Greetings flooring business owners. As the year hots up, so has the cost of your next Business Insurance renewal. With widespread increases on business insurances in Australia and across the world, it’s important to consider ways you can reduce the price of your next insurance renewal.
Allow me to share the following tips to help:
- Improve your risk profile: Insurance providers use a number of factors to determine the cost of a policy, including the level of risk associated with your business. Taking steps to improve your risk profile, such as implementing safety measures, extra security features, water damage mitigation plans etc can help you negotiate better pricing on your insurance.
- Review your coverage regularly: Businesses are constantly evolving, so it is important to review your coverage regularly to ensure it is still appropriate for your needs. Make sure you have the right coverage for your property, including any new assets or equipment, and that the value of your assets is accurately reflected in your policy.
- Bundle your insurance: Bundling your property insurance with other types of coverage, such as liability or workers’ compensation insurance, can often lead to better pricing.
- Have a good insurance broker: A good insurance broker can help you navigate the complex world of insurance and find the best policy for your business at the best price. They have access to a variety of insurance providers and can help you find the right coverage at the right price.
- Raise your excess: Raising your excess can lower your insurance premium. This means you will have to pay more out of pocket if you need to file a claim, but it can save you money in the long run.
- Review your claims history: Look at your claims history and see if there are any patterns. If you have a history of frequent claims, it may be best to address the underlying issues to reduce your risk and lower your premium.
- Have a disaster recovery plan in place: Having a disaster recovery plan in place will show the insurance company you are proactive in protecting your business. This can help you negotiate better rates.
- Get Flooring Industry specialised coverage: Specialised insurance coverage is tailored to the unique risks of the flooring industry, such as product liability, installation issues, product defects, legal fees. Specialised coverage can be more comprehensive and may cost less than standard policies.
To make sure you’re getting the most out of your insurance policy speak with one of Flooring Protect’s highly experienced flooring insurance brokers. Simply use the QR code below to get started.
Article by Nathan Ray, Director, Flooring Protect Insurance Brokers
