Reducing the cost of motor trade insurance
If you are a business owner, you will know that reducing as many overheads as possible is vital. Owning a business means paying out multiple insurance premiums on various aspects of the firm; however, the cost-saving element of this is often ignored. Many owners stay with the same insurer, as they see the switch as taking up unnecessary and time-consuming admin.
Keeping costs low ultimately means that profits will be more favourable. Reducing the cost of motor trade insurance should be on your radar, with obtaining a full business review your first port of call.
Road risk insurance is aimed at companies or sole traders that buy, sell or carry out repairs to vehicles they don’t own. Combined policies, on the other hand, offer the same level of cover but the premiums will also cover the business for any loss or damage to vehicles that are kept at their business premises.
Grouping policies together
Some companies enable the business to save money by grouping all the insurance policies together into one bundle. For motor trade businesses, this could include fleet, tools, equipment and road risk. This reduces the time spent on admin.
According to Business Live, it is important to make sure all necessary extras are included on your policy; otherwise, you could lose out.
Insurance brokers such as qmt motor trade insurance often allow you to pay by monthly instalments. This can be slightly more expensive than paying up-front, but some businesses prefer to spread the cost to make it more manageable.
Review annually
As the world evolves, so too does your business. It may have changed over the past year or two years, with the number of vehicles on the road, the turnover and the ages of the drivers all potentially having a significant impact on the cost. It is a good idea to take stock and review your insurance annually.
If you have been involved in very few accidents in the past, you should think about paying a higher excess to reduce the overall premiums. If an incident does occur, you will pay more, but this shrewd move can save money in the long run. It is also a good idea to keep the number of drivers under the age of 25 to a minimum.
