Has your business insurance premium increased?

If so, don’t feel that you are being singled out, insurers throughout the land are slowly, but surely, increasing their premiums. For years they have been happy to take you premium with minimal, low single digit, increases year on year.

But now you are faced with a double whammy. Your business, like many, will be feeling the effects of the recession. Then, the insurers think they can hit you with an inflation busting increase in double digits.

Well, hope is at hand. You may have been loyal to your insurer over the past three, four or more years, but when they reward that loyalty by bumping up the price, this is the right time to look around for a cheap restaurant insurance quote.

If you have had a few claims then it is understandable if the insurers put through an increase, but if you have been covered by the same company for years and have had just one small loss, this should not be enough reason for an increase.

Insurers have suffered as well, partly due to their own errors in fighting tooth and nail for every piece of business on price alone. Supply and demand has kicked in over the past decade and insurers have been hungry for premium, at whatever cost. As business and commercial insurance is a cyclical industry, we are now at the point where insurers that have lost out need to recoup their losses through increasing premiums.

But this does not mean that you need to take this lying down, if you are claims free you should not have to pay for your insurers past mistakes and inefficiencies. Take 15 minutes to speak to a couple of brokers and, with a reasonable certainty, we can guarantee that you will get a better deal.

Finding cheap restaurant insurance may be something that is fairly high up your list of priorities, but finding the time to do this can be hard. As with any financial service or product, you do need to provide certain information in order to obtain a quote.

You have a couple of choices when looking for alternative quotes. On the one hand, you can visit a website that “offers” to compare business insurance and on the other, you can speak to a broker who is legally obliged to scour the market on your behalf and offer you the best price for the widest cover.

The problem we find with the comparison sites, is that they try to be all things to all men, you can spend ages putting in the required information and then, at the very end, they say you will need to discuss it with one of their representatives. This tends to happen more for licensed and food trade businesses.

If you choose to speak to a broker, then you will be conversing and discussing your insurance with a human being. Their job is to guide you through the information providing process to ensure that you give the correct information, the fuller the information the more likelihood there is of you getting a competitive quote.