One of the biggest expenses that all businesses have to face is insurance. We need to make sure we’re covered in case we get sued or have to pay compensation for injuries caused at our premises.
Often, companies get sued because of negligence or failure to adopt proper health and safety policies. Of course, they don’t set out to create unhealthy working environments. Or to sell faulty products and services to consumers and other businesses.
We can’t always ensure that everything is done according to the letter of the law. Unscrupulous or lazy employees can sometimes hamper efforts to get things done properly. It’s those cases where insurance is needed the most.
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We all know that insurance policies contribute a significant chunk of any company’s expenses. The good news is there are plenty of ways to save money on those costs. Here are a few ways to achieve that goal.
Reduce your risk
All insurance premiums get calculated, in part, based on risk analysis. For example, your contents insurance will get calculated based on what type of security your building has. One of the easiest ways to lower your premiums is to reduce your risk.
Got flimsy locks? Get them replaced with heavy-duty, insurance-approved ones. Is the door to your central office as strong as a sheet of paper? Change it to a stronger door that’s harder to break. Work in a risque part of town? Invest in an alarm system linked to a control center.
They are just a few examples of how you can reduce your insurance risk. By carrying out a risk analysis of your premises and what you do, you can drive down the cost of your premiums.
Don’t pay for car insurance policies you don’t need
For many companies, one of the largest expenses has to be fleet insurance. Many make the mistake of insuring individual vehicles. The truth is companies like Insure Fleet offer policies that cover many vehicles at once.
Those policies often end up cheaper than individual ones. That’s because they scrutinize the business as well as the vehicles. Whereas single policies only look at the driver and vehicle details. Fleet insurance policies are aimed at business users.
One of the classic mistakes that companies make is to stick with the same insurers year after year out of loyalty and convenience. The truth is; the only party to benefit from such an arrangement is your insurer!
When your policies are up for renewal each year, it pays to spend some time researching quotes from different vendors. Sometimes you can use “comparison” websites. In a nutshell, you type in your company’s details and requirements. And then the site submits your details to several insurers.
After a minute or so, you get shown a list of quotes so that you can compare and select the ones you want. There was a time where such sites were only available for individual consumers. Nowadays, they are also applicable for business customers too.
Now you can save money on your insurance with the above tips and tricks!