Reducing overheads are always an attractive option for a business and can make a real difference to your profits in today’s challenging economic climate. Whatever aspect of the motor trade you are in, from a body shop to a car servicing facility or vehicle sales dealership, it pays to review your insurance premiums.
According to Confused.com, businesses such as car valeting companies and even scrap yards may need trade insurance.
Review your business activities
Ensure that the type of vehicles your business works with has not changed. If you used to work on certain groups – such as high-performance vehicles, motorcycles or HGVs – but no longer do so, your costs could probably be decreased.
If you have driver cover, is this still needed or could you change it to named drivers only or reduce the number of drivers covered by the policy?
Check that your motor trade insurance is adequate for the current needs of your business and that your employer liability and public liability insurance reflects your current turnover and wage bill.
It is quite straightforward to compare insurance quotes online by searching for motor trade insurance by Quote Me Today or other brokers. This is definitely worth doing if you have not reviewed your cover recently; however, you need to remember to compare like with like. The cheapest quote may not include all the cover you need or may have excesses you are not expecting, which could cause problems in the event of a claim.
Have a business insurance review
As your business is likely to have changed significantly in the last year or two, it is worth arranging a review with an advisor who can point out where it may be possible to make savings. Changes in your sum insured, turnover, drivers or number of vehicles could make a difference to your premiums.
Pay in advance
Rather than incurring interest charges of ten percent or over for paying in installments, it makes sense to pay the total upfront if you can.
Package trade cover
It might pay you to amalgamate all your business insurance needs to reduce your premiums. Cover for equipment, drivers and all the other aspects of your business may be able to be combined into one package, which could be less expensive.