Why insurance is your business’s hidden opportunity

Written by Katherine Campbell – Client Director.

Every business leader is looking for ways to cut costs without cutting corners. In today’s economic climate, that challenge feels more pressing than ever. But what if the solution isn’t in renegotiating supplier contracts or trimming operational expenses? What if the first and easiest place to save money is hiding in plain sight: your insurance?

Right now, the insurance industry is in what’s called a soft market. For businesses, this is more than just jargon; it’s an opportunity to reduce costs while strengthening protection. Let’s explore what a soft market means, why it matters, and how you can take advantage of it before the cycle turns.

What is a soft insurance market?

Insurance markets move in cycles, alternating between “hard” and “soft” phases. In a hard market, premiums rise, coverage tightens, and insurers become less flexible. Businesses often find themselves paying more for less.

A soft market, on the other hand, is the opposite. It’s a buyer’s market. Premiums are lower, coverage options are broader, and insurers are more willing to negotiate favourable terms. This happens when competition among insurers is high, and claims costs are relatively stable.

For businesses, this means one thing: now is the time to review your insurance policies.

It’s good news for your business

The benefits of a soft market go beyond lower premiums. Here’s why acting now could transform your risk management strategy:

• Lower costs without sacrifice 
  • Competitive pricing means you could be paying significantly less for the same, or even better, protection
• Broader coverage
  • Insurers often include additional benefits or higher limits during soft markets, giving you more comprehensive coverage for less
• Negotiation power
  • With more providers vying for your business, you have leverage to secure terms that truly fit your needs

The hidden risks of standing still

Many businesses assume their current insurance arrangements are fine, until they’re not. Common issues include:

• Areas where your business is exposed without realising it
• Premiums that are higher than necessary because policies haven’t been reviewed in years
• Coverage that doesn’t reflect your current operations or risk profile

These problems often go unnoticed until a claim arises, and by then, it’s too late.
 

It’s time to act!

Soft markets don’t last forever. When the cycle shifts back to a hard market, premiums rise, and flexibility disappears. Acting now means locking in better terms while they’re available.

If saving money and improving protection are priorities for your business, insurance is one of the smartest places to start. It’s not just about cutting costs; it’s about making sure your business is properly protected for the future.

Howden can help

At Howden, we understand that reviewing insurance can feel complex and time-consuming. That’s why we’re offering a complimentary review of your insurance policies.

Our team of specialists will:

• Identify coverage gaps that could leave your business exposed
• Highlight areas where you may be overpaying
• Recommend strategies to optimise your protection while reducing costs

This review is completely free and comes with no obligation. It’s simply an opportunity to gain clarity and confidence in your insurance arrangements.

The soft insurance market is a rare chance to save money and strengthen your coverage at the same time. Don’t let it pass you by. If you’re serious about reducing costs and protecting your business, start with your insurance.

Reach out to Howden today for your complimentary review. Now is the time to act, because when the market hardens, this opportunity will be gone.