Public Liability - 5 ways to SAVE without cutting down on your cover

Public Liability - 5 ways to SAVE without cutting down on your cover

In these challenging economic times, we’re always looking for ways to reduce overheads and bring our cost base down.

Insurance is a prominent area to review, and if you are a business owner, chances are your Public Liability Insurance could be an excellent place to start.

1: Compare Business Insurance

If you use a digital provider, such as Insync, they can compare prices from leading Public Liability insurers online, or by phone, in minutes, saving you time as well as money.

Price isn’t everything though, and that cheap Public Liability quote might be just that! Hidden excesses or reduced premiums can be a false economy.

Make sure you’re comparing apples with apples and don’t be afraid to ask your insurance broker for advice – after all, that’s what they’re there for!!

2: Get a full business insurance review

The world moves at a rapid pace and chances are your business looks very different now to how it looked 24 or even 12 months ago.  

Your number of employees, turnover and general business activities, in terms of the work being carried out and types of contracts you’re involved in, all has a significant impact on your Liability Insurance premiums.  

Set up a review with a business insurance specialist who can advise you on core requirements and where you might be able to make savings.

3: Review your own business activities

After your insurance review, you should feel much more informed on how your Liability Insurance is calculated and what’s driving cost.

In some cases, you may then want to overlay that with your own financials.  For example, if you have one contract to work on the outside of a 10 storey office block and this is driving a requirement for specialist liability cover, you may find that the additional cost of the public and/or employers liability insurance exceeds the profit you are making from the contract.  

Knowledge is king, at least you’ll then be able to make an informed choice in terms of renegotiating or terminating the contract.

4: Consider Business Insurance Package cover

When we start-up in business, we tend to opt for the basic requirements while we develop a customer base, then as we grow, we purchase or add-on additional items as required.

Insurance is no different, we have seen clients come to us with Public Liability Insurance, separate tools and equipment cover, another policy for Professional Indemnity Insurance and a 4th policy covering their office!

Stop! This is too much!

By bringing all the different business insurance requirements together, it usually is possible to negotiate more favourable terms with insurers.  

This not only reduces your insurance spend but also makes administration and claims management much more manageable.

5: Pay upfront for your Insurance policy

Many insurers will impose a charge of 10% or more for paying your premium by monthly instalments, make sure you check your paperwork carefully to find out the actual annual cost.

If possible, try to pay up-front by credit or debit card to avoid costly credit charges.

FREE Insurance Review

Insync Insurance will provide a free consultation and review of your Business and Public and Employers Liability Insurance.

Insync has access to specialist underwriters for 99% of trades, including so-called “high risk” liability trades.  Book a free review at www.insyncinsurance.co.uk or call 0330 1240730 for more information.