Insurance is a cost no one likes paying, but we’re grateful for when disaster strikes. Yet it needn’t be as expensive as it may currently be for your business.
According to Michael Gottlieb, founder and managing director of SME insurance comparison site BizCover, there are ways to ensure you are getting the best value for money from your various business policies.
“People are less concerned with having all of their insurance in the same place, and more concerned about having the insurance which offers real value to them, regardless of who it is with,” he explains.
“This not only means getting their insurance at a good price, but also ensuring that the cover is suitable and that they will have support when the time comes to make a claim.”
Another point Michael raises is to consider your payment options.
“Paying monthly helps many businesses smooth the cash flow, rather than having large up-front payments annually.”
It should be noted, however, this is not always cheaper in the long run – many insurers charge a premium for offering the convenience of monthly payments.
Michael has these tips for keeping more of your hard-earned cash in your pocket rather than in the insurance company’s:
1. Review your policies regularly:
“Savings can be substantial. Clients often tell us they have saved hundreds or even thousands of dollars by using the BizCover platform.”
2. Identify which policies are mission critical:
“Work out which insurances you ‘must have’ and those that are ‘nice to have’.
“The ‘must have’ insurances are those that cover those risks that are too large for you to handle and would be disastrous on your business if they happened. It doesn’t matter if the likelihood is low: if you can’t afford to cover it yourself, insure it.”
3. Get the coverage level right:
“Make sure you have enough cover to safeguard your business. Choosing a lower cover level may help you save dollars, but when it comes time to claim, the level of cover may not be enough.”
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.