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It is no secret that businesses are looking for clever ways and means to save money. Whether it is hiring serviced offices where a shared receptionists and telephones are the norm, using rented office equipment from cups to all-in-one printing devices – all the little things will soon add up and impact on your bottom line.

But for those entrepreneurs that are serious about saving money and want to focus on the more important aspect of running their operation and making a profit, a little bit of research can go a long, long way.

We refer to none other than smart ways to cut back on expensive business insurance that has a habit of making hole in anyone’s pocket.

Remember that computer that you invested in a couple of years back which was stolen or upgraded, yet it was never removed from the business insurance schedule simply because you were too busy or forgot; or perhaps your insurance provider/broker was simply just remiss – chances are you have been paying for the cover of that machine ever since.

It cannot be stressed enough that insurance schedules need to be addressed every six months or so to ensure that the correct replacement value for all items are recorded and those that no longer exist are taken off the schedule so that unnecessary expenses are not incurred.

It is interesting to note that this is the very necessary expense that is usually cancelled when times are hard – and as we all are aware, business insurance is the very thing that we need most of all when we experience unfortunate incidents either from theft to natural disasters.

Reduce or revisit your business insurance during the lean times, but never, ever cancel your cover as this could prove to be detrimental and could even mean that you will have to close your doors.

Instead of cancelling your short-term insurance cover, rather examine other ways and means of cutting back and thinking smart.

How you can negotiate your business insurance excess:

First and foremost have a good, long and hard look at your excess. Did you know that you can negotiate a lower premium if you increase the excess on your building and vehicle insurance?

What exactly is excess? The excess is the money paid to the insurance company when you experience a loss before your insurance company will pay you out.

There is never a one size fits all as far as business insurance cover is concerned. Premiums are always calculated according to each and every policyholder’s individual risk profile. Factors that are usually taken into consideration include the area where you run your business from, your insurance and claims history, losses experienced in the past and the value of the insurance.

Shop around, do some serious homework and compare from a plethora insurance service providers to ensure that you are paying the least for the best business insurance cover available.

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