Keeping costs down is a fundamental practice for businesses of all magnitudes. For small to medium-sized operations, it can be the difference between breaking even and turning a profit.
Insurance is a necessity for businesses to prepare for the unexpected, but it can be a significant expense. Finding ways to minimise premiums without jeopardising operations can help to make your bottom line look a lot healthier and give you more cash to invest elsewhere.
The type of insurance your business needs depends on your industry, size and operations.
The only one you’re legally required to take out as a small business, presuming you have employees, is employers’ liability insurance. This financially protects the company if one of your workers makes an injury or illness at work claim.
But many businesses have premises that need protecting. Commercial buildings and contents insurance should cover your workplace and equipment in the event of an accident, fire, theft, crime or natural disaster.
For any public-facing business, public liability insurance protects the company if any harm is done to someone’s property or if a member of the public is injured because of the work being done.
Many professionals drive company vehicles or travel on behalf of the organisation, so the appropriate business car or van insurance is often needed where a fleet is being managed.
For sporadic work travel, you can invest in temporary car insurance to avoid paying premiums all year round.
Trying to save on insurance premiums may seem like a lot of hassle for a busy business owner like yourself. But cost-cutting can make a world of difference for your financials. Here are some of the best ways to minimise your insurance costs: