Insurance premiums can be a major business expense and, in this time when business expenses are rising for everything else, you may wish to save money in your business insurance.

As a business owner, your time and income are at a premium so you will also want to ensure that you get the best business insurance cover without having to pay more than you need to.

This guide will show you how to pay less for business insurance and how to ensure that you get the best cover for your business so that, when the unexpected happens your business is financially protected.

Why bother with business insurance at all?

You may feel that business insurance is an unnecessary expense or a drain on your business but adequate insurance cover is essential to its operation. But many business owners underestimate the risk of an event or incident that can lead to a claim.

Business insurance can help to prevent financial disaster for your business. One event such as a fire or storm, or one claim that your business has caused an injury or property damage to one of your customers can mean that the business that you have worked so hard for could go under. 

If you offer professional advice or services, one error or omission could mean that a customer or client will make a claim that your advice caused them a financial loss.

For some industries, or if your business is competing for contracts, then appropriate business insurance for your sector may be mandatory.

For peace of mind, and security for your business and employees, you must consider putting adequate business insurance cover in place that will protect your business and the risks that it may face.

How to save money on business insurance

There are steps that you can take to reduce the cost of your business insurance. There is little you can do if the business sector that you operate in is considered inherently high risk, such as leisure businesses, childcare businesses, or construction, but there are still ways to ensure that you pay less for insurance cover for your business.

There are various types of business insurance and each can be costly. However, if you bundle various types of business insurance into one tailored package, you will save money. Insurers may offer insurance products suitable for shops and offices, or specific pub, gym, or salon insurance, for example.

Many business insurance companies offer commercial combined insurance that protects your business property with public liability cover as well as other forms of protection, such as business interruption cover.

If you own your commercial premises, ensure that the building is well maintained and that fire safety measures are in place such as extinguishers and fire blankets, sprinkler system, fire alarm etc.

Whether you own your premises or rent from a commercial landlord, you will need to ensure the safety of those who enter your premises, such as keeping areas clear and tidy, hazard signage, and restricting access to high risk areas. Ensure that risk assessments are carried out as required.

Employee safety must be paramount for the welfare of any employees of your business but also to keep your business insurance costs down.

Having a safety statement, ensuring that employees are trained and accredited and that PPE is provided, depending on your industry, and that equipment and machinery is safe and serviced as required will all demonstrate to an insurance company that your business takes safety seriously and that the risk of an insured event or accident occurring is minimised.

If your premises are secure, you will lessen the risk of burglary or vandalism and your insurance premium will be cheaper.

Improving the security of your business premises with locks, shutters, and a monitored burglar alarm, or even 24 hour security on your premises will all mean that you pay less for business insurance.

Installing additional measures such as CCTV or staff safety measures such as panic buttons will further improve your business security and will also help with insurance costs.

Having high quality control standards ensures that products produced, or supplied or serviced, by your business are unlikely to cause injury or damage to others. 

Staff training and upskilling as well as rigorous quality control checks and procedures, or quality assurance, will demonstrate to an insurer that your business is lower risk and may reduce your business insurance premium.

It is always a good idea to shop around and compare business insurance rates each year rather than just renewing your existing insurance cover. This will ensure that you are always getting the best value for money and also ensure that you do not risk underinsuring your business as you will need to update your policy over time.

If your business expands, you take on more staff, or you upgrade your business premises or equipment, you will need to review your insurance cover to avoid underinsurance.

Underinsurance occurs when your insurance cover is not sufficient to cover the cost of replacement or repair following an insured event and can occur as your business grows or due to an increase in costs due to inflation.

Compare insurance has access to a wide range of business insurers and specialist insurance providers and can search the market to help you to save money on your business insurance. 

Our insurance advisors can help you to navigate the options for business insurance and find cover that is tailored to the needs and requirements of your business. We will also ensure that you do not sacrifice protection in getting a great deal on your business insurance.

Compare Insurance

Although business insurance may be expensive, it is an essential protection to avoid the risk of your business going under following a claim or an unexpected event.

Keep your expenses down and get a better deal on your business insurance by consulting with an expert insurance advisor through Compare Insurance.

We will get your cover that is tailored to the requirements of your business so that you have complete peace of mind and can spend you time doing what you do best, building up your business.

Compare business insurance quotes from every insurer.

Take our 90-second online assessment and get the best business insurance quotes on the market. Our vetted business insurance partners are regulated by the Central Bank of Ireland and will outline the various options available to you.