As your business evolves, it’s essential to regularly take a step back and assess your running costs, especially if you are in a position of change or growth.
Insurance is one of those business expenses that can very often offer savings when you evaluate your policies and explore opportunities for consolidation: And, not just in terms of financial savings.
Review – Regularly
At Finch we undertake annual client reviews and very often see circumstances that allow us to combine insurance policies. This not only potentially reduces their costs, but also the time they spend having to administer one single policy annually, rather than a number of different policies (potentially each with different insurers) throughout the year.
For example, they may currently have a separate fleet and business insurance; or, manage a number of properties – each with its own specific policy – that could be combined into one.
Another common scenario we see is businesses that are growing rapidly that operate from more than one premises – such as retailers.
Consolidation can reduce the financial and time burden on your business without compromising risk exposure.
Commercial Insurance for YOUR Business
This is one of the benefits of working with an insurance broker that not only has access to a number of bespoke commercial insurance policies, but one that can work with an insurance company to design a specific policy for the current state of your business.
Flexibility also comes into play here as businesses do have a tendancy to change dramatically. One large order, and acquisition or a new asset purchase could leave you exposed in terms of risk, or, relying on multiple “off-the-shelf” commercial insurance policies could end up costing you more money over time.
If you feel you could benefit from consolidating your commercial insurance(s), why not contact us today?