When it comes to business insurance, you have the power to keep costs under control! Business owners and managers can take a number of steps to help reduce their premiums costs. Here are a few of the most effective:
Be a risk manager. Effective risk management can help keep your insurance costs under control. Taking documented steps to prevent employee and customer accidents. Installing devices like a fire sprinkler system could lead to insurance discounts. It pays to ask how risk management may be able to help mitigate your business insurance costs!
Raise your deductible. In your quest to save money on insurance, your deductible is a great place to start. Your deductible is the amount that you must pay in the event of a loss before coverage kicks in. In most cases, the higher your deductible, the lower your annual premiums will be. Just make sure you have enough money to cover your deductible in the event of a loss.
Stop making small claims. Avoid using your business insurance for small incidents.
Put all of your policies under one roof. Talk to your agent about any discounts that may be available for combining all of your business-related insurance policies. You may also get a discount for having one company handle your personal policies, such as homeowner’s, auto and life, as well as your business policies.
Bundle up. Bundling your insurance needs with a Business Owner’s Policy, or BOP, can be a money-saver as well. The cost of bundled policies could be less than purchasing coverage a la carte. BOP’s can be especially beneficial to small and medium-size businesses.
