So how does a business control spending
with these pressures?
The obvious measures are those that should
be considered as part of your regular renewal review.
Ensure figures on which the premium is
based reflect your projected level of business activity. Consider 90% estimates
if unsure. Many premiums are now ‘minimum and deposit’ – remember to budget for
declarations if you do well.
Understand the cover you are paying for. If
unsure Castlemead Insurance Brokers in Bristol, can review and check it reflects the needs of your business.
Understand how much each part of your
Combined insurance costs by obtaining a premium split per section for :-
- Liability
- Material Damage
- Business Interruption
Castlemead Insurance Brokers will go the extra mile
- We will ‘find a way or make one’ by devising alternative methods of buying cover that can offer savings.
- Consider higher levels of self insurance. We can help calculate how big a loss your business can sustain as a one off and in attritional damage over the year.
- Avoid making small claims as these are always catered for in the premiums charged. Take an excess and enjoy the saving (In Insurance Premium tax alone).
- Ask for a list of insurers that your Broker has approached this year – this should represent a spread of the market including specialist underwriters and London markets, as well as ‘household names’.
If in doubt Castlemead are here to help.