By purchasing only the insurance that you need, you can reduce your insurance premiums and get the best value for money on your policy.
An employers’ liability cover is required by law, though there are many different types of insurance that your business may not need — that’s where we can help!
As reputable and experienced insurance brokers in Bolton, we can provide you with affordable insurance solutions that are tailored specifically to your business needs, so that you’re not overpaying on your premiums.
In this article, we’ll focus on the various ways in which your business can reduce your insurance costs, so take a look.
A package policy is a combination policy that provides you with several different coverages. Generally, a package policy will offer both general liability insurance and property insurance.
Not only does a package policy offer you a high degree of coverage and customisation, but it is a low-cost and time-saving option for your insurance.
Broad coverage, lower costs and time efficiency are just a few benefits of buying a package policy. With everything under one umbrella, you can avoid taking out separate insurance policies that you may not need.
Depending on the risks that your business typically faces, you must take out different types of insurance.
Many factors affect the insurance that your business might need, including the number of employees, your prior claims history, where you are located, and the type of business you run. You should keep your insurance as up-to-date as possible with regard to these factors to avoid paying for insurance that you don’t require.
The number of covers you take out will impact the cost of your insurance. For example, those with five or six covers will pay more than those with two or three covers. To reduce your insurance premium, we recommend starting with what you require and building on your cover over time (or as needed).
When you choose a reliable insurance broker, you can rest assured you’re getting expert advice, the best options on the market and specialist products tailored for you.
Here at IC Insurance, we’re able to compare the coverage of various insurers and offer you the best rates and conditions.
We pride ourselves on providing our customers with great deals and expert policy recommendations, and have great relationships with many established insurers, which gives you peace of mind and access to more markets and cost-effective insurance.
We understand insurers and how they communicate, so let us help navigate the process and give you options on the cover tailored to your specific needs.
Take a look at our blog ‘Why you Should Use an Insurance Broker’ to find out more.
Although it may seem obvious, you can reduce your insurance premiums by making your workplace a safer environment for your employees.
Training and educating your staff on safe working practices helps them identify risks and significantly reduce the number of accidents, injuries, and illnesses. By putting together your own effective training sessions or hiring an external company to risk assess your premises, you can fulfil your legal responsibilities and work toward lowering your insurance premiums.
Implementing health and safety training or attending online courses is a great way to stay up-to-date with the latest guidance, regulations and policies.
Of course, some businesses will always have higher insurance costs because they’re considered higher risk. For instance, working on a construction site is a lot more dangerous than running a café, so insurers will take that into consideration too.
Insurance renewals refer to continual coverage that will ‘roll over’ at the end of your current policy.
Just like growing businesses, insurance rates are constantly changing, and so it may be best to avoid auto-renewals. This will depend on your particular situation, but we prefer to reassess precisely what type of coverage you need and compare new rates, then offer you the best deals on the market at that given time. This way, you can avoid paying for policies you don’t need anymore.
Both established businesses and start-ups can benefit from taking out a new policy with a different insurance company or changing your terms and needs with your existing provider.
As insurance brokers in Bolton, we can help you find the right policies for your business at the best prices. We offer a FREE, no-obligation quote and will come back to you within 24 hours on business days, so you don’t have to wait long to get a reply! We can help business owners across a range of industries and sectors, so don’t hesitate to speak to us for more information.