Running any business can be expensive and risky, so if you can reduce the cost of your insurance policy by increasing your property’s security, this will help keep the cost of your premiums down. These suggestions aren’t so much unusual as essential.
- Protecting your property
When you have to renew your insurance policy it is worth while looking at different companies. Any savings through price comparison sites will help your finances in the long term. Safeguarding the exterior entry points of your business is probably the first step you will take when protecting your company’s building. Fitting Security Direct grilles or shutters will help you with this potential vulnerability and will put your mind at ease.
- Health and Safety
One of the many ways to save money when running a business, whether small or large, is to ensure that you follow the Health and Safety Executive (HSE) guidelines. Check that your employees are also kept up to date with relevant legislation. It is also important that your insurance covers you for Employer’s Liability of at least £5 million. Many of the health and safety measures that are implemented by companies are not always necessary. So checking with the HSE could save you money and time.
- Check a property before you move your business in
You have got your business up and running, and now you need somewhere to work from. Before you take on a property you should always check that there are no immediate or long-term structural problems. If the building is on a flood plane then it’s probably not a good idea to take it further, as the insurance will be much higher than normal. If you are renting, you should find out from the owner what insurance cover they have in place for the building. You don’t want it to burn down, only to find out you’re liable rather than the owner.
- Security systems
The international magazine, the Entrepreneur has an article in its financial section explaining how businesses can save money when getting insurance. One of the most important things to consider is the actual security of your company – whether it’s having Close Circuit Television (CCTV) fitted, externally or internally, or motion sensors and lighting for dark corners. All efforts made to secure the building will help with your insurance policies in the future. So having the correct locks fitted will not only protect your property but also help with your premiums.
- Insuring business vehicles
Some companies will have fleets of cars or vans, all of which need to be insured. There are policies which not only cover your business property, but will also cover your vehicles. This type of policy can work out cheaper for certain people or companies, but if you check the website Confused.com you will probably find the right one for you. Sometimes businesses put off certain decisions, but insurance is one thing that you can’t neglect. You must be covered before you actually begin trading. It is also important that your stock is insured as soon as you receive a delivery.
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