1. Find a provider that understands your needs. There are literally hundreds of business insurance providers, but look for a company that has experience in dealing with retailers. They will appreciate the challenges and risks your business faces and be able to offer sound advice on the best level of cover.
2. Shop around. Particularly if you’ve been with the same provider for years ¬ it’s good to evaluate the cost of all suppliers from energy to banking and insurance. No two providers are the same. Some insurance companies offer added value services such as customer benefits programmes where you can save money on not just the cost of your business insurance but on many additional costs incurred in your business operations.
3. Re-evaluate your business’ needs. The needs of your business can change, particularly from when it was first set up, so take the time to discuss whether your situation has changed with your insurance provider. Perhaps you’ve moved to bigger premises or acquired more valuable stock. Be confident that you have the right level of cover.
4. Be honest. Tell the insurance company all information relating to your business; disclose previous claims, for example any thefts or whether your premises have been flooded in the past. Failure to do so will invalidate your insurance should you have to make a claim and it’s later discovered you haven’t been entirely truthful.
5. Employing other staff. Even if you’re only taking on staff part time or on a casual basis, remember you must take out employers’ liability insurance as it’s a legal requirement. You don’t want to be putting yourself or your team at risk.
6. Reducing your premium. Consider putting measures in place that will help protect your business and could lower your premiums. For example, installing CCTV and metal shutters so your risk of burglary decreases, and fitting smoke detectors in the case of a fire will help reduce risks.
Advice was provided by Barrie Wells, founder of business insurance experts Premierline Direct, www.premierline direct.co.uk
