Are you looking to protect your valuable business? The price you pay for insurance can vary by thousands of dollars, depending on how active your broker is. It also depends on 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. They may reduce the average cost of business interruption insurance for you. We may be able to help you chose the best business insurance NZ wide too.
These days, loyalty doesn’t pay. The best way to save money is to shop around for a business insurance comparison quote.
When you bought your small business insurance NZ policy, it may have been the best liability insurance for small business at the time. Since then your insurance company may have increased their prices while others may have reduced theirs. The average cost of public liability insurance NZ may have gone up or down.
You may well find yourself paying above market rates and your broker may not be too concerned. That’s 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 operating a business from home.
The way to find out if you are getting the best insurance for business owners is to get an online quote from several insurers. We live in a digital world and getting the best small business insurance online is easy.
If your policy is due to expire soon, you will have received a renewal notice from your 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, damage to someone else’s property, product liability and legal costs when claims are made against you.
Buy Your Small Business Insurance from the One 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 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.
Reduce Your Exposure to Claims
Find out what steps you can take to become more resilient to business insurance claims. Is a burglar alarm installed? Does a professional security firm monitor it? Are your business premises old? Are they exposed to higher earthquake premiums? Are you in a flood prone area?
Older buildings will cost more to insure for earthquake and natural disaster cover. Install a monitored burglar alarm to lower your business risk.
Go for a Higher Claims Excess
Claims excesses or claims deductibles are a factor. They are the amount of money you have to pay towards a small business insurance loss before your insurance company pays a claim.
The higher your claims excess, the more you can save on small business insurance premiums. Is your current policy set so that you won’t have to pay an excess across different types of cover?
A high excess will mean you will be out of pocket on most claims. Your insurer will pay less per claim.
A claims excess of $500 for insurance (non-natural disaster cover) is reasonable. If your claims excess is lower, consider taking a higher excess to reduce your business insurance quote NZ wide.
Review Your Insurance Policy Limits and Business Asset Values
Things change a lot in a year or two. It is easy to find yourself insuring things you no longer have or need and not insuring new additions or new risks. Extra employees, higher sales and turnover, as well as changes to business costs, are factors to consider when reviewing your insurance. These are important to do before you seek business insurance quotes NZ wide for your company.
Please refer to the policy wording for full terms and conditions as limits and exclusions apply. Then go online and get three quotes now.
If you would like to purchase professional indemnity insurance, please call us on 0800 456 780.
Note: Insure Online Limited is not associated with Steadfast, NZBrokers, Crombie Lockwood or Rothbury insurance brokers. We are an independent business.