Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Workers Compensation Insurance Do You Have It - Business Express

How Businesses Can Save On Rising Insurance Costs


By: Les Roberts, Content Manager at Bionic

The government has warned that with the fallout from the war in Ukraine and energy prices constantly rising – inflation could be pushed to a 40-year high of 8.7% by the final 3 months of 2022. Insurers have increased the costs of insurance premiums following changes introduced to tackle the loyalty penalty, getting rid of many of the biggest discounts on the market. Research also shows that global insurance costs rose by 13% in the last quarter of 2021.

With this in mind, the business comparison experts at Bionic have put together some advice for businesses on how they can save on their insurance premiums.

Les Roberts, Content Manager at Bionic has advised the following:

1) Demonstrate that the business is well run

Insurers are more likely to charge lower premiums for businesses that are well run. It’s important that you can show evidence of this through:

  • Your own risk assessments: Conducting your own risk assessments help you to recognise and control hazards in your workplace, helping you prevent possible accidents. Risk assessments also allow you to save costs by being proactive instead of reactive – something that insurers will look out for as this could potentially minimise your insurance claims.
  • Quality control procedures: Not only is quality control important to maintain a certain level of quality and performance within your organisation, it also allows you to ensure that the products sent out to customers are not defective, lowering the risk of product recall. If you have a service-based business, quality control will also include the level of training of your employees in order to maintain a high quality service and reduce the risk of accidents. 
  • Financial accounts that are filed on time: A business who shows that they may be financially unstable is at risk of higher insurance premiums. For example, a company that declares bankruptcy may be at risk of their insurance policy being cancelled, leaving them without cover. 
  • Audits: Audits are important as it provides credibility to a set of financial statements and gives insurers the confidence that the business’ accounts are true and fair.
  • Professional accreditations and qualifications: Ensuring that your employees are sufficiently trained and qualified for the job is important. This minimises the risk of any mistakes and accidents when it comes to handling machinery or heavy equipment. Training and personal development also shows insurers that the business is willing to invest in their employees and ensure quality control is always maintained.

2) Consider using an insurance broker

Insurance is often a difficult market to navigate without professional advice. A broker can help you select insurance cover that’s tailored to your business’ specific needs. Brokers work on your behalf and will search the market to find the right insurer for your business, saving you time and money doing it yourself.

3) Compare rates each year

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

It’s important to do a lot of research on insurance companies in order to ensure that your business gets the best deal. However, while price does play a part in determining your insurer and insurance policy – the most important factor to consider is getting the right cover for your business over price to ensure that you’re covered for everything you might need. Bionic compare insurance policies for businesses 

4) Underinsurance

As mentioned, getting the best deal possible is important when deciding on an insurer and an insurance policy – the most crucial factor is ensuring that you are not underinsuring your business. This can significantly affect any claims that you make should your business suffer a loss.

Reducing premiums and exposing your business to future losses is a false economy that could result in your expenses being even higher to rectify the loss. 

5) Make safety a priority

It’s important to stay on top of new procedures and technologies as they become available and implement those that offer the greatest benefit to your business and employees. This can also be done by training and educating your employees regarding safety practices in the workplace. It is recommended to put together your own training or bring in a third party to conduct a workshop on the new procedures.

6) Consider a comprehensive package

Combining all essential business coverage into one package can save on premiums – this is something that you can talk with your insurance company about. If that’s not possible, look at bundles that other companies offer to find out if you’d be better off switching providers.

 

Recent Post: