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  • Business insurance premium changes

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  • Business insurance premium split

    Your business insurance premium explained

    Why a change to your details could change your premium

    It’s important to check that your business insurance is right for you and that all your details are up-to-date and correct. It means you’ve got the cover you need every time you do business, and we’ve got the right information to be able to sort things out for you if you ever need to make a claim.

    Letting us know if you’ve made any changes, big or small, will ensure that not only are you paying the right premium, but you’re properly protected too. If you don’t tell us about any changes to your circumstances, then your policy may not be valid in the event that you need to make a claim. It’s quick and easy to let us know when any of your details change. Simply login to your AXA Account and update your information yourself.

    Some changes can affect the price of your insurance – either as soon as you make the change, or when it’s time to renew. Here are some of the reasons why it could go up or down.

    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. Prices are calculated based on risk, and also potential costs if you had to make a claim.

    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 for instance, 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


    Where your business is based

    If you’re a retail business and our data shows high numbers of claims for your particular postcode, then premiums in the 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!

    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.

    Customer misrepresentation

    It’s really important that all our customers answer questions honestly for us to be able to judge the risks involved, or in other words, underwrite their policy accurately and charge the correct premium.

    The unfortunate reality is that some customers will choose to answer questions incorrectly, to get their insurance at a lower price – for example, how many staff they have, or they may choose to exaggerate their losses in the event that they need to make a claim.

    The repercussion for those found to have provided false information is that their policy could be cancelled or declared void, and a refusal to pay out on any claims they make. This behaviour also leads to all customers , including those who answer honestly, being charged more money to cover the costs of investigating these invalid policies and paying out on exaggerated claims .


    If you have to make a claim, it won’t change the price of your insurance straightaway, but it’s likely you’ll see an increase when it’s time to renew. 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 business insurer about any damage, accidents, or incidents involving you or your business, because if you don’t make a claim, and someone else reports it, it could affect your ability to buy business insurance in future.

    Our phone lines are open 24-hours a day for you to make a claim – we’re happy to help

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