How to find cheaper business insurance

[mitchino]

I'm new here, a sole trader operating a small film and photography studio hire business. I have used a broker for the last 20 years to sort out insurance, and generally paid around £1000 a year to insure a 3000 sq ft building worth about £300,000 and have public liability insurance for customers who hire the space.

This year I'm being quoted £2000, which seems very steep and represents quite a large chunk of my turnover.

Wondering what others pay for a similar sized building, and if anyone can recommend an insurer that can provide the cover I need at a better price.

Thanks in advance

 

[Frank the Insurance guy]

Hi @mitchino

Too many variables to advise if a cheaper quote is out there. Also be wary what you ask for - cheaper may mean less cover!

Ask an independent Insurance Broker to carry out a quotation exercise - most will do this at no charge.

You will have to spend some time with them so they can understand your business and insurance needs.

They'll get you a quote and at least if they can't do any better than your current broker, you know you have a good deal (even if it is more expensive than it used to be!).

 

[DontAsk]

This year I'm being quoted £2000, which seems very steep and represents quite a large chunk of my turnover.

Only double? Our house insurance with the same provider almost tripled compared to last year. Thanks to the meerkats we found a better deal. I dread to think what the car insurance will be in a few weeks.

 

[Mister B]

I dread to think what the car insurance will be in a few weeks.

The AA just sent through our renewal, and it was 180% higher than last year.

We also went to see the Meerkats and we've managed to get like for like insurance with LV for the same as last year.

 

[mitchino]

Just got another quote from the brokers for £1300, which is probably as good as I'll get. Personally I've found the brokers to be purely interested in selling me a policy, they don't like to get involved. The statement of fact they just sent through describes a building that is nothing like my one.
In the last 20 years I've had two claims, neither of which was paid out. To my mind the insurance industry is a racket. If I didn't need public liability I wouldn't bother with any of it.

 

[DontAsk]

I've found the brokers to be purely interested in selling me a policy, they don't like to get involved.

Try Galaghers (I have used them for a number of years) or Simply Business (I have used them for landlord insurance but not business insurance). Happy to recommend both based on my experiences

 

[Paul Kelly ICHYB]

Of course, using someone like @Frank the Insurance guy will give you a great personal experience, but don't forget, you can use comparison sites like https://smartbusiness.co.uk/

 

[mitchino]

Galaghers is who I've used since day one

 

[mitchino]

smart business quotes are all higher

 

[DanteMosley]

I'd suggest reviewing your current policy in detail to ensure it's precisely tailored to your needs. Sometimes, adjusting certain aspects of your coverage can significantly reduce your premium without compromising your protection level. Leveraging any professional associations or memberships you're a part of might unlock group discounts or preferred rates that you weren't previously aware of. I hope you find a more manageable quote that doesn't compromise the coverage your business needs

 

[Chris Ashdown]

You also need to understand any differences in the quotes and if the worst happens what the insurance company is looking for to avoid paying you.

The fact you have been with the same company for so many years means \why should the broker bother about you and do other searches, you are happy, so lets take advantage and do as little as required

Is your broker commercial or domestic it can make a difference