“How can I save money on my insurance?” is probably the first question you ask yourself when it is time to renew your insurance policy and this question is as relevant for your business as it is for your personal home or car insurance.

Whether you are a builder, motor trader, plumber or any other type of business and you need cover for property, vehicles or liability, the answer is the same – shopping around!

There has been a push in recent years from government and financial experts to increase awareness of the benefits of shopping around, however lots of people still automatically renew with the same insurer year after year.

Insurance is essential. It is an expense, often begrudgingly paid, to protect your business (and your customers!) from potentially higher expenses if you didn’t have it. The right insurance policy can save your business if the worst was to happen.

The difficulty is that getting the right insurance for your businesses can be complex and time consuming.

If you are not experienced in the insurance industry some questions may be difficult to answer;

• What cover do you need?
• What cover do you legally require?
• What cover is not relevant to you?
• What cover would be a nice addition but not essential to have?

So, how do you choose which insurance product is right for you and which product represents value for money?

You could enter your details in an insurers website and get a quote but how do you know how competitive that is? How do you know that the policy does not exclude something you deem to be essential? You could repeat this with two or three insurers but the market may have 10, 20 or 30 insurers willing to offer a quote – how much time can you dedicate to this task?

Use an insurance broker.

Why?

• Insurance brokers work for you, they know what questions to ask to help you understand
  your individual needs
• They know their markets and know which products are suitable to meet your demands and
  which are not.
• Business insurance specialists often have access to great deals you may not be able to access
  directly.
• Brokers have the experience and insurer relationships to find the best prices without
  compromising on cover.

What about comparison sites? You may think that the easier option is to use an online comparison site but the policies offered by these sites are often fairly generic and not tailored to your own businesses needs.

For the right deal and peace of mind, a broker is your best friend.