In today’s competitive market, we are always looking for ways to reduce overheads and bring our cost base down.
Insurance is a prominent area to review, and if you run a fast food outlet or takeaway, our top tips could help you do just that!
1: Compare Quotes
If you use a digital provider, such as Insync they can compare prices from leading business insurers online or by phone, in minutes, saving you time as well as money.
TOP TIP: Remember, price isn’t everything and sometimes that cheap quote might be just that! Hidden excesses or reduced cover can be a false economy, make sure you’re comparing apples with apples and don’t be afraid to ask your insurance advisor for advice – after all, that’s what they’re there for!!
2: Get a full business insurance review
The world can move at a rapid pace, and there is a strong chance that your business is very different now to how it looked 24 or even 12 months ago.
Your number of employees, turnover and stock levels may have changed significantly, all of which can impact your annual premium.
3: Review your own business activities
Hopefully, your review will have started to build a picture of where insurance cost is generated.
If you are running pizza deliveries via motorcycle for example, how much additional revenue is being gained from delivery sales?
What is your return of investment for deliveries? If your cost is exceeding revenue, then you might choose to review viability or change your processes.
4: Risk Management & Security
Improving the physical security of your premises by installing an alarm, shutters or a fire system can significantly reduce the risk of an insurance claim.
If you already have security or fire protection in place, make sure that your insurer is aware and that you are receiving the appropriate discount.
If you don’t have protection currently, find out what level of premium saving would be available and whether your insurer has access to any discounts.
You might find that a system will pay for itself over time as well as providing additional peace of mind.
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.
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