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None of us like to get ripped off by insurers. Whilst some business insurance schemes are compulsory such as employer liability insurance, there are ways to dramatically lower costs and make these schemes more affordable. Here are four ways that you can bring down your business insurance rates.


Take out a business bundle package

As a business owner, there may be multiple insurance schemes that you want to take out. Alongside employer liability insurance, you may need to take out compulsory vehicle insurance if you have a business vehicle or if staff are driving your vehicle. You may want to take out property insurance in order to protect your office from potential weather damage or theft. And you may want to protect against lawsuits from staff errors with professional indemnity insurance.


Not only can all these insurance schemes become difficult to keep track of, they can also start to rack up costs. Taking out a business bundle package can combine all these insurance schemes, so that they all go out at the same time to the same insurance provider, as well as reducing costs. In some cases, you may have to shop around as schemes may be included that you’re not interested in. However, some providers may be able to customise one for your needs at reduced rates.


Install health and safety measures

Protecting your staff by installing health and safety measures can lower employer liability insurance costs. This could include fitting guardrails on a roof or platform where people could fall or providing protective equipment when handling chemical cleaning products. Some health and safety measures are required by law such as fire extinguishers and special equipment around more extreme chemicals. However, other optional equipment could simply cover you (providing gloves at a washing up basin).


Other measures may be able to lower costs on other schemes. Burglar alarms and fire alarms can lower your property insurance, whilst decent digital security software can lower cyber insurance rates. Hiring a risk assessor may allow you to keep your business more secure and lower insurance rates.


Increase your deductibles

A deductible is the amount of money you’d be willing to spend out of your own pocket before making a claim. The more you offer to pay, the lower your rates will be – even offering a small deductible can greatly decrease your costs. Just make sure when doing this that you actually have the money to make such a payment, otherwise you’ll be in trouble if an emergency is to ever occur.


Consider group rates

In some cases, joining certain business community groups may entitle you to discounts. Such groups may include rotary clubs, business associations or unions. The catch is that you may have to pay to join these groups, which could include a joining fee or an annual payment. Such groups can have other incentives such as easy networking and cross-promotion opportunities. Weigh up the pros and cons first so that you’re not paying more than you get out of it.


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