Tip No.1 Transfer your risk. By buying Business Insurance in the first place you could be passing the buck on tens of thousands of pounds in the event of a disaster. So the first money saving tip is to actually make sure you are insured. This could literally save you everything.

Tip No.2 Always put all your eggs in one basket if possible. What some Insurance Brokers won’t tell you is the fact that all policies have a minimum premium so if you as a business have separate policies for Office, Buildings, Liability and Professional Indemnity for instance, it’s most likely that not only all of those policies have a minimum premium but they will also have a fee put on to each one. You can get combined policies that wrap up the whole lot. One minimum premium and one fee.

Tip No.3 Always use a broker. You will probably think, yep they are bound to say this. Here though we are not saying always “buy” from a broker, but if you are likely to try to take out any type of Business Insurance Policy on the Internet, at least speak to a broker and learn a bit about it first. Most brokers will be happy to talk to you and help you with how to Insure your business. Frankly a broker is always the way to go because their Professional Indemnity Insurance will cover any errors and omissions that have been made if they give you wrongful advice. Using a broker is a big refer to Tip 1. Always pass the buck if you can.

Tip No.4 Don’t leave everything until the last minute. One of the biggest reasons why business owners pay more for their insurance is this one. By leaving it until the last minute to talk about it, it puts you on the back foot and you feel you need to make a quick decision. So whether it’s at renewal or you are just starting out, put it in your diary to talk about your insurance at least a month before you have to pay for it. You are going to have to sort it out anyway. Remember once you have got into the mindset of working a month ahead you will still deal with it at the same time every year.

Tip No.5 Shop around. The good thing about this tip is that you don’t need to do it every year with Business Insurance like you do with Car and House Insurance. You only really need to check the premium on your business insurance against other avenues if you have a large increase on last year and you haven’t made any major changes or had any claims. The other time is if you have a growing business. Now if you get your Insurance checked at this point your Premium might be more but again this refers back to Tip No.1 always make sure you are adequately insured. If you pay for Insurance and you have grown exponentially and you don’t get your Insurance checked, you could fall foul of Underinsurance which may again mean that the insurance you pay for isn’t worth the paper it’s written on.

Tip No.6 Don’t forget time also costs money. By using a local trusted Insurance Broker you not only save the salary of having an insurance department in your business but if you personally normally deal with your Insurance you can save yourself plenty of your own valuable man hours by getting your Broker to deal with anything that is complex and time consuming to do with Insurance for a relatively small fee.

Tip No.7 Be honest. We find a lot of people elaborate on their websites and when we present the information we have been given from a client  to an underwriter to obtain the best rates, we often get an email saying that as well as the occupation that we have been told about there are a multitude of other services listed on the website. This complicates things as we have only mentioned one or two occupations and it means that Insurers will often drop out making the market less competitive. Generally when you speak to the client after, they say that they don’t do half of the occupations but it pads the website.

Tip No.8 Learn about Insurance. Don’t get hoodwinked by people in the industry who sell you policies until the end of the earth. You don’t need to know everything but learn the basics. You’ll hear brokers say that you do this so you probably need that. Ask them to explain exactly why and confirm that in the event of something happening that triggers the need for that policy, that it will perform as it is supposed to.

Thanks for reading we hope that you will save £’s and remember advice will always be free at www.oakesinsure.co.uk