October 3 2013.

No one enjoys paying for intangible products such as insurance, but uninsured losses are a far more dreadful prospect. In the current edition of Motorcycle Trader, Adam Bernstein explains how to be shrewd with your cover.

Firstly, don't assume you're being ripped off. Laura Marsh, partner in insurance specialist PPS GI, says it's important that business owners understand, "the market remains incredibly competitive and, at times, the premiums quoted are in no way reflective of the risk insured."

Nathan Scott, an account executive at JA Duffy & KL Barrett, an NFU Mutual representative, agrees: "Insurance markets are always price-competitive, particularly where online insurers are concerned, but price ought not to be the primary consideration." He firmly believes that the question ought to be 'Am I adequately covered?'

How to reduce premiums? The first step is to diarise the renewal date to allow plenty of time to seek new quotes. Once the renewal arrives, it should be compared to the previous year's price. If it's risen, the insurer (broker) should be asked why. Where claims have been made, firms should seek the final settlement figures from the insurer, as this will be useful for negotiating with a new insurer.

For more pertinent insurance information, take a look at Business Journal in the October issue of Motorcycle Trader.