How to Reduce Business Insurance Costs

If you want to make sure your business doesn’t go under should disaster strike, you’re in luck, as this week Axis Telecoms explains how to reduce business insurance costs.

Business Insurance, an Essential Cost

Through our role of providing a good quality energy and telecoms service to SME’s across the UK, Axis Telecoms have always aimed to provide value for money. As such, we know how important it is for SME’s to keep their bottom lines in check.

Yet there are some costs that any small business has to meet. One of these unavoidable costs is business insurance. Considering the fact that it covers you should disaster strike, it’s an essential cost, even if it does deplete your profit margins.

A Guide to Finding Cheaper Business Insurance

But it doesn't have to. It’s entirely possible to find business insurance that doesn’t take too much away from your bottom line, with the following guide from Axis Telecoms.

·         Check Your Cover: One mistake businesses often make, is not reading their policy. They end up paying for things they don’t need i.e. buildings cover for a portable business. If you check your cover, you can strip it of what you don’t need, and lower the cost.

·         Make Health and Safety Your Priority:  Insurers don’t want to actually have to pay out. That means they tend to offer lower premiums to attract businesses with effective health and safety provisions – since they’ll be less likely to actually need cover. That is why you need to make health and safety a priority at your company.

·         Don’t Accept the First Quote: Insurance providers don’t want to lose a chance to work with you. That means they’ll be willing to be flexible and you should never accept the first quote. Haggle, and you’ll be able to get the cost down.

·         Use a Price Comparison Site: How are you ever going to find the cheapest insurance, if you don’t know how much they all cost? Use a price comparison site, such as MoneySuperMarket – who do all the comparing for you – to lower the cost of business insurance.

·         Beware Admin Charges: If you’re going with an insurer that offers a finance package, they usually attach an admin charge. Compare it to the ‘buy in rate,’ to ensure that you are not paying for an overpriced policy, otherwise, you will end up paying more than you need to.

Help Your Business Become More Lucrative Than Ever

If you use these tips, you’ll suddenly find that you are paying a lot less for insurance, protecting your small company’s bottom line. You can then ensure that your funds are used to help your business grow, and become more lucrative than ever.