Anyone who is in business, will by now, half way through 2010, have realised that there are changes afoot in the premiums being charged for commercial insurance.
For the past 7 or 8 years, we have seen a steady decrease in premiums being charged for good quality insurance business. When we say good quality, from an insurers point of view, this simply means a risk with a good claims history. It could be a pub, shop, property owners, manufacturer – anything – as long as the history was good, insurers would give you the premiums you wanted.
However, if your insurance was due for renewal in the past few months, you will have found that your premium had increased, only by a few percent probably, but a positive increase nonetheless.
If this is happening to you, then now is the time for you to set aside a morning or afternoon and go through the process to compare business insurance with at least two other providers. If you do, this will result in two things. Firstly, and probably most likely, you will find that there are better prices available. And secondly, if you do not find a better price, then at least you can rest assured that your current provider is charging you the market rate.