Reducing the Cost of Insurance

Everyone needs insurance of one type or another and through our years of running businesses around the UK we have seen plenty of change in the industry. Certainly in previous years many of us visited our local insurance broker and they undertook all the work and handled the paperwork on our behalf. We thought they were providing the cheapest deals on the market but didn't really know. These days there is 100% transparency because you can use various online comparisons services and make your own decision and choices. Below are a few sites we recommend.

Vehicle Insurance

Every business has a vehicle to insure whether it be your own personal car or a fleet of vans that provide your delivery network. Although in the news we read about premiums increasing each year the fact remains that if you actually use a price comparison service on an annual basis the likelihood of your premiums remaining the same is high even if it's with your current insurance company

For cars and even vans (although we haven't tried it for the latter), we like moneysupermarket.com purely because they are 100% transparent. We had some dealings with them last year and took a tour of their offices. It's an impressive set-up and although they make a commission for every switch at least you can compare the entire motor insurance market yourself. There are some areas they can't compare such as classic cars - we recommend www.classiccarinsurance.org.uk who specialise in this area (in fact all the main price comparison services redirect their traffic to specialist classic car insurers even though they advertise for these services).

Even if you think your renewal letter looks compelling and your price reasonable, it takes less than 10 minutes to compare all prices online and make the switch. All paperwork is sent to your address automatically and the switch happens online so there's no problems that occur by switching insurance companies. All the big comparison services have a customer services organisation behind them in any case to answer any questions you may have.

Private Health Insurance

This is an area we don't want to think about when we are younger and it's only when we perhaps start a family or things start to go wrong that we want better treatment rather than rely on the NHS. If you are in the market for private medical insurance then we recommended getting online health insurance quotes to compare the types of policies available. The good thing about MedicalSure.co.uk is that it takes less than 1 minute to get the initial quote. Just remember, as with all insurance, that you must reveal all information otherwise you may find that your insurance is invalid when you come to make a claim of any kind.

Other Types of Business Insurance

There are other areas of your business that may require insurance. Certainly if you have customers or staff on your premises then such cover such as public liability insurance and public indemnity insurance are required. In some industries such as solicitors some insurance is mandatory so check for your industry what may be required. The insurance industry is extremely competitive with prices so be sure to shop around even if you believe the initial quotes you receive look value for money you may find cheaper prices elsewhere. Always check as to the cover that is being provided, any excesses that are payable if you make a claim and vitally what is not covered. All these vary by each insurance company and the detail is often in the small print. If you need any help then call in a professional broker who knows the insurance industry inside out.