Are you looking for the best small business insurance to protect your business? The price you pay for can vary by thousands of dollars, depending on how active your insurance broker is and which insurance companies they recommend or the type of business you own. Our tips might save small business owners and sole traders a considerable amount of money and help you chose the best business insurance nz even if you work from home.
The best way to save money is to shop around for a business insurance comparison quote. When you bought your business insurance policy, it may have been the best-priced business or public liability insurance policy at the time. Since then your insurance company may have increased their prices while others may have reduced theirs. The average cost of the best business liability insurance may have gone up or down.
You may well find yourself paying above market rates and your insurance broker may not be too concerned because they are paid up to 30% of your insurance premiums. You may only be looking for the best public liability insurance for sole traders or if you are running a business from home. The best way to find out if you are paying the right price for business insurance for small businesses is to get an online quote from several general insurance companies.
If your policy is due to expire soon, you will have received a renewal notice from your insurance broker or insurance adviser. Jump onto www.insureonline.co.nz to get a comparison quote for public liability insurance (sometimes called general liability insurance), employers liability insurance and statutory liability insurance. Liability insurance covers the cost of personal injury and legals costs when claims are made against you.
Buy Your Material Damage, Business Interruption and Liability Policies From the Same Place
Buying a business insurance package policy for your small business can often be more economical than buying separate insurance products from different insurers. Most general insurance brokers will charge a management fee per insurance policy. If you buy separate policies, you may be charged several management fees.
If you bundle your small business insurance into one package, you will often be charged only one insurance broker management fee. It makes it easier to manage your small business insurance when it comes to renewal time and when you have a claim. It also simplifies your record keeping time and effort.
Reduce Your Exposure to Business Insurance Claims
Find out what steps you can take to make your business more resilient to insurance claims. Do you have a burglar alarm installed? Is it monitored by a professional security firm? Are your business premises old and therefore exposed to higher earthquake premiums? Are you in a flood prone area?
Older buildings will cost more to insure for earthquake insurance cover. Install a monitored burglar alarm to lower your business risk.
Go for a Higher Claims Excess for Your Small Business Insurance Policy
Claims excesses, or claims deductibles, are the amount of money you have to pay toward a small business insurance loss before your insurance company pays a claim. The higher your claims excess, the more you can save on your small business insurance premiums. However, it can be a balancing act.
A high excess will mean you will be out of pocket on most claims and your insurer will pay less per claim. A claims excess of $500 for standard insurance (non-earthquake) is reasonable. If your claims excess is lower, consider taking a higher excess in order to reduce your premiums.
Review the Limits in Your Insurance Policy and the Value of Your Business Assets
When running a small business, things change a lot in a year or two and it is easy to find yourself insuring things you no longer have or need and not insuring new additions or new risks. Additional employees, higher sales and turnover as well as changes to business costs are factors to consider when reviewing your insurance.
Please refer to the policy wording for full terms and conditions as limits and exclusions apply.