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Ways to reduce your business insurance premium

Increased premiums, higher excesses and reduced coverage is the reality many businesses are facing. 

Our brokers have continued to assist their clients head on with the ever-hardening market with decreased availability, higher premiums, lower policy limits, increased excesses, limiting exclusions, and less competition between insurers. 

This combined with the number of fires, floods and weather events has depleted some insurers catastrophe budgets 

Business Owners struggling to find business insurance cover 

It is becoming increasingly difficult for businesses to secure certain types of cover for risks such as directors and officers, property risks where they have ongoing issues surrounding the building – buildings that are unoccupied, poorly maintained, or generally in a distressed condition. Professionals and businesses with a history of losses are also likely to find it harder to secure the type of coverage they require. 

Some small businesses are paying a high price for insurance in some areas. For instance, builders and those in the trades find it hard to take out affordable public liability cover. Business owners in this position should talk to their Ausure broker about different options available to them. 

The Value of a good broker for your business 

By having a long-term relationship with an Ausure broker, no matter what stage of the cycle the market is at, your broker’s relationship with insurers will assist in securing you the best coverage for your circumstances, as well as being able to advise on likely changes to insurance costs in the future. 

A good broker is invaluable in a hardening market. For expert advice on insuring against the risks your small business faces, talk to our team. 

Original Article via: 

Ausure Business Insurance
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