Cost of insurance
As for any kind of insurance, the cost of the coverage offered and the premium can vary from insurer to insurer. It therefore pays to shop around!
Establishing the premium
In general, the premium is based on:
- the type of business you run;
- the nature of the underlying risks;
- Your needs.
That’s why it’s important that you accurately describe to your agent or broker all the facets of your professional activities.
- Your activities;
- The value of your property;
- The amount of coverage you need.
Tips for paying less
You may be able to reduce the insurance premium:
- Accurately declare your property and operations;
- Install a theft
or fire alarm system;
- Get a safe in which to keep valuable documents;
- Increase the amount of the deductible.
You’ll also have to choose the deductible. That’s the amount you’ll have to pay when you make a claim. The higher the deductible, the lower the premium.
- Make a list of everything that was damaged including, where possible, the equipment model numbers, date of purchase and cost.
- Collect all invoices or proofs of purchase you have.
- Take photos of the damage suffered.
- Keep the damaged items to show the claims adjuster, unless they represent a hazard to your health.
- Keep all receipts or invoices for expenses incurred after the loss (hotel, meals, equipment for repairs, etc.)