Every business wants to save money and this can be done by reducing the costs of your current expenses, and let's be realistic, insurance is a good place to start. By getting the best price and making sure you have the right cover for what you need, you could make some massive savings on this business expense.
Make Sure You Have the Right Public Liability Cover
Firstly, you should re-assess your current cover. Assess your needs right now, ask yourself if they have changed or will change. Many public liability policies will be similar in what they cover; however the price will depend on what information you have given your insurer or broker when you purchased it.
Check your occupation description on the policy and see if you might be being charged for services that you aren't providing. Example: you might be a tradesman that only works on residential properties and you are being charged for working on commercial or industrial jobs unnecessarily.
When you check your policy you will see if you can save money, but you might also come across other mistakes which can cause problems when it is time to claim. Example: you might only be covered for works on residential properties but you're also working on commercial and industrial properties. That could mean you're not covered! Therefore it is best to check with your insurance broker who will know specifics about insurance in your industry. They can assess your needs and check them against your current policy.
Saving money is important but it should never come at the expense of going with a poor cover or poor insurer.
Find the right Public Liability policy
We all shop around for the right price, so why not apply it to your public liability insurance, after all - you could be missing out on massive savings.
Insurance companies all have different charges and premiums for their policies and sometimes, these difference in premiums can be hundreds or thousands of dollars. When there is a significant difference in price you should compare the policies in detail to make sure the cover is right for you. Example: One might charge more but provide more complete coverage. There's no point in being under-insured for the sake of a few hundred dollars.
You can shop around by comparing the quotes and reading the product disclosure statements for each to and cross-referencing the policies. It might seem like insurance companies make the PDS complicated on purpose and maybe they do. It might be best to make a chart... or several charts - actually this sounds like it's going to take days! There aren't many people who know how to compare insurance policies so smart business operators prefer the service of an insurance broker as:
- They will be able to check against multiple insurers in a shorter space of time
- They know the policies well
- Can get the best deal for you, and
- Make sure your coverage is correct so, come claim-time, you are not under-insured.
Get Public Liability Insurance for the Right Amount
Lastly, and maybe most importantly, check if your business is insured for the right amount. You can get public liability insurance in amounts of $5, $10, or $20 million, and the amount you choose depends on your business and your needs.
You could save a packet by evaluating your business and seeing that it may only need public liability insurance for $5million, whilst you are currently insured for $10million. This difference can save you thousands. It is however, vital to make sure you only need this coverage and no more, and a good broker will be able to help you decide on this.
Stop Wasting Time - Actually Do It
If you've read this far, you've got plenty to go on. Big savings could be just around the corner. But there's no point reading this whole article unless you do something about it. You have the option of doing it yourself or enlisting the help of an insurance broker.
There is nothing holding you back from taking the leap yourself, however keep in mind it could take lots of time - I mean days and days - many phone calls, and a very good understanding of the public liability insurance process and policies. Hey, you'll probably learn a lot.
Or you could relax and let a professional insurance broker do the hard work for you. Smart business operators agree that using a professional insurance broker is the better option because of their unique knowledge and understanding of the topic.
If you need any help with saving money on your public liability insurance do not hesitate to contact us at All Trades Cover and we will be more than happy to take the time to advise you on quotes and information. Doing it properly, you could probably save a packet for your public liability insurance and not lose the level of coverage, in fact we'll probably get you better coverage...