In today’s competitive world of business it’s critical for SMEs to save cash wherever possible. Car insurance is a major expense for SMEs but it’s also a key area where business managers can look at cutting costs. Sound appealing? We’ve come up with some great ideas that will help you slash your SME car insurance outgoings and use the cash to reinvest back in your business. You’re welcome!
Hiring people with clean driving records
The driving records of your staff could play an integral role in cutting the cost of your SME car insurance policy. If you’re hiring new staff be sure to ask them whether or not their record is clean and take that into account when making your final decision. If you’re not aware of any discounts regarding safe drivers give your insurance provider a call and make an inquiry. It never hurts to ask!
Installing extra safety devices
Some insurers now offer discounts on policies according to the number of safety features a car is equipped with. This can be anything from multiple airbags to reverse cameras and anti-crash technology. If you’re looking at investing in a new vehicle or fleet it’s definitely a good idea to take safety specifications into account and use them as a tool to bring down your insurance policy.
Track your miles
Just like personal car insurance, SME policies can be reduced if vehicles are only used on a limited basis. If your cars aren’t used all day everyday why not get in touch with your provider and ask whether you might be eligible for a discount?
Consider covering small costs
For small dints, scratches and other minor issues it can sometimes be more cost effective to repair the damage out of your own pocket rather than lose your no claims bonus. You’ll need to have a thorough understanding of your policy to make this work so make sure you have your paperwork on hand before making any decisions.
Shopping around for the best quote
When it comes to finding the best deal on corporate car insurance it always pays to shop around. Generally, the first quote that you receive isn’t going to be the best one. Using quote compare websites is a great place to start and will help you quickly and easily find the best deal, at the best price. Search algorithms do all the groundwork and leave you with a curated collection of deals tailored to suit your individual business needs.
They may be simple but at the end of the day these simple tips to cut SME car insurance policies could save you hundreds of pounds!