With only 12 days until Christmas, we have put together some top tips for businesses and consumers on their insurance. A combination of ways to save money on your insurance and tips on ways to protect your property or business over the festive period.
Buying any expensive gifts this season? You may want to consider extra insurance. Even though you have bought gifts for someone else, that necklace or watch falls under your personal property coverage. Review your home insurance policy to make sure your big-ticket gifts are covered, you can add temporary coverage or extend your limits if need be.
Holding money within your business premises? Christmas can be the busiest time of year for some businesses, so make sure that you are covered for the maximum amount of money that could potentially be held in your premises.
Take the time to shop around and compare insurance quotes carefully. Keep in mind that the cheapest policy isn’t always best. It’s important to make sure you have the right level of cover for your needs.
Brokers like ourselves that are regulated by the FCA means we will search the market for you, delivering the best options to our customers, meaning getting the best deals for the cover they need.
Is this the prime time for your business? If Christmas is the time you hold more stock than any other time of the year, make sure you have this covered within your policy.
More and more packages are being delivered at this time of year since lockdown. With the ease of ordering online and getting your gifts delivered, you need to be weary of the so-called Porch Pirates. There will always be opportunists who steal from doorsteps, but they will be working in full force during the busy holiday season. If you know a package is on its way, track it closely so you can anticipate its arrival. You may also want to invest in a front door camera so that you can be sure when thieves strike.
When it comes to Public Liability for businesses, typically you need to be protected against millions of pounds in potential claims due to injury and accidents. This may seem excessive, however justifiable due to the average amount of claims and the costs associated. You can get cover for cheaper if you can prove how safe your business is. Many insurers will give you significant discounts if you go 5 years without someone making a claim against you, so improved safety isn’t just better for your business – it’s better for your wallet too.
Limit the number of miles you drive each year – fewer miles means you’re a lower risk for insurers, so cheaper to insure. But always give an accurate estimate of your mileage when getting a quote – your policy could be invalid if you’re not honest.
The festive period usually brings cold and wet weather, sometimes snow! If you are a business, make sure to avoid public liability claims for slips inside your premises. Consider investing in an anti-slip doormat and mop public areas regularly to reduce the risk of injuries to your customers
If you have children who are living in halls at college or university, insure their belongings under your own contents insurance policy, rather than buying a separate student insurance policy.
Got a lot of deliveries to do, whether that’s picking stock up or delivering goods to customers. keep in mind the level of goods in transit cover you have on your policy
If you have phone insurance with your mobile phone provider or warranty cover for laptops and tablets that covers theft or damage as well, then don’t insure these items on your home insurance policy too.
Getting the right insurance cover for your business can be daunting, especially when looking through your policy and making sense of what’s covered and not. Businesses sometimes will take package covers which might include aspects that are irrelevant. For example, if you don’t use a vehicle for your business, you don’t need commercial motor insurance. If you don’t have employees, you don’t need employers’ liability. So, make sure you are covered for the key areas of risk, but read what your protected for as there might be aspects that are not required. An insurance broker like ourselves are here to help you understand what you do and don’t need.