Top Tips

Here are 2 top tips to keep the cost down, when arranging your business insurances.

There are 3 numbers which are used to calculate the premium, they are:

1. Physical sums insured
2. Gross Profit
3. Turnover
4. Wages

Top Tip 1

Both (1) & (2) need to be accurate as these are values on which your claims will be based. If they are too low, your claims will be reduced by the amount of under insurance as a percentage %

They should be the replacement cost ITEMS or the cost to reinstate BUILDINGS.

Top Tip 2

Both (3) & (4) are simply used to calculate the premium once a year. They are not sums insured, so whilst they need to be reasonable, they should not be overstated. If they are, you are simply going to pay an increased premium based on something which hasn’t yet happened. Last years actual is a perfectly good number.

Brokers working on commission will want the higher figures, because they will earn more money.

Because we work on fixed fees, not commission, we will never ask you to overstate these numbers.

We want to keep your premium as low as possible, because we know that will make you happy.

Have a great day 😊