Given the current economic uncertainties, looking for ways to keep costs in check has never been more important. One area where savings can be made is insurance, regardless of what kind of business you’re in.
With motor insurance generally on the rise, if you’re in the motor trading business, it’s even more important to make sure you’re getting the best insurance deal. Here are five useful tips to consider.
1. Review your business activities
Your business may have evolved since you last renewed your policy, and changes in business activity may have a significant effect on your premiums. What types of vehicles have you worked on or with since your last insurance review? Have they changed? How many drivers do you have? Can you restrict your driver insurance to named persons only?
2. Review your business insurance requirements
The number of vehicles and drivers may have changed enough that you might have to significantly change the cover you need. Organise a meeting with a trade insurance specialist for advice on your requirements.
3. Compare quotes
Are you getting the best deal? Spend some time shopping around and comparing your current deal with what’s on offer. Online comparison sites and quote providers like https://www.quotemetoday.co.uk/motor-trade-insurance are a good place to start. However, while reducing your premiums is a priority, make sure you know what kind of cover you’re getting. Chat with your current insurance broker to get a professional view on the best deals for your business.
4. Think about package trade cover
New businesses tend to go for the basic insurance policies to start with and add on extra policies as they go. This can lead to unnecessarily high outgoings. Find out whether you can combine the cover offered in all of your policies in one insurance package. It doesn’t just offer the potential to have a wider level of cover at a better rate, but it can also make claims and associated administration easier to handle.
5. Pay the premium upfront
It’s common for insurers to add a charge of around 10% if you pay your premium through monthly instalments. If it’s cheaper to pay your annual premium up front and your cashflow allows it, make the saving. Paying up front can also help you avoid credit charges.