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Business running costs set to rise?

With many insurers announcing losses, business owners are bracing themselves for rises in the cost of their commercial insurance over 2009, indeed many have seen increases double digit percentage increases since quarter 4 of 2008.

Aviva (Norwich Union) who insure directly and underwrite a number of schemes offered by other insurers are the most notable with losses in the region of £1.3bn for 2008.

So is there any way to avoid having to pay increased premiums at a time when the economy is in difficultly and when other costs are also pressuring margins? DSP Insurance Brokers suggests that there are a few easy measures when it comes around to consider your renewal.

Firstly, you should review your cover with your broker. Making sure sums assured are accurate and any improvements have been notified to insurers can make a difference to what you pay. Typical changes in the current environment are alterations to turnover or wage bills, both of which can affect your overall premium. Equally, if you have more than one business or property it may be beneficial to consider a single corporate policy if possible, where again savings can be made.

Secondly, your broker should be approaching the market at your renewal. If you have received renewal terms just from your holding insurer, you may want to ask what other insurers can offer. The difficultly with the commercial insurance market is that often, one broker will have access to schemes that others do not. It may be worth looking at a comparison quotation from a rival broker if you believe you are not getting best value.

DSP Insurance Brokers have found that by following these simple steps and taking a little extra time at renewal, any increases can be mitigated. Indeed, the combination of working a little harder at renewal and with access to a number of specialist schemes, we have achieved savings for many clients despite the financial troubles of some insurers.

If you would like DSP Insurance Brokers to work for you, either on a new acquisition, new build or at your renewal we would be happy to do so. We are a specialist independent commercial brokerage who can offer you a market leading comparison to your existing terms in all areas of commercial insurance.

Please find out more about us at www.dspartners.co.uk/Insurance

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David Stephen Partners is an appointed representative of Sesame Ltd, which is authorised and regulated by the Financial Services Authority.Sesame Ltd is entered on the FSA register (www.fsa.gov.uk/register/)under reference 150427. The Guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.