically they can be grouped into three main tips:
- Determine Your Needs
- Shop Around
- Ongoing Reviews
We will now go into each of these points in more details.
Determine Your Needs
This is the first and most important step in the process.
Some people say that you can never have too much insurance, but the fact is there is no point paying for insurance that you don’t need.
By conducting a proper analysis of your needs you can determine exactly what types of insurance you need as well as how much you need. This can help to ensure that you are not paying for extra cover that you don’t need.
Whilst it is possible for a business to assess its own needs, this can be a risky option unless you have an insurance expert working in the business. A much safer option is to use an insurance broker or adviser.
By properly determining your needs you can also save yourself money in the event of a claim. If you don’t have the right cover and a claim is declined at some stage, any savings made on your premiums will quickly be wiped out.
Mark Bouris, chairman of YBR and face of Celebrity Apprentice, also pointed out the benefits of using a broker to determine your insurance needs in a recent article in the Sydney Morning Herald.
Once you know exactly which types and how much insurance you need, the next step is to start shopping around for the best deal.
It is certainly possible to compare prices by shopping around yourself, however this can be a time consuming process given the large number of insurance providers here in Australia.
It is also important to compare the specific details of each policy. Although many have similar names, such as public liability, the actual cover can differ slightly from one policy to the next.
The preferred option for many businesses is to use an insurance broker. Not only can they obtain quotes from multiple insurers at once, but they can also compare the policies to ensure they are going to meet your needs.
The last piece of the puzzle is to conduct ongoing reviews on your business insurance before each annual renewal.
Our businesses can change from year to year, and there are plenty of triggers which can result in lower insurance premiums.
If any of the following changes have occurred in your business you may find that your insurance is now cheaper:
- Reduced staff numbers
- Reduced annual revenue
- Reduction in high risk business activities
- Other changes that reduce your risk
Unless you tell the insurance company about these changes they will never know, and you will continue to pay more for your insurance than you need to.
In some cases your review may reveal that you need more insurance, but it is better to know this early rather than finding out at claim time when it’s too late.
For more information on getting the best price on your business insurance, or if you would like some quotes on your insurance, please complete our online quote form or give our office a call.