|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
With the more challenging economic climate, many business owners are considering how they can reduce their costs and improve their cost efficiency. While public liability insurance is mandatory for any business with direct access to the general public, it is possible to improve your cash flow by securing a great deal when you renew your tradesman insurance. Broker deals can be a great way to save money on your mandatory insurance, ensuring that you retain full protection and coverage while saving a few dollars along the way.
Finding a Great Deal:
Just with any insurance, finding a great deal on your public liability insurance need not be stressful. It is well worth speaking to a specialist tradesman insurance broker. This type of broker will have greater access to providers specialising in business insurance coverage. This means that you increase the likelihood of securing a great deal. Don't be afraid of shopping around and don't assume that your renewal quote from your current provider is offering the best deal. Use your renewal quote as a basis for comparison to determine how other deals stack up. Be sure to check the terms and conditions and level of coverage to ensure that it is comparable to your current policy and is sufficient for your requirements.
Take Time to Research:
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
Although running a business can be very time consuming, it is worth spending a few minutes making some enquiries with your current tradesman insurance broker and any potential new brokers. It is worth making a note of your renewal date and prioritising obtaining some new quotes a week or so before your policy renews. This will mean that you are not under time pressure to retain your mandatory coverage.
Consider Package Deals:
You may find that your tradesman insurance broker offers some great deals on your public liability when it is part of a package deal. These types of packages can usually be tailored to suit your requirements but can include vehicle coverage in addition to workers compensation and income protection policies. You may find that by combining all of your business insurances into one package, you can save a great deal on the premiums and reduce your administrative stress. A package deal will mean that you only need worry about one renewal date rather than for each separate policy. Additionally, all of your insurance documentation including certificates will be in one package, making organising your paperwork far easier.
Just as with any personal insurance, it is well worth shopping around for your public liability insurance. A reputable tradesman insurance broker will be able to assist you and minimise the amount of time you need to dedicate to finding a great deal.
If you are interested in a quotation for public liability or any Trades Insurance, contact us. We are a specialist tradesman insurance broker with access to a wide variety of providers. Our expert advisers would be happy to discuss your requirements and help you to secure a great deal.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|