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  • Business insurance premium changes

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  • business insurance premium change

    Why a change to your details could change your premium

    Checking your business insurance is right for you, and all your details are up-to-date and correct, means you’ve got the right cover, and we’ve got the right information to sort things out if you make a claim. Telling us about any changes, big or small, means you pay the right premium, and you’re properly protected. If you don’t tell us about any changes, your policy may not be valid. It’s easy to tell us about any changes by logging into your AXA Account. Some changes may affect the price of your insurance, when you make them, or at renewal.

    Here’s some examples of why it could change.


    Changes to your business

    If you make any changes to your business, you’ll need to update your business insurance. Say for instance, you’ve taken on new staff, bought new equipment or you’ve landed a bigger contract or changed premises, it’s likely you’ll have to pay more for your insurance. Our prices are based on the information that you give us about your business.

    Changes to your business

    Changing your business activities

    A change in your business activities could potentially change the suitability of your policy and your premium. Your business activities are driven by your occupation but also your market and demand. say, you’re a plumber and you decide to install kitchens or you’re a gardener who now builds decking, the cost of your current policy might have to change. Here are some key factors that could make your business insurance go up or down:

    • Removing or adding new or additional employees to your workforce
    • Changing or expanding what your business does
    • Changing the machinery and tools you use

    Changing your business activities

    Where your business is based

    If your business is located in an area or particular postcode where our data shows high numbers of claims, then premiums in your and surrounding area are likely to be higher too. So, it’s doubly good news if you’re moving to an area where we’ve seen fewer claims – it could be a safer place to locate your business, and your business insurance could cost less too!

    Where your business is based

    Increasing your staff

    The number of people you employ will have an effect your premium, and that includes anyone you hire on a permanent, part-time, voluntary or contractual basis.

    Increasing your staff

    Customer misrepresentation

    It’s important to answer questions honestly so we can judge the risks involved, or put plainly, underwrite your policy accurately and charge the correct premium. Sadly, some customers fraudulently answer questions, to get insurance for less – for example, how many staff they have. Giving false information means your policy might be declared void, and we wouldn’t pay out on any claims you make. It also impacts on other customers being charged more to cover costs of investigating invalid policies and paying out on exaggerated claims.

    Customer misrepresentation

    Claims

    If you make a claim, the price of your insurance won’t change straightaway, you’ll see the increase at renewal. Even if you weren’t to blame, making a claim with any business insurer could put up the price next year, particularly if the amount that was paid to settle the claim couldn’t be fully recovered from who was responsible. Even if you think it could affect your price in future, it’s important you tell your insurer about any damage, accidents, or incidents involving you or your business. Because if you don’t, it could affect your ability to buy business insurance in future.

    Claims

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