With the recent insurance premium tax (IPT) hike, coupled with changes to the Ogden rate, motor trade insurance premiums have been steadily increasing.
To help keep your costs as low as possible, consider taking the following four actions:
1. Conduct a comprehensive business insurance review. Undertake a thorough assessment of your current policy to ensure that it is up to date and accurate.
2. Review your business activities. Assess the type of vehicles that you sell and service, the number of staff members you employ, your vehicle sums insured, and your public liability and employers’ liability policy to identify whether adjustments need to be made that could result in savings.
3. Consider consolidating all your separate insurance covers. It may be more cost-effective if you consolidate all your separate insurance covers into one rather than paying each of them individually.
4. Compare whether paying in a lump sum or monthly instalments is more cost-effective. Investigate how much your premium cost would be for different payment options. However, even though an option may be cheaper, you still must consider if you can afford to make such a significant payment all at once.
Most importantly, rely on Bollington Insurance Brokers. As a specialist motor trade broker, we have industry knowledge and a wide range of insurers to choose from to keep your cover robust and cost-effective.