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How to save money on small business insurance
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As with most
other aspects of business,
keeping the cost of small
business insurance down while
getting the maximum insurance
cover is critical to keeping
your business’ bottom line
looking healthy. Here are some
small business insurance tips
to
help you save money while
getting the highest level of
insurance cover:
Shop around for the lowest small
business insurance rates
Shop around and compare
different small business
insurance rates. Insurance
premiums will vary, but so will
the levels of insurance cover
for each unique business
insurance policy.
Choose a financially stable
business insurance company
Sign up with a South African
insurance company that’s
financially stable. This will
ensure that your claims are
processed and paid out promptly,
even if the economy fluxes. As a
start-up business, you cannot
afford to wait six months for a
small business insurance claim
to get paid out – so choose a
reputable business insurance
company.
Opt for a higher insurance
deductible
A deductible is the amount of
money you’ll have to pay before
your insurance policy becomes
active. The higher the
deductible, the less the policy
will cost your small business.
Work closely with your business
insurance broker
Business insurance brokers can
provide you with invaluable
advice on how to protect your
business from disasters or an
interruption of business.
However, it is critical that you
keep your insurance broker
informed on any changes in your
business’ operation. Also, be
sure to get your agent's advice
in terms of disaster planning.
Make sure that you are covered
against relevant threats, but
also make provisions for
work-related accidents.
Contingency planning and
procedures should also be in
place in case an unforeseen
catastrophe does occur.
Having the correct business
insurance cover and a well
considered disaster contingency
plan could save you a lot of
money in the long run, or even
save your business as a whole!
Ask about ways to prevent losses
You may be able to reduce your
business insurance premium for
certain cover areas by
consulting your business
insurance broker and identifying
areas where cover is irrelevant.
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