Head Office: 01277 844 360

Managing the Cost of Your Insurance Premiums

Business costs and overheads have escalated due to rising fuel prices, energy costs, and high inflation in the commercial sector. While reducing overheads is likely to be one of your key focus areas, taking unnecessary risks that could impact your business must be avoided.

Insurance, while a vital part of any commercial enterprise, can be a channel through which you can potentially save money, namely on your premiums. A viable method of potentially reducing costs is by organising your insurance renewal quote around 30 days in advance of your actual renewal date. This allows time to gather comparative quotes and necessary documentation for your current insurance provider. Avoid requesting more than three quotes, as this will effectively “flood the market” and could affect your quote negatively.

Remember, it’s your insurance renewal, so ensure your broker prioritises your interests and initiates the process promptly. At Direct Corporate Risks, we contact you at least 30 days before your renewal to provide ample time for an informed decision.

When you discuss your claims history, you must provide accurate and detailed information on any anomalies, such as a series of smaller claims or a large one-off claim. Failure to do could cause serious issues should you need to claim in the future.

For example, if you own or manage a Motor Fleet, your premium calculations will be based largely on your claims experience rather than your no claims bonus rates. Underwriters will consider factors like business sector, type of cargo, location, vehicle types, and vehicle use.

In Motor Fleet and other business sectors, combining coverages such as Goods in Transit, Public Liability and Employers Liability Cover can leverage economies of scale.

We provide specialist insurance for Waste, Asbestos, Marine Cargo, Commercial Property, Motor Fleet, Business Interruption, Goods in Transit, Cyber Liability, Construction All Risks, Environmental Impairment Liability, and Professional Indemnity.

To discuss your requirements for specialist commercial cover, contact us today.

Tel: 01277 844 360

Email: info@dicr.co.uk

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