Business insurance: swerve clear of costly renewals in 2017

If you are a small business owner, there are many things that can affect your premiums: claims, a change of business, your insurance company, staff, inflation, or even a change of management. Small business owners are often pressed for time – which can sometimes force you to change or renew insurance cover without having the chance to fully consider all the information and options available.

It is important as a business owner or director to gain a full understanding of your company’s operations and procedures and then provide all of this information to the insurance provider, especially if you are a new customer. This enables insurers or brokers to build a more complete profile and offer a tailored small business insurance solution – offering the best possible protection at the best value for money.

One small business, Clean Autos, a company that employs 20 people and specialises in valeting high-value cars, encountered problems when they needed to take out a new insurance policy. Their insurer refused to renew their current contract, not because they were bad customers, but because the insurer decided to discontinue the type of insurance product that Clean Autos was using. This was very inconvenient and could have potentially been very costly – Clean Autos had two major problems: they could not run their business without insurance and due to the nature of their business, they only had limited options available in the Motor Trade Insurance Market.

Finding the right insurance for your company

It was a stressful time for Clean Autos’s owners – but luckily Jelf had worked with the client for the last three years. This allowed Jelf to gather vital information about the company culture and the quality of its workmanship. Jelf’s approach to finding a new insurer for the company involved highlighting all of the company’s positive aspects – utilising key relationships with insurers in order to source and provide the company with a new insurance policy at a comparable premium to the previous year. Jelf worked directly with the client and the insurers – and Clean Autos were given the specialist policy they needed at a price they could afford.

With the new insurance cover in place and some additional changes having being made to some of Clean Autos’s systems and processes – they began to prosper and are currently going through a period of growth. The company continue to work closely with Jelf.

Here are our top tips on how to work with your insurance provider or broker to help keep your business insurance costs down:

  • Claims drive up future premiums so undertake regular liability audits*
  • Get insurance experts to come and examine your premises and your practices, to see if there are any potential issues so you can make any necessary corrections*
  • Undertaking on-going training programs can result in lower liability insurance costs*
  • If your business has been using the same insurance company for a while there is no harm in asking what discounts and different rates they might be able to offer. Don’t be afraid to shop around*
  • Review your liability insurance coverage, businesses are forever changing, you could reveal parts of your company where cover is no longer needed.*

All businesses are required to change or renew their insurance from time to time. It is a good idea to use an insurer or broker who can get to know your business and provide you with a customised policy at a reasonable cost which can prevent your premiums from increasing. It’s also worth thinking about any key questions that you can ask your insurer, as well as any particular methods or procedures that could help you reduce your overall insurance costs.

For more information and advice, don’t hesitate to get in touch with us!