7 Friendly Tips On Lowering The Cost Of Business Insurance In Tasmania

As small business owners in Australia, we’re all too familiar with the balancing act of keeping our operations profitable amidst rising expenses.

One unavoidable cost is insurance—it’s the safety net that helps us sleep a little easier at night, knowing our business can bounce back from unexpected setbacks. But that doesn’t mean you can’t find ways to ease up on what you’re paying.

Here are seven relaxed, no-fuss tips to help you trim your business insurance costs without skimping on the essentials.

1. Boost Your Risk Management

Think of your insurance premium as a reflection of how risky your business looks to insurers. Little tweaks like stepping up your safety game, training your staff well, and keeping your premises secure can make a big impression. Showing that you’re serious about dodging disasters could snag you some savings on those premiums.

2. Compare and Contrast

The insurance market is packed with options, each vying for your attention with different perks. It it is a chore to sift through them all, and if you are not into comparing apples with pears, so why not let a broker do the heavy lifting? They’ve got the know-how and the contacts to find you a deal that fits just your situation and needs to perfection, saving you time and money.

3. Bundle Up

Just like bundling up in winter saves you from the cold, bundling your insurance policies can save you a bundle in costs. Grouping policies under one insurer can simplify your paperwork and often cuts down on the total cost. Just remember, there are exceptions like workers compensation, so check what’s best bundled and what’s not.

4. Tweak Your Excess and Limits

Consider nudging up your excess—that’s the bit you pay when a claim goes through. It’s a straightforward switch that can lower your premiums as long as you’re comfy with the potential out-of-pocket cost if things go pear-shaped. Also, re-evaluating your policy limits to ensure they’re not over the top can prevent overpaying for what you don’t need.

5. Keep Your Claims Record Tidy

A spotty claims history can make your premiums climb. Keeping your workplace safe and sound, with solid reporting and risk management, can help you avoid unnecessary claims. Plus, showing that you’re a careful operator might just keep those premium increases at bay.

6. Review Your Coverage Regularly

What worked for your business last year might not be the perfect fit this year. Life changes, businesses evolve—make sure your insurance keeps up! Regular check-ins on your coverage can help you adjust as needed and ensure you’re only paying for what you truly need.

7. Talk to a Broker

As we alluded to earlier, getting into the nitty-gritty of insurance can be daunting. Having a chat with RSM Tasmania can demystify the finer points and get you tailored advice that aligns with your business’s unique vibe and requirements.

Just a Little Reminder – This advice is pretty general and might not suit everyone’s specific situation. Always consider what’s unique about your business and seek out professional advice tailored just for you.

So, there you go! By following these friendly tips, you can keep your business well-protected and your insurance costs well-managed. Here’s to finding that sweet spot where coverage meets affordability!

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

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