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How To Save Money On Your Business Insurance in 2022

By Dean Laming on July 6th, 2022

While getting the right business insurance in place is essential for protecting your business, it comes at a high cost, especially for small retail companies.

With everyone tightening their belts this year, if you can find ways to minimise your overheads and reduce your outgoings, it will help your bottom line. As the saying goes, every little helps, so lowering your retail insurance costs is one way to save your business a little money.

This guide will look at how you could lower your insurance premiums and make your business more efficient without the risk of being underinsured.

Compare Your Insurance Rates Annually

You will need to renew your business insurance each year. Still, many small businesses fall into the trap of staying with the same insurer and leaving their insurance to renew automatically.

We all know how busy small business owners are. Many don’t have the spare time to read the details of their insurance renewal documents, so they may miss out on comparing their policy rates with those on offer from different insurance companies.

In many cases, you can find a much better insurance deal in as little as ten minutes spent comparing quotes with Brisco Business. It may even be possible for you to find a much better cover for the same or lower cost.

Don’t forget that your business insurance needs may change over the years, so what was adequate cover five years ago may not be suitable for your needs today.

Consider Using An Insurance Broker To Find The Best Deals

Many retail business owners think they get the best insurance deal by going directly to the provider. However, many small business owners don’t realise that they could get a better deal by using an insurance broker, such as Brisco Business.

Buying insurance can be confusing, especially if you are unsure about your needs. This is where a professional insurance broker can come in very handy. Insurance brokers spend every working day researching and negotiating deals with insurance firms. In most cases, you can find a wide range of cheaper retail insurance products for your needs by going through a broker.

Using an insurance broker’s services is free. Brokers don’t charge you any commission for finding you the best retail insurance deals, and they can help you understand what cover you need and find a perfectly tailored solution to your needs. To make it easy, Brisco Business compares the best quotes for your business, so you don’t pay more.  You will be able to input your details in to the quote system and be presented with quotes from insurers that match your needs.

Make Safety & Security A Priority This Year

2022 is turning out to be a turbulent year for all UK small businesses. This is why you must have the proper insurance to cover you for all eventualities.

If you employ staff, you must have employers’ liability insurance by law. Still, you can lower your insurance rates by ensuring your team receives proper workplace health and safety training.

By providing your staff with robust health and safety training, you can reduce the risks of accidents that lead to compensation claims, and it will help your staff feel safe and more confident at work.

Even if you have long-standing members of staff that have been with you for years, refreshing their health and safety knowledge and training with the latest procedures, lifting and handling techniques etc., can help reduce accident and injury risks even further.

Use A Specialist Business Insurance Provider

Business insurance is very different from domestic home insurance. Many insurance providers will specialise in home insurance and offer standard policies built to cover the average needs of homeowners. But this type of insurance isn’t suitable for a retail business owner, so you won’t find what you need from these providers.

Depending on the nature of your retail business, you will need a retail insurance policy tailored to meet your needs by combining different insurance elements. For example, employers’ liability insurance will be required if you employ staff, stock insurance will cover the stock you hold, and you will also need liability retail insurance to cover the products you sell.

This is why you need to approach Brisco Business, a specialist business insurance provider, who will understand your insurance needs and provide you with the right solution. As your business grows and evolves, you can rely on us to give you cover that grows and adapts alongside your business.

Review Employee Classifications & Training

As mentioned above, providing your staff with proper health and safety training in the workplace is essential to help protect your workers and reduce the risk of accidents and injuries that can lead to compensation claims.

However, it is also essential to regularly review your employee compensation and the type of work they carry out work so your insurance provider can calculate risk and arrange the proper coverage you need.

If you use the wrong employee classification or the nature of the jobs your staff do changes over time, the risk may increase and decrease. And if you have decreased your business risks you could be paying higher insurance premiums.

Leaving your business insurance to renew yearly automatically could be a costly mistake. For example, you may have introduced more automation in the workplace over the past five years that has reduced or eliminated much of the heavy lifting and handling now performed.

Your new workplace procedures may be much safer due to the latest tools, technology or machinery you have introduced. Revising your business insurance cover to reflect these improvements can save you a lot of money on your policy.

Use Professional or Trade-Relevant Organisations

If you operate your business within a specific sector, trade or profession, there may be a trade association that you can join.  Being a member of a professional trade organisation will give you access to information relevant to your sector and you can share experiences with like-minded businesses.

Some insurers also offer additional discounts for companies who belong to a trade body as they represent a better risk to the insurer and are less likely to make a claim.

Being part of a trade or profession membership scheme will also allow you to gain and share information and tips on the best insurance cover with fellow professionals in your field.

Demonstrate That Your Business Is Well Run

It is no surprise that business insurance providers will charge lower premiums for well-run businesses with sound health and safety records. You can effectively lower the cost of your business insurance by demonstrating that you run a well-organised and safe business.

You can provide insurance companies with copies of your risk assessments and reports to show how you addressed risks posed in your workplace.

Business insurance providers must also feel assured that you will pay your premiums on time and don’t have a chaotic financial accounting system. You can show that your business financial accounts are filed on time, and all taxes are paid promptly.

It can also help to show your business insurer that you are a safe bet by providing them with evidence of your professional accreditations and qualifications, health and safety training and ongoing commitment to maintaining a safe working environment for staff, customers and visitors.


As you can see, there is a lot you can do to help lower your retail business insurance costs and save your company some money. However, while it is essential to ensure you are not overpaying for your insurance, you should also ensure that you are not underinsuring your business.

Your retail business will grow and change over time. Whether this is because you have refined your business practices to become more streamlined or expanded your base and employed more staff, this means your retail business insurance needs will change too, so don’t neglect to give your policy the overhaul it needs to ensure it still meets your needs while remaining as cost-effective as possible.

Dean Laming

Dean is a Chartered Insurance Broker with more than 25 years insurance experience. Through various underwriting, operational and management roles, Dean has built up extensive knowledge of how to run a business and is now Managing Director of Brisco Business, part of the wider Henry Seymour Group.

All articles by Dean Laming

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