…And Save Money In The Process

Ah, business insurance in Tasmania.

It’s one of those essential elements that Tasmanian businesses know they need, but often approach with a hint of trepidation. Just like a visit to the dentist – it is necessary, but not always the most eagerly anticipated thing to do. 

However, just as you can discover ways to make a dental visit less daunting, there are strategies you can adopt to save money when securing business insurance and still get the best cover.

And here’s the golden nugget: These are the kind of savvy tactics your insurance broker would unearth on your behalf.

This is precisely why engaging a broker like RSM Tasmania from the outset is such a brilliant recommendation. Let’s delve deeper, shall we?

1. Understand Your Needs

Before you even start looking for insurance, it’s crucial to understand exactly what you need. It’s like buying a suit – if you don’t know your size, you’ll end up with something that doesn’t fit.

The same goes for insurance. If you over-insure, you’re wasting money. If you under-insure, you’re leaving yourself exposed. At RSM, we take the time to assess your business risks and determine the coverage you truly need.

2. Shop Around

Back in the day, you’d have to call up multiple insurance agents, set up meetings, and go through the whole rigmarole – and then try to compare apples with oranges to choose the best deal.

Today, thanks to the wonders of the internet, you can compare quotes from multiple providers in a matter of minutes – but the problem is you are still comparing apples and oranges because you have to be able to understand the difference in the policies you are being offered and then work out which is the best for you. 

Engaging a professional, experienced and importantly LOCAL insurance Broker will give you a more personalised service.

They already understand the differences in the various policies and can talk them through with you.

Remember, the cheapest isn’t always the best, but with your broker’s advice, you will find the best value for your money for the right coverage.

3. Increase Your Excess

The excess is the amount you pay out of pocket before your insurance kicks in. By increasing your excess, you can significantly reduce your premium.

But be cautious – make sure you can afford the deductible in case of a claim. It’s a balancing act, but if you’ve got some reserves set aside, it can be a smart move.

4. Manage Your Risks

Insurance companies love businesses that take steps to reduce their risks. It’s like going on a diet and exercise regime before a medical check-up.

By implementing safety measures, training programs, and other risk-reducing strategies, you can not only lower your premium but also create a safer environment for your employees and customers.

5. Review Regularly – Annually As a Minimum

Your business isn’t static, and neither should your insurance be. As a minimum you should review every year, your approaching renewal time is good for this.

But if something in your business changes during the year, notifying your broker as soon as possible is a good way to avoid nasty surprises.

Maybe you’ve downsized, or perhaps you’ve expanded into new areas. By adjusting your insurance to reflect your current situation, you can ensure you’re not overpaying (or underinsured).

6. Tell Your Broker Everything

You’d be surprised how helpful your broker can be if you give them all the available information about your business.

Things you might consider unrelated, like are you a member of a trade association? Do you have a security system in place? Have you been claim-free for several years?

All these factors (and more) will help your insurance broker get the best price for you. 

7. Build a Good Relationship with Your Agent or Broker

Just as in any other business relationship, building trust and rapport with your insurance broker can lead to them having a better understanding of your business.

They’re there to help, and if they know you and your business well, they can better tailor policies to your needs.

8. Stay Informed

The world of business insurance is always evolving. New products, discounts, and strategies emerge regularly.

Your Insurance Broker has the information about all of these changes, saving you the time and trouble in keeping up to date.

If any of these benefit you, they will be able to make recommendations to you when renewing your cover.

Talk to Roger Hosie from RSM Tasmania today.
Call Now! (03) 6244 7854, or email roger@rsmtasmania.com.au 

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