How to save money on Business Insurance in the UK: a smart guide for SMEs
Published on: September 24, 2025
Published on: September 24, 2025
range of risks. However, that doesn’t mean you have to overpay for it.
In this post, we’ll explore practical ways to save money on business insurance without cutting corners on the cover you need.
1. Understand what cover you actually need
Business insurance isn’t one-size-fits-all. Depending on your industry, size and operations, you might need:
Tip: Speak with a reputable insurance broker to identify what’s essential and what’s optional. Some add-ons (such as key cover and excess protection) can provide additional protection at a nominal price – consider these carefully and avoid any you’re unlikely to use.
2. Shop around and compare quotes
It might sound obvious, but many businesses stick with the same insurer year after year. Loyalty doesn’t always pay when it comes to insurance.
That’s why it’s worthwhile to work with an independent commercial insurance broker who can access deals that might not be available to you directly and negotiate on your behalf.
3. Combine policies for discounts
Many insurers offer economies of scale when you purchase several types of cover through the provider or policy. For example, combining public liability and employers’ liability could help save you money.
Plus, it’s super convenient to have your insurance cover all in one place.
4. Increase your excess
Choosing a higher voluntary excess (the amount you pay in the event of a claim) can reduce your premium and may make sense if you have not made a claim for a number of years. Just make sure the excess is still affordable if you ever need to claim. If you make claims on a regular basis, this option may not be right for you.
5. Pay annually instead of monthly
Monthly payment plans often include interest or fees, which can add up. Where cash flow allows, paying annually can result in a noticeable saving.
6. Improve risk management
Insurers love businesses that take safety seriously. Lower risk generally means lower premiums. You can often reduce your costs by:
Some insurers may even offer discounts for ISO certifications or industry-specific accreditations.
7. Maintain a clean claims history
Like car insurance, a good claims history usually means better rates. Avoid making small claims if you can cover the cost yourself – it may help you save more in the long run.
Report incidents quickly, even when you are not intending to claim yourself – this brings the matter to your insurer’s attention and helps them mitigate costs from the third party.
During the claims process, follow up with your insurer’s claims team regularly to help keep things moving and respond to queries quickly to prevent delays and spiralling costs (e.g. car hire charges).
8. Reassess every year
Your business evolves and so does your insurance needs. As a broker, we don’t auto-renew policies, as this can lead to:
Our experience of working with businesses across the UK helps us to understand your risk profile and we know a good deal when we see one. We’ll advocate on your behalf with your current provider and prospective insurers to secure your renewal.
Final thoughts
Business insurance is essential, but overpaying is optional. With a bit of research and the right strategy, UK business owners can secure solid coverage at a sensible price.
Saving on business insurance isn’t about cutting corners – it’s about being smart.
Need help?
Speak with one of our commercial insurance advisors who will help you find a range of insurance solutions suited to your business.
Head Office:
01227 285540
quotes@quotemetoday.co.uk
Ashford Branch:
01233 222 562
quotes@qmtcommercial.co.uk
