Top tips to keep your insurance premium down
How to ensure you're not paying more than you need to for your business insurance
The best way to keep your premiums down is to make your workplace as risk free as possible:
Carry out a health and safety check
Are all your fire exits clear? Has all the wiring and electronic equipment been checked? Are staff fully trained in the use of equipment and for lifting? All of these are key questions you should answer and ideally have a strong paper trail to back-up the fact that you have taken measures to that effect.
Listen to your insurer
If your insurer requests that you make changes then you are well advised to do so. Insurers don’t like to have to pay out so they can be strict on the rules if you make a claim. However, businesses that are compliant and pose less of a risk can enjoy better premiums because insurers know that they are a good bet.
Draw up a health and safety policy
All businesses with five or more employees need to have both a written health and safety policy and a health and safety management system. But even if you don’t have that many staff then it is a good idea to do so as such efforts will be welcomed by an insurer. It is also a good idea to involve your staff in the creation of your policy and to ensure they’re given a copy of the document. The policy should make clear exactly who’s responsible for every aspect of health and safety.
Revise safety regularly
Your business situation can change over time so update it on at least an annual basis, or for fast growth business every six months or even quarterly. You might need to update your policy as a result of this.
Communicate with your insurer
Make it clear to your insurer exactly what measures you’ve taken to reduce the risk in your workplace and produce all the necessary documentation. This is also a good time to ask for a better deal.